Illustration: Dado Ruvic (Reuters)

Litecoin, a cryptocurrency that emerged subsequent to the inception of Bitcoin, is recognized as one of the pioneering digital currencies to surface. Devised by Charles “Charlie” Lee, a former Google engineer, Litecoin was introduced in 2011 with the moniker of being the “silver to Bitcoin’s gold.” Despite the volatile nature of the cryptocurrency realm, Litecoin has endured the test of time and consistently maintains its position among the top 20 cryptocurrencies.

Bitcoin and Litecoin exhibit a fundamental similarity in their utilization of a Proof-of-Work (PoW) validation mechanism. This implies that the mining process and blockchain incorporation for both cryptocurrencies follow identical procedures. Owing to its close association with Bitcoin, Litecoin often mirrors the fluctuations experienced by its counterpart.

As of the latest data, Litecoin’s value was approximately $80, reflecting a 20% increase over the past year.