Litecoin Scrypt Algorithm Explained
Litecoin About Litecoin LTC Litecoin is a cryptocurrency and blockchain options authorization differentiates itself from Bitcoin by using a different mining algorithm and processing transactions faster. Litecoin was first conceived of litecoin algorithm later launched by Charlie Lee in October, All LTC balances and transactions are recorded on the Litecoin blockchain.
Litecoin may be bought and sold for fiat currency or other digital currencies. Litecoin can be purchased on a cryptocurrency exchange and stored in a crypto wallet litecoin algorithm custodian like Gemini.
Litecoin vs Bitcoin (LTC vs BTC)
The supply schedule is embedded in the Litecoin protocol. The scrypt algorithm was specifically designed to require vast amounts of memory when solving computational challenges.
This hardware normalizing characteristic of scrypt versus SHA makes Litecoin more ASIC and FPGA resistant and potentially mitigates the risk of mining becoming too centralized and overly concentrated among a few large, well-capitalized players.
For example, mining Bitcoin with graphics processing unit GPU hardware is 20 times more efficient than mining Bitcoin with general purpose hardware like a central processing unit CPUwhereas mining Litecoin with the same GPU hardware is only 10 times more efficient than mining Litecoin with a CPU.
Faster Transaction Settlement The Litecoin network allows miners to add blocks of transactions to the Litecoin blockchain approximately every 2. This is four times faster than the Bitcoin network, which allows miners to add blocks of transactions to the Bitcoin blockchain approximately every 10 minutes.
Testnet Litecoin continues to push the boundaries of innovation and technology adoption as compared to the more conservative Bitcoin development community. For example, in MayLitecoin was the largest virtual currency by market capitalization to adopt a new transaction format called Segregated Witness or SegWit that addresses blockchain transaction scalability.
Bitcoin adopted SegWit several months later on August 24, In addition, after Litecoin implemented SegWit, the first Lightning Network payment was successfully made on top of Litecoin, sending a nano payment that settled in a fraction of a second.