Review on Litecoin by Francisco Sal
Litecoin
Bitcoin has been implemented based on the SHA 256 encryption algorithm. The use of this algorithm in Bitcoin has caused miners to go to higher processing power devices for extraction over time, as these devices are expensive due to the distribution of Bitcoin in society. Most of it happens between the more powerful miners and creates an unfair economic environment.
To prevent this, Litecoin uses a special algorithm called scrypt. In the Litecoin network, miners use the computing power of their computers on the network to perform a series of mathematical calculations that increase network security. In other words, miners check and verify transactions.
The script algorithm has more capabilities than the SHA 256, for example, it performs calculations more easily and the speed of transactions is very high, so that every 2.5 minutes a new block is created, which is more than this number. Bitcoin, which is 10 minutes long, is a significant number. The process for rewarding miners is exactly the same as for Bitcoin. Any miner who extracts the block faster is rewarded, in the Litecoin network it is called the Block Reward.
Pros
- litecoin transactions faster and cheaper than bitcoin
Cons
- I couldn't find the negative point
