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Learn How Litecoin works in a short 3 min video, straight to the point!
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In this video, you will learn how Litecoin works, sCript, and the main Litecoin vs Bitcoin.
Litecoin was developed by Charlie Lee in October 2011, and the special thing with Litecoin is that a bigger amount of transactions happen faster, which means that more coins could be created with Litecoin.
How Litecoin works compared to Bitcoin? It was created as a fork of Bitcoin, so it also facilitates payments, making it super similar to Bitcoin.
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So how Litecoin works, and how is it mined? It uses Proof-of-work, and the energy it consumes is a lot. One of the negative sides of the PoW coins.
Litecoin vs Bitcoin
Bitcoin uses SHA-256, and Litecoin uses Scrypt.
What is Scrypt?
Scrypt is an algorithm that keeps over 3 Billion Dollars in Digital assets, and Litecoin is one of them.
What is sCrypt hashing?
sCrypt uses passwords, pass-phrases, and master keys to keep the blockchain secured.
What is SegWit?
SegWit is used to alter the block size from 1MB to 4MB (on the blockchain).
In 2017, Litecoin adopted the SegWit algorithm, and after successful testing, Bitcoin followed along.
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Thank you for watching this video about Litecoin. If you have questions about Litecoin, what is sCrypt hashing, or what is SegWit, feel free to drop the questions below in the comments.
How Litecoin Works, How Litecoin Works? What is sCrypt hashing? What is SegWit? Litecoin vs Bitcoin Transaction Speed.
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