5/21/2023 0 Comments Orion netflow traffic analyzer![]() Like Bitcoin, Litecoin is a digital currency, which can be used to buy things at places where it’s accepted, and to transfer funds between accounts. The digital asset also aims to offer faster transaction times and lower costs than Bitcoin. ![]() So what’s the difference? Litecoin branched off from Bitcoin to test new innovations, including a different proof of work mining algorithm. Forks create a second blockchain that shares all of its history with the original, but is headed off in a new direction. ![]() A fork happens whenever a community makes a change to the blockchain's protocol, or basic set of rules. Litecoin was created as a fork of Bitcoin in 2011. That’s because Litecoin is based on Bitcoin’s open source codebase, but with a few technological differences. According to the Litecoin (LTC) website, “Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.” If you’re familiar with Bitcoin, this definition might sound similar.
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