For the past few decades, cryptocurrency has been the burning sensation. Cryptocurrency surely paves a way for safer transactions. This is a digital platform that provides safer and encrypted sources of transactions. Moreover, these transactions are recorded and stored in ledgers. These ledgers are then stored in databases with complex encryption.
Moreover, Bitcoin was the first successful cryptocurrency software that rose to popularity. Other than this, another fork project, litecoin is currently on the rise.
This article focusses on the functionality and block time of litecoin.
Litecoin is the brainchild of Charles Lee and a fork project of the famous cryptocurrency platform, bitcoin. This is an end to end open cryptocurrency software. Here, the creation of coins and the transactions take place through highly encrypted cryptographic protocols.
However, this was a spinoff. Also, litecoin was established in October 2011. Analytics also show that Litecoin is also a good investment for the future.
Being a spinoff of the cryptography giant, bitcoin, it became evident that it has no correlation to the former.
Here are some common contrasting factors between litecoin and bitcoin.
One of the most common differences lies in the block time. Litecoin creates blocks every 2.5 minutes. Whereas, bitcoin processes block every 10 minutes. Litecoin also has an advantage when it comes to transactions. Litecoin provides fast and secure transactions in comparison to Bitcoin.
Moreover, Litecoin uses much efficient technology. It uses a script in its algorithm. This script is chronological. Also, it provides more memory as it is memory-hard making it much more efficient.
The block time of Litecoin refers to the addition of blocks. These blocks contain information or transactional records. They are encrypted and cannot be altered or viewed easily. However, the block time in the case of Litecoin is 2.5 minutes. The frequent processing of blocks to ensure secure mining. Why? Secure mining safeguards the transactions on the networks.
However, if we were to compare the efficiency of the giant Bitcoin with Litecoin, litecoin proves to be a much efficient one. Litecoin has higher security and frequent block processing. Whereas, Bitcoin takes about 10 minutes. But, Litecoin is has a more complex algorithm as compared to Bitcoin. This also makes it harder to function. Cryptocurrency changed the financial sectors and made it much secure. Surely, litecoin with its much efficient and upgraded algorithm will further be a giant in the cryptocurrency industry.