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What is Litecoin? How it Works?

Litecoin, referred to as the younger brother of Bitcoin, was produced in 2011 by former Google engineer Charlie Lee. It is inspired by the open source software of bitcoin and its purpose is to improve the processing speed in the bitcoin. 

The production and mining of this cryptocurrency, which draws attention with its low transaction fee and secure transaction structure when it was first issued, is similar to that of bitcoin.

Just like bitcoin, the supply of litecoin is limited and has been set at 84 million. That is, when miners decode algorithms, they are rewarded and the amount of rewards is halved every four years.

While the block production time in Bitcoin is 10 minutes, the block production time of Litecoin is completed in 2.5 minutes. Thanks to the blocks completed in a short time, the process approval mechanism is provided to progress faster.

While the block production time in Bitcoin is 10 minutes, the block production time of Litecoin is completed in 2.5 minutes. Thanks to the blocks completed in a short time, the process approval mechanism is provided to progress faster. 

Litecoin network is more advantageous because the block creation time is more advantageous than bitcoin. The Litecoin network supports more transactions as the block creation time is more advantageous compared to bitcoin. However, the process proof algorithm is based on "S-crypt hashing".

S-crypt ”-based paves the way for it to be produced with a GPU processor and in addition to the SHA-256 algorithm, less processing power and faster calculations.

Another feature seen in the Litecoin is the atomic swap feature. Thanks to the atomic exchange, chain exchange in cryptocurrency is easily provided. this means that it can exchange crypto to crypto. Two people with different cryptocurrencies can exchange cryptocurrencies in each other's wallets without paying any commission. In the upcoming period, different smart contract projects are expected to be implemented and litecoin, which has a considerable transaction volume in the cryptocurrency market, is taking firm steps forward.