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LitecoinX (LTCX) is a decentralized and open-source digital currency. As any other cryptocurrency, LitecoinX doesn’t depend on any particular bank or institution. All the operations with LTCX coins are done and approved by the community of users. The main feature of LitecoinX is a high level of anonymity, which allows users make transactions secretly and with no participation of any authorities. The transactions are peer-to-peer and are made between a sender and receiver in a confidential manner. LitecoinX is a public resource everyone can join. The network grows and protects itself from hacker attacks due to the miners.
The LTX coin appeared in 2014. Today, this anonymous cryptocurrency is traded on most large exchanges.
The hashing algorithm used for LTCX mining is called X11. The main purpose of this algorithm is to ensure that the coin can be mined by a lot of users at the same time. X11 is rarely used by cryptocurrencies – no more than 5% of them choose it as the basis of their work.
LTCX uses proof-of-work to distribute the reward among network members. The combination of X11 and proof-of-work is unique and not so many currencies adopt it. Besides LTCX, only PAXEX and AZART do.
There is no available information about the quantity of LTCX coins already mined.