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Litecoin (LTC) has claimed silver status (compared to Bitcoin's gold status). It operates very similarly to Bitcoin and differs mainly in parameters such as the hashing algorithm (scrypt), coin supply limit (84 million) and average lock time (2.5 minutes).

Litecoin was launched in 2011 by former Google engineer Charlie Lee to enable CPU mining at a time when GPUs took over as the main Bitcoin mining engine. However, people later managed to port Scrypt to GPUs as well as ASICs, but tecoin still managed to stay in the top 10 cyptocurrency (ordered by market capitalization).