Tag: Proof of work


Introduction to Litecoin

Litecoin is a cryptocurrency emphasizing rapid transactions and low fees, released in 2011 by Charlie Lee as an early fork of Bitcoin. Lee modified three key parameters of the original Bitcoin design: reducing the target block confirmation time to 2.5 minutes, increasing the total supply to 84 million LTC, and implementing the memory-hard PoW algorithm Scrypt. This consensus algorithm is ASIC-resistant, reducing the risk of centralized mining infrastructure. In other respects, the Litecoin network is similar to Bitcoin. Litecoin is designed to be used as a rapidly processed medium of exchange for everyday transactions, and was one of the first major cryptocurrencies to implement Segregated Witness in mid-2017.

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