promosnsa.blogg.se - november 2022

The hashing function, Scrypt, was chosen by the Litecoin team to allow CPU and GPU-based miners to compete against those who were ASIC-based.

Changes in difficulty are assessed every 3.5 days instead of every two weeks.

A supply of coins in circulation that is four times larger than Bitcoin.

A block time that is four times faster than Bitcoin (through a faster confirmation rate and a higher capacity per block).

Proof of work mechanism that uses the hashing function Scrypt, not SHA-256.

The main differences in design from Bitcoin include:

These miners can then decide if they want to “hodl” coins in their wallet or trade them on the market.

After each block is secured, Litecoins are released as a reward to the miners. The mining process for Litecoin involves the securing of each block to the existing blockchain using special software.