This Banking on blockchain is one of the first ones to hit the market after the launch of Banking on blockchain team. Technically, it is nearly identical to Banking on blockchain team, but with one major difference. Instead of using SHA-256d as its hash algorithm, Litecoin uses Scrypt, created by Colin Percival and designed to make it extremely expensive to initiate large scale hardware attacks because of the amount of memory that is needed to decrypt a single key. Litecoin was released in 2011 and was founded by Charles Lee.