9 Nov 2022

A fork in the Bitcoin blockchain led to the creation of the cryptocurrency Litecoin (LTC) in 2011. It was initially created to allay the developer's worries that Bitcoin was becoming more centralized and to make it harder for large-scale mining companies to dominate the mining process. Although it ultimately failed to stop commercial miners from monopolizing the majority of Litecoin mining, the cryptocurrency has now evolved into a mineable coin and a peer-to-peer payment system.

One of the original goals of Litecoin was to prevent large-scale miners from taking over the mining process by employing a different encryption technique. But miners continued to expand their mining capability and soon modified their specialized equipment.

Like Bitcoin, Litecoin can be mined using ASIC miners. In a blockchain, transaction data is stored in blocks. The block is made available to any system participant (referred to as a miner) who requests to see it after being verified by mining software. After a miner confirms it, the chain's next block is produced and Litecoin is awarded.

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