Litecoin shares many features with Bitcoin but also has some fundamental differences.
For example:
- A “proof of work” system that uses the Scrypt hashing algorithm instead of SHA-256.
- A block creation time four times faster, with an average interval of 2.5 minutes instead of 10 minutes.
- A total supply four times larger, with 84 million units instead of 21 million.
- A mining difficulty adjustment every 2.5 days instead of every two weeks.
Charlie Lee also highlighted another advantage of the similarities between Bitcoin and Litecoin, particularly through projects ensuring interoperability between the two blockchains.
On Twitter, he cited the example of using Litecoin as an intermediary network to access Bitcoin’s Lightning Network.
With a market capitalization of several billion euros, Litecoin is a popular cryptocurrency that has remained among the top-ranking assets in the market for a long time.
Barring any major issues, Litecoin will likely remain one of the most significant cryptocurrencies in the market, and the Litecoin price should continue to trend favorably.
