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Review on Litecoin by Festus Samson
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero…
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
Pros
- Litecoin aims to improve Bitcoin. Compared to it, Litecoin has three advantages: 1. Litecoin network can process a block every 2.5 minutes (instead of 10 minutes) so it can provide faster transaction confirmation; 2. The Litecoin network is expected to produce 84 million Litecoins, which is approximately four times the circulation of the Bitcoin network; 3. Litecoin uses the script encryption algorithm first proposed by Colin Percival in its workload proof algorithm, which makes it easier to perform Litecoin mining on ordinary computers than Bitcoin.
Cons
- The community is not as supportive to newcomers as lets say.. dogecoin -The creator could use more energy on parading his own cryptocurrency and interacting with the community
