# Litecoin Official Website: [litecoin.org](https://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 Introduced in version 4.20.0 {% hint style="info" %} MWEB is only available on iOS and Android platforms {% endhint %} 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. {% hint style="info" %} You will only need to download this data for MWEB once, regardless of how many Litecoin wallets you have {% endhint %} [![MWEB Scanning](/files/d03c043ec4d551de37ef651548de92a0b2b9f80e)](broken://pages/d03c043ec4d551de37ef651548de92a0b2b9f80e)[![MWEB Notice](/files/8690df7fe00482ba2e8724479d67c5db8e61af48)](broken://pages/8690df7fe00482ba2e8724479d67c5db8e61af48) 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. {% hint style="info" %} 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 {% endhint %} [![MWEB Balance](/files/7ee33010e6259126011c8ae528b9173116fc6b89)](broken://pages/7ee33010e6259126011c8ae528b9173116fc6b89)[![MWEB Peg In](/files/56a595ead7bc036596158e4ec685430afdbfbc31)](broken://pages/56a595ead7bc036596158e4ec685430afdbfbc31) ### Enable or Disable If you would like to enable or disable MWEB synchronization, switch the `Set MWEB always scanning` toggle under Menu -> MWEB settings. {% hint style="info" %} 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 {% endhint %} [![App menu](/files/318ab994ca4d6ab3e1e4396b8c9503de440cd7bc)](broken://pages/318ab994ca4d6ab3e1e4396b8c9503de440cd7bc)[![Toggle always scanning](/files/0f6b981d765e96058f4e2a2e43cf21364dfaacc3)](broken://pages/0f6b981d765e96058f4e2a2e43cf21364dfaacc3) ### 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. [![Address Switcher](/files/b4071bffe9991058dd6ba8a6959dfb1e9ad388d7)](broken://pages/b4071bffe9991058dd6ba8a6959dfb1e9ad388d7)[![Receive Screen](/files/5641e1ab9c7b3dfeb471fee0fd84d95a22cb51d0)](broken://pages/5641e1ab9c7b3dfeb471fee0fd84d95a22cb51d0) ### 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. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.cakewallet.com/cryptos/litecoin.md?ask= ``` The question should be specific, self-contained, and written in natural language. 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