Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee. It was created based on the Bitcoin
protocol but differs in terms of the hashing algorithm used. Litecoin uses the memory intensive Scrypt proof of work
mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins.
Litecoin is a cryptocurrency that has evolved from Bitcoin after its own popularity in the industry, this alternative, or ‘altcoin’ has emerged to allow investors to diversify their digital currency package, according to Investopedia. Litecoin is one of the most prominent altcoins and was created by former Google employee and Director of Engineering at Coinbase
, Charlie Lee. Litecoin was the first to alter Bitcoin and the most significant difference is that it takes 2.5 minutes for Litecoin to generate a block, or transaction, in comparison to Bitcoin's 10 minutes.
‘While this matter...