When did Charlie Lee release Litecoin?
Charlie Lee released Litecoin via an open-source client on GitHub on the 7th of October 2011. The network went live six days later on the 13th of October 2011.
Questions about Litecoin
Short answers, pulled from the story.
Why was Litecoin created instead of using Bitcoin mining algorithms?
Mining had shifted to graphics processing units leaving central processing unit resources obsolete for most users in 2011. Developers chose the scrypt proof-of-work algorithm specifically to prevent the use of ASIC chips and keep mining accessible to those without expensive hardware upgrades.
How fast are Litecoin transaction confirmations compared to Bitcoin?
Transaction confirmations occur every 2.5 minutes compared to Bitcoin's 10-minute target. This difference allows Litecoin to process transactions four times faster than its predecessor.
What happened during the fake Walmart press release about Litecoin in September 2021?
A fake press release appeared on GlobeNewswire in September 2021 claiming a partnership with Walmart. That announcement caused the price to increase by around 30% before being revealed as a hoax.
When did Mimblewimble Extension Blocks activate on the Litecoin network?
Mimblewimble Extension Blocks activated on the Litecoin network in May 2022 via soft fork. This upgrade provides users with the option of sending confidential transactions where the amount remains known only between the sender and receiver.