Litecoin

Official Website: litecoin.org

Litecoin (LTC) is a peer-to-peer cryptocurrency that was forked from Bitcoin in 2011 by Charlie Lee, designed to provide fast, low-cost payments over the internet. It's often referred to as the "silver to Bitcoin's gold," aiming for more frequent transactions and a faster block generation time (2.5 minutes compared to Bitcoin's 10).

Litecoin uses a different hashing algorithm called Scrypt, which makes it more memory-intensive and was initially considered to be more resistant to specialized mining hardware like ASICs, although this has changed over time. It serves as a testing ground for technological improvements before they are implemented in Bitcoin.

Seed Types

BIP-39 seed type is generated by default, with an option to change to Electrum seed type in the Advanced Settings on the creation screen.

Derivation Paths

Electrum: m/0'

BIP-39: m/84'/2'/0

Addresses

We automatically generate new Litecoin addresses after each use for better privacy. Previous addresses continue to work.

BIP-39 seed type is generated by default, with an option to change to Electrum seed type in the Advanced Settings on the creation screen.

Seed format

Litecoin wallets only currently support being created using the Electrum seed format. We support restoring seeds generated in the Electrum and BIP-39 seed format.

MWEB

Intoduced in version 4.20.0

Note

MWEB is only available on iOS and Android platforms

MWEB (MimbleWimble Extension Block) is an addition to the Litecoin blockchain that runs parallel on an extension block, using the MimbleWimble protocol.

MWEB provides extra privacy through Confidential Transactions, Stealth addresses, and CoinJoins

Setup

In order to start using MWEB, tap Enable on the MWEB card prompt. You will receive a notice about data usage, and the time it will take to download the needed data to use MWEB.

Note

You will only need to download this data for MWEB once, regardless of how many Litecoin wallets you have

The wallet will start downloading the needed header data, and show the MWEB balance card. Once it's fully synchronized, you can send and receive MWEB coins.

Peg In and Peg Out

In order to get your Litecoins in and out of the MWEB network, you can use the Peg In and Peg Out buttons. These buttons will respectively open a send screen to your MWEB address or Litecoin Segwit address, allowing you to send your MWEB coins or transparent coins into the opposite side.

{: .note} This is not required to do before sending to an MWEB wallet, but can be done to improve privacy by pre-emptively sending these funds into the MWEB network, as well as making MWEB transactions quicker

Enable or Disable

If you would like to enable or disable MWEB synchronization, switch the Set MWEB always scanning toggle under Menu -> MWEB settings.

{: .note} Even when MWEB is disabled, your MWEB address will continue to work.
However, you will need to re-enable MWEB to scan the needed blocks to receive your MWEB funds

Receiving

In order to receive an MWEB transaction, you must give the sender your MWEB address, which can be found by switching the address type to MWEB by opening the Receive screen, tapping on the Receive text at the top, and switching the address type to MWEB. When you want to receive the transaction in the wallet, you must enable MWEB scanning.

Sending

You can send Litecoin to an existing MWEB address (starts with ltcmweb1) using the same flow. No extra work is required to send to an MWEB address, the MWEB daemon will handle the transaction submission to the MWEB network.