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Litecoin (abbreviation: LTC) is a cryptocurrency and open-source software project created by Charlie Lee and released in 2011. Its software was derived from Bitcoin's codebase.Litecoin uses a scrypt-based proof-of-work system, targets a block interval of 2.5 minutes, and has a maximum supply of 84 million litecoins.By 2011, bitcoin mining was largely performed by GPUs.This raised concern in some users that mining now had a high barrier to entry, and that CPU resources were becoming obsolete and worthless for mining. Using code from bitcoin, a new alternative currency was created called Tenebrix (TBX). Tenebrix replaced the SHA-256 rounds in bitcoin's mining algorithm with the scrypt function,which had been specifically designed in 2009 to be expensive to accelerate with FPGA or ASIC chips.This would allow Tenebrix to have been "GPU-resistant", and utilize the available CPU resources from bitcoin miners. Tenebrix itself was a successor project to an earlier cryptocurrency which replaced bitcoin's issuance schedule with a constant block reward (thus creating an unlimited money supply). However, the developers included a clause in the code that would allow them to claim 7.7 million TBX for themselves at no cost, which was criticized by users. To address this, Charlie Lee, a Google employee who would later become engineering director at Coinbase, created an alternative version of Tenebrix called Fairbrix (FBX). Creation and launch edit Lee released Litecoin via an open-source client on GitHub on October 7, 2011.(Wikipedia)