What is LiteCoin & How it works?
Litecoin is an open-source, secured, decentralized blockchain network that facilitates instant transactions. In fact, Litecoin can handle higher transaction volume than the most popular cryptocurrencies like Bitcoin due to frequent block generation.
The wallet encryption feature of Litecoin prevents wallet-stealing viruses and ensures your authorization before sending payments. Above all, Litecoin miners receive 12.5 new Litecoins per block, and the network is scheduled to produce 84 million Litecoins, which is four times more than Bitcoins, making Litecoin mining a lucrative field for miners.
Litecoin Explained
Launched shortly after Bitcoin, Litecoin (LTC) was considered a potential altcoin in 2011. Since Litecoin is built by modifying the Bitcoin network, it has many similar features to Bitcoin. Both Bitcoin and Litecoin are open-source and decentralized global payment networks but vary in the mining algorithm.
Bitcoin follows the PoW-based SHA-256 algorithm, whereas Litecoin follows the same consensus mechanism but a different mining algorithm, Scrypt. In those early days, Litecoin was the best alternative to Bitcoin and was famously known as silver to Bitcoin’s gold.
Litecoin and its blockchain is robust and known for its security and reliability. For all these years, Litecoin hasn’t undergone any major attacks. Thus, it has become one of the most reliable cryptocurrencies among investors. Furthermore, maintaining privacy on the Litecoin network is relatively easier than Bitcoin, which charges higher transaction fees.
Litecoin payments are more common as many cryptocurrency payment processors accommodate Litecoins. Besides, Litecoin transactions are relatively cost-effective compared to other popular cryptocurrencies. For example, top cryptocurrencies like Bitcoin and Ethereum charge high transaction fees, which makes Litecoin transactions more affordable.
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