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What is Litecoin?

Litecoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It is based on the Bitcoin protocol but differs from Bitcoin in that it can be efficiently mined with consumer-grade hardware. Litecoin provides faster transaction confirmations (2.5 minutes on average) and uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have. The Litecoin network is scheduled to produce 84 million currency units.

In 2008, we created a first draft of the protocol, which was reviewed by our crypto experts, and no obvious flaws were found. A legal report documents how an opencoin system could be used within the EU. We had also created a some sample code (including a S60 mobile client ) mostly to test the protocol and to proof the concept.

Todays digital economy is changing faster than ever, and currency has to change too. It is, introducing MintChip, from the Royal Canadian Mint - the evolution of currency.

MintChip brings all the benefits of cash into the digital age. Instant, private and secure, MintChip value can be stored and moved quickly and easily over email, software applications, or by physically tapping devices together.

The virtual world Second Life has its own economy and a currency referred to as Linden Dollars (L$). This economy is independent of the pricing, where users pay Linden Lab. In the SL economy, residents buy from and sell to one another directly, using the Linden, which is exchangeable for US dollars or other currencies on market-based currency exchanges. Linden Lab reports that the Second Life economy generated US$3,596,674 in economic activity during the month of September 2005, and as of September 2006 Second Life was reported to have a GDP of $64 Million