Litecoin
Litecoin is a peer-to-peer cryptocurrency and open-source software project released in 2011, created as a 'lighter' alternative to Bitcoin. It uses a proof-of-work consensus mechanism with the Scrypt hashing algorithm, designed to be faster and more accessible for everyday transactions. Often referred to as the 'silver to Bitcoin's gold,' it aims to complement Bitcoin by offering lower transaction fees and quicker confirmation times.
Developers should learn Litecoin when working on cryptocurrency applications, payment systems, or blockchain integrations that require faster transaction speeds and lower costs than Bitcoin. It's particularly useful for microtransactions, remittances, or projects needing a stable, established altcoin with strong community support. Understanding Litecoin also provides insights into blockchain forks, Scrypt mining, and the evolution of cryptocurrency technologies.