Litecoin

Litecoin was created in 2011 as a faster and more convenient alternative to Bitcoin. Unlike Bitcoin, which uses the SHA-256 encryption algorithm, Litecoin uses the Scrypt algorithm. Both rely on a blockchain and free blockchain nodes system to ensure transaction integrity. Both cryptocurrencies support layer 2 solutions designed to speed up transactions. A total of about 84 million Litecoin may exist, while the number of Bitcoins is limited to 21 million. Litecoin's new block signature calculation speed has been reduced to 2.5 minutes, compared to 10 minutes for Bitcoin. Litecoin currently does not support smart contracts, but this feature may be added in the future.

Like Bitcoin, Litecoin uses a system full of public crypto nodes and lightweight public crypto nodes. The installed Litecoin client program becomes one of the lightweight free blockchain nodes in a peer-to-peer decentralized network. They are also called relay cryptocurrencies nodes because they only transmit transactions over the network without deep checking. Reaching a full public node, a Litecoin transaction is fully verified. If the transaction meets all the requirements the full free blockchain nodes write it to the blockchain. Full crypto nodes provider Litecoin is the computer where you downloaded the most current blockchain copy. Over time each correct transaction reaches all the full cryptocurrencies nodes of the network.

Like Bitcoin, Litecoin gives users the ability to store non-software wallets, including wallets for mobile devices. There are also hardware wallets for Litecoin. Each installed wallet program becomes easy cryptocurrencies nodes of the Litecoin network. To install the complete cryptocurrencies nodes software Litecoin will need a computer with the Linux operating system installed. There is no fee for crypto nodes provider Litecoin.

Litecoin uses the protocol Lighting network which allows you to exchange different cryptocurrencies without an exchange or exchange bureau, directly between the free nodes of the two blockchains. To do this, cryptocurrencies nodes create a channel among themselves and match the number of exchanged cryptocurrencies. Such payments between cryptocurrencies nodes of different blockchains occur almost instantly and with zero commission. Segwit protocol update is designed to increase the bandwidth of Litecoin and increase the size of the transaction block from 1 to 4 megabytes. Segwit also makes it easier to implement other protocol updates Litecoin – such as MAST and Schnorr. Currently, most transactions between nodes Litecoin support Segwit technology.

Litecoin supports solutions to ensure anonymity. As with Bitcoin, there are services for shuffling coins. The third-party can't tell which cryptocurrencies nodes have a transaction between them, if the coins have been shuffled. The MimbleWimble protocol is so important for this cryptocurrency that it is compared to Litecoin 2.0. MimbleWimble is intended for the anonymity and scalability of Litecoin. When this protocol is implemented, transactions between nodes Litecoin will become anonymous. The information about the soon implementation of MimbleWimble has affected the increase of transactions between free blockchain nodes of Litecoin and active addresses.