Introduction to Litecoin (LTC)
Litecoin is a cryptocurrency that was created in 2011 by Charlie Lee, a former Google engineer. It is based on the same technology as Bitcoin, called blockchain, but there are some key differences between the two.
The first Litecoin block, also known as the genesis block, was mined on October 7th, 2011. Litecoin is also designed to have a total supply limit of 84 million LTC, four times larger than Bitcoin’s 21 million.
One of the main differences between Litecoin and Bitcoin is the way they are mined. Litecoin uses a different algorithm called Scrypt. Another difference is the time it takes to mine a block. The Litecoin network is designed to generate a block every 2.5 minutes, while the Bitcoin network generates a block every 10 minutes. This means that Litecoin transactions are confirmed and processed faster than Bitcoin transactions.
The Litecoin network size is determined by the number of nodes that are connected to it. A node is a computer that is running the Litecoin software and is participating in the network by validating transactions and adding them to the blockchain. The more nodes that are connected to the network, the more decentralized and secure it becomes.
Litecoin, like Bitcoin, is open-source software, which means that its code is publicly available for anyone to review and use. This means that…
