What is Litecoin (LTC)

Litecoin is considered one of the first blockchain networks created; it was originally aimed at being faster and more efficient than Bitcoin. Learn about Litecoin and what makes it different from other digital currencies.

In the changing world of digital currencies, understanding the nuances of prominent digital assets is crucial. In this article, you will learn about the digital currency Litecoin, which is among the first digital currencies created, the underlying technology it relies on, and the unique features it offers.

How does Litecoin (LTC) work?

Litecoin (LTC) was created to be an alternative currency to Bitcoin, targeting some of Bitcoin's weaknesses. Litecoin operates on a decentralized blockchain, allowing for secure and transparent transactions. These two currencies share many core characteristics, including limited supply, decentralization, and the use of encryption technologies.

What distinguishes Litecoin is its use of the Scrypt hashing algorithm, unlike Bitcoin's SHA-256 algorithm, as Scrypt is designed to prevent massive mining operations that consume significant resources, making Litecoin accessible to individual miners, which has contributed to creating a more decentralized network.

As one of the first alternative currencies, Litecoin introduced