Scrypt

Scrypt miner algorithm miners carry out the computations based on proof-of-work. Scrypt algorithm is better than other proof-of-work algorithms like SHA-256 because it requires much energy and offers lower transaction fees, which is a mark of profitability.

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The scrypt algorithm is very easy to use when compared to other ones. It utilizes potent graphics processing units (GPUs). Miners earn rewards in the form of newly minted coins while also contributing to the security and integrity of the cryptocurrency network by solving these puzzles. The scrypt algorithm is primarily associated with cryptocurrencies like Lite coin, Dogecoin and Einsteinium. For better outputs, miners use scrypt with these cryptocurrencies.

Cos'è Litecoin (LTC)?

Litecoin (LTC) is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology.

To learn more about this project, check out our deep dive of Litecoin.

The cryptocurrency was created based on the Bitcoin (BTC) protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

Litecoin è stato rilasciato tramite un client open source su GitHub il 7 ottobre 2011 e la rete Litecoin è diventata attiva cinque giorni dopo, il 13 ottobre 2011. Da allora, è esplosa sia nell'utilizzo che nell'accettazione tra i commercianti e ha contato tra le prime dieci criptovalute per capitalizzazione di mercato per la maggior parte della sua esistenza.

La criptovaluta è stata creata da Charlie Lee, un ex dipendente di Google, che intendeva che Litecoin fosse una "versione lite di Bitcoin", in quanto presenta molte delle stesse proprietà di Bitcoin, anche se più leggero.