The company behind one of the biggest crypto assets, the Litecoin Foundation, announced that it is collaborating with BitGo. This...
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Litecoin was created in October 2011 by former Google engineer Charles Lee. It is a decentralized digital asset like Bitcoin. Litecoin uses the same encryption techniques to transfer, create funds and confirm transactions. However, compared with Bitcoin, Litecoin has a larger supply that can be created and it has faster transaction rates.
Litecoin uses the scrypt hashing algorithm. which makes Litecoin transactions’ confirming more CPU-intensive on machines designed to mine Bitcoin.
Like Bitcoin’s supply, the supply of Litecoin isn’t controlled by any government or company, meaning it is decentralized and scarce. The total amount of Litecoins that will ever be created is 84 million.
To keep it brief, in many ways Litecoin is improved version of Bitcoin.
Litecoin has a much faster transaction speed with a transaction being confirmed every 2.5 minutes, compared to the 10 minutes it takes to confirm a Bitcoin transaction.
The scrypt-hashing algorithm of Litecoin makes it easier for miners to access the system and the Litecoin mining simplicity could actually steal Bitcoin miners.
Major banks and Asian cryptocurrency exchanges are increasing supporting Litecoin, specifically because each token can easily and affordably be exchanged.
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