Happy Birthday, Litecoin! LTC Turns 7-Years-Old

Litecoin, one of the first and most well-known altcoins, is celebrating turning seven years old on Oct. 13.

Happy 7th Birthday Litecoin! 🎉. Help us celebrate today by introducing someone to the power of LTC. And of course, feel free to send a bday gift in the form of a donation to the Litecoin Foundation as we support this Chikun's growth.

The Litecoin network officially went live on Oct. 13, 2011.

Litecoin first reached a billion-dollar market capitalization in 2013, two years after its inception.

Currently boasting the seventh largest market capitalization among the plethora of cryptoassets, there was a long period of time where Litecoin was the second and third highest cryptoasset market capitalization.

The primary differences between Litecoin and Bitcoin is a four times faster block generation time, an increased maximum supply, and the use of the "Scrypt hashing" algorithm instead of the SHA-256 hashing algorithm.

Litecoin aims to process a block every 2.5 minutes, instead of every 10 minutes in the case of Bitcoin.

Litecoin miners are rewarded with 25 new Litecoins per block, which halves every 840,000 blocks or roughly four years.

In May 2017, Litecoin adopted the Segregated Witness protocol participating in on the Bitcoin upgrade progress that year.

Also in May 2017, Litecoin performed its first Lightning Network transaction from Zürich, Germany to San Francisco in less than one second.