Silver Bitcoin

Lee wanted a currency that retained the fundamental roots of bitcoin, that users can be miners without the need to resort to specialized and expensive units. Therefore, Litecoin uses a hash algorithm called scrypt, which requires significant memory capacity, preventing ASIC chips from gaining a significant advantage. Beyond these technical adjustments, much of Litecoin is similar to Bitcoin. However, since blocks are issued four times faster than bitcoin blocks, the total amount of coins issued will be four times greater. Litecoin will converge on 84 million fixed units, against 21 million units of bitcoin. Consequently, Lee also modified the litecoin halving process, so that a halving of the litecoin emission rate occurs every 840,000 mine blocks, compared to 210,000 bitcoin. It is important to keep in mind that if both bitcoin and litecoin are used in similar markets and, therefore, share the same network size, each bitcoin unit is four times more valuable. The monetary issue of all the cryptocurrencies differs according to their protocol, and therefore the price of each cryptoactive is not a correct measure of how much they can grow as it is necessary to take into account their money supply. The Litecoin network is often used as a test platform for Bitcoin software updates, since Litecoin is more agile than Bitcoin because it stores a fraction of the monetary value. It has also inspired the creation of other cryptoactives. At the time of publication, it is the sixth largest crypto-active in the world by market capitalization, with a market value of almost 5 billion dollars.