We are happy to announce the addition of our Litecoin Index. It's the first of many altcoins that will be supported.
Litecoin is a modified version of Bitcoin that uses a different proof of work algorithm called scrypt. By using scrypt, Litecoin was made incompatible with the dedicated Bitcoin mining chips (ASICs) that were hitting the market. This meant that Litecoin was a profitable alternative for bitcoin miners, with off-the-shelf graphics cards, who had gotten overpowered by the Bitcoin ASICs. However, that won't last, as scrypt ASICs are starting to come onto the market. Since most altcoins are scrypt based, many developers are scrambling to come up with new methods for ASIC resistance in their respective coins.
Main Website: https://litecoin.org/
Block Explorer: http://ltc.block-explorer.com/
Confirmation time: 2.5 Minutes (Bitcoin is 10 minutes)
Total Currency Units: 84 Million coins (Bitcoin will have 21 million units)