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With fewer people with the knowledge, time, and capital to acquire, configure, and maintain ASICs, mining on the Bitcoin network has become more centralized and exclusive, which compromises the security and resilience of the network. The goal was to make the Litecoin network more accessible to individuals, who are the biggest proponents of the coin. So it was extremely important for individuals to be able to mine litecoin with their CPUs in the beginning. On average, new blocks on the Litecoin network are generated every 2.
For each block generated on the Litecoin blockchain, miners are rewarded with a predetermined amount of LTC, known as a block reward. This 4x increase in blocks per halving period means that Litecoin generates four blocks for every one block that Bitcoin generates.
Theoretically, this compensation mechanism should keep Litecoin and Bitcoin on a similar trajectory, with a halving event taking place every four years for both cryptocurrencies. The math also reveals that there will ultimately be a greater total number of LTC than BTC — 84 million versus 21 million.
With faster block times and higher transaction throughput, Litecoin was built to be a more practical and scalable medium of exchange, whereas Bitcoin has grown more into a store of value. Cryptopedia does not guarantee the reliability of the Site content and shall not be held liable for any errors, omissions, or inaccuracies.
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Please visit our Cryptopedia Site Policy to learn more. Charlie Lee. Prior to creating Litecoin, Charlie was a software engineer at Google. Lee then worked at Coinbase, where he became Director of Engineering before leaving the company in to focus on supporting the development of Litecoin full time. Follow me on:. Is this article helpful? Litecoin LTC. New releases. Add to Wishlist. Gemini: A simple, elegant, and secure way to buy bitcoin and other cryptocurrency.
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Litecoin can be purchased on a cryptocurrency exchange and stored in a crypto wallet and custodian like Gemini. The supply of Litecoin is deterministic and fixed at 84 million LTC. The supply schedule is embedded in the Litecoin protocol. The scrypt algorithm was specifically designed to require vast amounts of memory when solving computational challenges.
This hardware normalizing characteristic of scrypt versus SHA makes Litecoin more ASIC and FPGA resistant and potentially mitigates the risk of mining becoming too centralized and overly concentrated among a few large, well-capitalized players. For example, mining Bitcoin with graphics processing unit GPU hardware is 20 times more efficient than mining Bitcoin with general purpose hardware like a central processing unit CPU , whereas mining Litecoin with the same GPU hardware is only 10 times more efficient than mining Litecoin with a CPU.
The Litecoin network allows miners to add blocks of transactions to the Litecoin blockchain approximately every 2. This is four times faster than the Bitcoin network, which allows miners to add blocks of transactions to the Bitcoin blockchain approximately every 10 minutes. Litecoin continues to push the boundaries of innovation and technology adoption as compared to the more conservative Bitcoin development community. For example, in May , Litecoin was the largest virtual currency by market capitalization to adopt a new transaction format called Segregated Witness or SegWit that addresses blockchain transaction scalability.
Bitcoin adopted SegWit several months later on August 24, In addition, after Litecoin implemented SegWit, the first Lightning Network payment was successfully made on top of Litecoin, sending a nano payment that settled in a fraction of a second. Litecoin website. Litecoin project on GitHub. Learn more about Litecoin on Cryptopedia :. Trending Crypto News May Press Release. Directed IRA is on track to While the idea has long since been ditched, every single piece of currency in circulation at one point would have been backed by physical This recent rise How Risky Is Bitcoin?
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