Litecoin was created in 2011 by a former Google engineer Charles Lee. Litecoin was intended to be an improvement upon Bitcoin, with some major changes to bitcoins parameters being the main differentiating factor.
Litecoin uses the same peer-to-peer blockchain technology as Bitcoin, but runs at a much higher block frequency. Where in Bitcoin a new block is created roughly every 10 minutes, in Litecoin blocks are created every 2.5 minutes on average. As such, the maximum amount of Litecoins that can be created is 4 times Bitcoins 21 million, at 84 million.
But, Litecoin is more than just taking Bitcoin and multiplying and dividing some values by 4 – Litecoin uses a different hashing algorithm, called Scrypt. Scrypt is a memory-limited algorithm, which means it is not as easy to create dedicated ASICS for mining as it was for Bitcoin. As such, Litecoin mining can’t use the same dedicated hardware produced for Bitcoin mining.
One of the most important aspects of owning cryptocurrencies is storage. Down below you will find carefully selected wallets. Remember, a hardware wallet is always advised!
Ledger Nano S
Ledger Nano S is a Bitcoin, Ethereum and Altcoins hardware wallet, based on robust safety features for storing cryptographic assets and securing digital payments. It connects to any computer (USB) and embeds a secure OLED display to double-check and confirm each transaction with a single tap on its side buttons.
Next to being an easy to use exchange for cryptocurrency, Coinbase also offers a wallet service for Bitcoin, Ethereum and Litecoin. It is called the Coinbase Vault. The Coinbase vault is available to all coinbase users. It also offers a group vault, a group vault requires email confirmations from multiple different users when the master account holder (you) requests a withdrawal. No one else can create a withdrawal, but a certain number of approvals are needed before funds can be withdrawn, either 2-of-3 or 3-of-5. It is very important to designate only trusted individuals as co-signers!
Exodus is a multi-cryptocurrency wallet that boasts an easy-to-use UI. You can keep your Aragon, Augur, BAT, Bitcoin, Bitcoin Cash, Bitcoin Gold, Civic, Dash, Decred, District0x, EOS, Ethereum, ETH Classic, FunFair, Gnosis, Golem, Litecoin, OmiseGo, Qtum (ERC20) and SALT all in one place and easily calculate and organize your savings with their pie chart portfolio. Exodus has a built-in exchange that allows you to instantly trade the supported coin between themselves. The backup wizard will allow you to keep your wallet safe and ready for later use. Exodus is partially open source.