Understanding the Litecoin Protocol

faisalamin (80)memberMod[BOC]in Steem Alliance • last year

Welcome to the exciting world of cryptocurrencies, You may have come across Litecoin a fantastic decentralized digital currency that uses a peer to peer network to enable lightning fast and low cost transactions. You might be wondering, what exactly is Litecoin Protocol, and how does it work?

src

The Litecoin Protocol is a fantastic set of guidelines and procedures that help keep the Litecoin network running smoothly. It is s based on the Bitcoin Protocol, but with some unique and exciting differences that make it stand out from the crowd. One of the most significant differences is its use of the Scrypt hashing algorithm, which help to make it more secure and less susceptible to mining with specialized hardware. Let's keep spreading the word about Litecoin and all the amazing things it can do.

Like Bitcoin, Litecoin uses a blockchain to record and verify transactions. The blockchain is a public ledger that contain all the transactions that have ever been made on the network. Each block in the chain contains a set of transactions, and every node on the network has a copy of the blockchain. This makes it virtually impossible to tamper with the records, as any changes would be immediately detected by the other nodes.
[2]

src

One of the great benefits of Litecoin compared to Bitcoin is its speedy block time. While Bitcoin takes 10 minutes for a block, Litecoin only requires 2.5 minutes. This fantastic feature allows transactions on the Litecoin network to be confirmed in a jiffy, much quicker than on the Bitcoin network. Moreover, Litecoin boasts a larger maximum supply than Bitcoin, with a grand total of 84 million Litecoins compared to Bitcoin's 21 million. Isn't that amazing? [3]