Review on Litecoin by sophia sohka
litecoin
Litecoin cryptocurrency, as a fork of the original bitcoin, has improved some of its features. For example, the time it takes to create each block is reduced from 10 minutes to 2.5 minutes on the litecoin network, the maximum release time is increased from 21 million to 84 million coin, and instead of SHA-256 from the proof algorithm by doing something else called scrypt. Has used. Using a blockchain faster means that transactions on the network are faster and faster on the blockchain. On the other hand, using the new scrypt algorithm, ASIC dominance is extracted or confronted. Another point is that upgrades are usually implemented for the first time in the crypto-currency litecoin before being created in the Bitcoin network (such as improvements in the Segwit or Lightning network, which was first created in the litecoin network). ) Such an issue has led some to refer to the litecoin network as the Bitcoin test network.
Pros
- The network is approved faster than bitcoin's
Cons
- It's just faster than Bitcoin, but it doesn't have a newer feature
