Category: 1. Basic

Scrypt

Their solution was to use Scrypt. This rendered existing ASIC mining rigs useless and theoretically allowed the blockchain to be more democratic. Although there are currently ASIC rigs available for scrypt and AMD graphics cards are capable of mining the scrypt algorithm....
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Litecoin’s Proof-of-Work Consensus

Where Litecoin differs is in how it calculates the proof-of-work function. Bitcoin uses SHA-256. The problem is that miners can take advantage of ASICs. An ASIC is a specialized piece of hardware designed for a specific task, in this case, mining cryptocurrency. The creators of Litecoin were concerned that...
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How is Litecoin Mined?

The way that Litecoin is made is not all that different from Bitcoin. Whereas banks and governments are centralized governments that can physically print currency, Litecoin is a decentralized currency that is created digitally by its community. The technology behind Litecoin is called a blockchain. This acts as a...
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Why Was Litecoin Created?

Litecoin was also created with an aim to reduce the centralization of mining. The cryptocurrency was designed to use a code called Scrypt. This was designed to be more CPU-friendly to encourage more users to mine and prevent ASIC miners from dominating the network. The hope is that Scrypt...
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What is Litecoin?

Litecoin (LTC) is a decentralized, open-source payment network, or cryptocurrency. It allows you to receive, store, and send money to other people. It’s one of the three largest cryptocurrencies, together with Bitcoin (BTC) and Ethereum (ETC). Litecoin was designed to improve on many of the perceived failings of Bitcoin...
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