Litecoin users send and receive LTC on the blockchain by inputting the public-key information attached to each person’s digital wallet.
As noted, Litecoin uses code very similar to Bitcoin’s. But unlike Bitcoin’s proof-of-work consensus – where participants known as “miners” compete against each other using specialized computer equipment to be the first to discover new blocks – LTC incorporates the Scrypt proof-of-work algorithm, which makes it possible to mine the cryptocurrency with consumer-grade hardware.
Another characteristic that makes Litecoin different from Bitcoin is the time it takes to confirm blocks. It takes Bitcoin nine minutes on average to produce a block, while it takes Litecoin two and a half minutes to produce a block on its network.
Litecoin essentially serves as a “testnet” for improvements to be implemented on the Bitcoin blockchain. For example, Litecoin integrated the Lightning Network – a second-layer technology for Bitcoin to create micropayment channels for payments – ahead of Bitcoin.
What is Nervos Network (CKB)? The Nervos Network (CKB) is an open-source public blockchain ecosystem. The platform was named after the human nervous system, as it plays a similar function in the market: allowing various systems to connect with one another. To increase market interoperability, the network has a unique dual-layer design. This design also adds functionality and scalability to the platform. CKByte (CKB) is its native utility token.
Kadena is a public blockchain that optimises scalability and features a new smart contract language called Pact, which includes formal verification and upgradeable smart contracts. Kadena also employs a novel proof of work (PoW) consensus mechanism known as Chainweb, which consists of numerous independently mined chains operating in parallel to process network transactions. This approach potentially allows for large transaction throughput at the base layer without requiring second-layer scalability or feature solutions.
What is Ethereum Classic Ethereum Classic (ETC) is a decentralised platform that runs smart contracts or applications that aim to run exactly as programmed without worrying about third-party interference, downtime, censorship, or fraud. Ethereum Classic represents the continuation of the original Ethereum blockchain post exploit, which resulted in millions of stolen Ether.
Ethereum launched in summer 2015 with the aim of expanding the use cases of blockchain and cryptocurrency to encompass all manner of decentralized applications beyond Bitcoin’s initial scope, from permissionless financial services and crowdfunding to new organizational structures.