Certain facts about Litecoin

Certain facts about Litecoin

Certain facts about Litecoin

Certain facts about Litecoin


Although Litecoin and Bitcoin are direct competitors still they are similar in certain ways. Litecoin was originally coined and developed by Charlie Lee in 2011.There were times when Bitcoin was used, mining difficulty was increased due to competition within the network. This issue was solved only after accounting for electricity and mining cost by using Application Specific Integrated Circuit(ASIC) miners. In order to avoid this ASIC miners Charlie Lee developed Litecoin which was more memory intensive and could be accessed anywhere. Litecoin is basically a peer to peer internet currency that is used to enable instant and near to zero cost payment to anyone out there in this whole world. It is probably an open source global network without any type of central authority. It not only improves the storage efficiency but also promotes faster transaction times thereby being able to process a higher volume of transaction. For its functioning, Litecoin uses a hashing algorithm called Scrypt which is more memory intensive.
 
As far as working is concerned, instead of centrally securing and controlling the money supply, Litecoin distributes the work across the network of miners. Now these miners, they will assemble all the new transaction into large bundles called blocks. These are mainly those transactions that appear on Litecoin network. Rather than making blocks at will, miners produce cryptographic hash of block that probably meet certain criteria. In order to find the appropriate one, you need to compute all of them until you get lucky. Thus this process is known as hashing. There are ceratin conditions under which Litecoin mining is profitable.
 
Thus Litecoin is considered more reliable as it is memory intensive and it can be accessed anywhere in this world.