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Mining Litecoin
Litecoin (LTC or Ł) was founded in 2011, two years after Bitcoin, by Charlie Lee, a former Google engineer. Litecoin, like Bitcoin, is based on an open-source global payment network that is not centralized. Litecoin differs from Bitcoin in several ways, including a faster block generation rate and the use of Scrypt as a proof-of-work (PoW) scheme. It is regarded as one of the first altcoins, having been derived from Bitcoin’s original open source code.
General
When Lee first announced Litecoin on a popular Bitcoin forum, he referred to it as the “lite version of Bitcoin” because Litecoin shares many of the same characteristics as Bitcoin while also adapting and changing some other aspects that the development team felt could be improved.
Litecoin can be used to pay people anywhere in the world without the need for an intermediary to process the transaction. Link: https://litecoin.com/en/
Rather than being regulated by a central bank and being printed at the Bureau of Engraving and Printing, Litecoins are created through an intricate cryptocurrency procedure known as mining, which involves processing a list of Litecoin transactions.
In contrast to traditional currencies, the supply of Litecoins is limited. Litecoin will never have more than 84 million coins in circulation. The Litecoin network generates a new…
