Litecoin improves to answer Bitcoin’s shortcomings, just like Lee’s aim. It is the silver of Bitcoin’s gold. Both are peer-to-peer internet currency, decentralized and open networks. This article would not further the differences between Bitcoins and Litecoins. Litecoin’s creation is three years later than Bitcoin, the creators are different. The coin limit of Bitcoin is 21 million, but Litecoin is 84 million. Bitcoin takes 10 minutes for the block generation time, however, Litecoin only takes 2.5 minutes. SHA-256 is Bitcoin’s algorithm, while Litecoin uses Scrypt.
Initial rewards for both currencies are equal, they are 50. The difference is in the current block reward. The current block reward for Bitcoin is 6.25, Litecoin is 12.5. Rewards for Bitcoin would be halved every 210.000 blocks, Litecoin is 840.000. Because Litecoin produces a new block every 2.5 minutes, the production is four times bigger than Bitcoin. It means that the speed and the appeal is over Bitcoin, plus the acquisition is easier. Although the Scrypt algorithm requires more processing power, Litecoin uses this to oppose SHA-256. Litecoin is the 15 largest cryptocurrencies in the market capitalization.
Although Litecoin is still far from Bitcoin, as of 2021, more than 69 millions Litecoins are in circulation. From the beginning, Litecoin has applied many features. It is to improve transaction speed without having to trouble network integrity and security. One of them is SegWit. SegWit is the abbreviation of Segregated Witness. The first proposal was in 2015. It becomes the witness of digital signal data outside the blockchain base block, that works for segregation. It becomes the witness of digital signal data outside the blockchain base block, that works for segregation. The development of SegWit responded to the issue on Bitcoin’s scalability. Although many believe that the creation of SegWit has inflicted controversy among the Bitcoin community.
