What is Litecoin?
Litecoin is a digital currency where encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. The system on which Litecoin relies (as for Bitcoin) operates independently of a central bank. It’s a decentralized peer-to-peer payment network powered by its users with no central authority or middlemen. To simplify, from a user perspective, Litecoin is like cash for the Internet.
What is a Litoshi?
A Litoshi is the smallest fraction of a Litecoin that can currently be transferred between wallets. 1 Litoshi equals 0.00000001 LTC, that is, a hundredth of a millionth LTC.
What is a faucet?
A faucet is a website that gives free litecoins as reward for doing a simple task, such as clicking on an ad, solving a CAPTCHA or viewing a page for a certain time.