What is Litecoin?
Litecoin is a decentralized, peer-to-peer digital currency that was created in 2011 by Charlie Lee, a former Google engineer. It is an open-source software project based on the Bitcoin protocol, with several key differences designed to improve upon Bitcoin's limitations.
One of the main differences between Litecoin and Bitcoin is the speed of transaction processing. Litecoin transactions are processed faster than Bitcoin transactions, with a block time of 2.5 minutes compared to Bitcoin's 10 minutes. This means that transactions can be confirmed more quickly, making Litecoin a faster and more efficient alternative to Bitcoin for everyday transactions.
Litecoin also uses a different proof-of-work algorithm called Scrypt, which is designed to be resistant to the specialized mining hardware used in Bitcoin mining. This makes it more accessible for individuals to mine Litecoin using standard computer hardware.
Overall, Litecoin has gained popularity as a faster and more efficient alternative to Bitcoin, and it is currently one of the top 10 cryptocurrencies by market capitalization.
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