Litecoin is a P2P (peer-to-peer) cryptocurrency developed by Charlie Lee. Litecoin software project was released under the MIT/X11 license. Litecoin is an open source, digital currency that is fully decentralized without any central authorities. Litecoin provides faster transaction confirmation times and improved storage efficiency than the leading math-based currency. The Litecoin blockchain is capable of handling higher transaction volume than Bitcoin. Due to more frequent block generation, litecoin network supports more transactions without any need to modify the software in the near future. Litecoin miners are currently awarded with 25 litecoins per block.