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Celebrating 12 Years of our Digital silver - Litecoin

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by COINS NEWS 134 Views

Exactly 12 years ago, on October 7, 2011, the alternative to our digital "gold" was born.

Created by former Google engineer Charlie Lee, Litecoin's mission was to offer a faster and more efficient alternative to Bitcoin.

Litecoin is often referred to as "silver" compared to Bitcoin's "gold." It shares many similarities with Bitcoin, including its proof-of-work consensus mechanism and blockchain structure. However, Litecoin uses a different hashing algorithm called Scrypt, which is considered to be more memory-intensive and resistant to ASIC mining compared to Bitcoin's SHA-256.

One of Litecoin's standout features was its shorter block generation time, set at approximately 2.5 minutes compared to Bitcoin's 10 minutes. This innovation meant faster transaction confirmations, making Litecoin a more efficient choice for everyday transactions.

submitted by /u/prittpress
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