Litecoin (LTC), a peer-to-peer digital currency released in 2011, is a rejection of Bitcoin; and was developed for ease-of-mining as well as using predominantly the same codes. It comes with a raised supply limit changes favoring block producers. I am Block Producer Litecoin Named after Bitcoin’s Gold, Litecoin tries to fix the issue of the fast transaction. It is mainly used in real-life money transactions, as it charges lower fees faster than that of Bitcoin.
As a result, Litecoin has been developed to use a hashing algorithm in its proof-of-work process using Script, which needs more consumer-grade hardware than that of computations like SHA-256. Second, also has the same decentralizing feature because this restricts control of single ASIC miners within.
Bitcoin has a limitation of 21 million coins, and Litecoin has a limitation of 84 maxis (4 higher than the limit), but it is subject to halve every four years. Every few years, the block reward that goes to miners after adding a new block to the blockchain is halved, which means there will always exist scarcity in this market.