Review on Litecoin by Rayon Britton

For starters, it is evident that Litecoin’s transaction times are way faster than those of Bitcoin, which usually take an average of 10 minutes to complete an operation. Litecoin stops the clock at 2.5 seconds, and as you saw in the previous section, the number can be significantly less. Ethereum, another one of the top crypto networks on the planet, also struggles with network and speed problems. Litecoin’s usability is what puts it ahead of other altcoins and competing with Bitcoin for the market share. People use it for standard blockchain-related procedures, such as lifting a smart contract, but it also has the capability, technologically speaking, of being used as currency, in the way of fiat money. Litecoin, also to provide the best environment for quick and secure transactions, also offers a cheap option. The currently reviewed system implements scrypt in its proof-of-work algorithm, which is mostly a sequential memory-hard function that needs more memory than a not memory-hard algorithm. The use of the previously described method makes Litecoin mining harder than Bitcoin’s, which is a negative point in the comparison, but a difference nonetheless.