Litecoin is a fork of Bitcoin that was developed in 2011 by Charlie Lee, a former Bitcoin developer and one of the initial employees at Coinbase. Litecoin branded itself as the optimized version of Bitcoin for payments because of its faster transaction confirmation times. Litecoin accomplished this by lowering its block creation time from Bitcoin’s 10-minute target to approximately 2.5 minutes. In addition, instead of using the SHA-256 hash algorithm used by Bitcoin, Litecoin uses a Scrypt hash. The purpose of using a Scrypt-based consensus mechanism was to leverage the hardware infrastructure built around Bitcoin to allow miners to participate in both the Litecoin and Bitcoin networks, otherwise called merged mining. As the Bitcoin mining industry developed, large-scale mining became highly specialized and simultaneously mining both tokens became impractical. Current block mining rewards imply a 10 percent annual inflation rate and the total supply is capped. Litecoin was the first Large-Cap token to implement SegWit, a technology that optimizes block storage and increases transaction throughput. Although originally developed for Bitcoin, SegWit was extensively tested by the Litecoin network, which greatly benefited from the upgrade. In December 2017, Charlie Lee announced that he sold all his LTC.