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Litecoin news today // Litecoin price prediction 16 Dec 2022 // Cryptocurrency News Today // Crypto News Today
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▶ DONATIONS ----------------------------------------------------------
Bitcoin (BTC): 1FgvskEbTnhfrNhpbM9fQKL6LVAY2i48LE
Bitcoin Cash (BCH): 176STZc6mu6X1csRuRCiyMr1AvKorMyDuo
Dogecoin (DOGE): D7WdqTRHSK4cBNYjU1bgS4nBsAEZcgZZhQ
Litecoin (LTC) : LNmdiWSYaaraA2vFWM4HnCPbbYvV18Evyu
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▶ What litecoin--------------------------------------------------------
Litecoin (LTC) An Open Source Peer-To-Peer Digital Currency.
Litecoin (LTC) is a peer-to-peer cryptocurrency powered by the Scrypt Proof-of-Work algorithm. The project aims to provide an alternative to Bitcoin by making modifications to the original Bitcoin Protocol.
A Proof-of-Work algorithm creates a computational challenge to be solved by the network of computers in order to verify a block of transactions. The Scrypt algorithm was developed in 2009 by Colin Percival (Tarsnap Inc.). In contrast with Bitcoin’s SHA-256d, it serves to inhibit hardware scalability by requiring a significant amount of memory when performing its calculations.
This change aimed to reduce the efficiency gain and economic incentive to develop custom hardware such as Application Specific Integrated Circuits (“ASIC”). While this initially prevented ASIC mining, new machines have been more performant than GPU mining, leading to most of LTC mining activities being conducted by ASIC machines (e.g., Antminer L3+).
Litecoin has an average block time of 2.5 minutes, and a total supply of 84 million. The short block time inevitably leads to an increase in orphaned blocks.
Besides total supply and block time, other Bitcoin parameters have remained largely unchanged. For instance, the number of blocks between difficulty changes1 and the target number of years between block reward halving on Litecoin (4 years) remains the same as those on the Bitcoin protocol.
Unlike public blockchain infrastructures supporting the development of decentralized applications, such as Ethereum, Litecoin is primarily used only as a currency and does not support smart contracts.

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