Litecoin is abbreviated as LTC, and the English name is LiteCoin, which is literally meaningless. Lite means lightweight, and the meaning behind Litecoin is lightweight currency.
1. Bitcoin generates a block every 10 minutes, while Litecoin LTC generates a block every 2.5 minutes. This means that Litecoin has faster transaction confirmation efficiency. Bitcoin transfers sometimes take 1 hour or even longer to arrive, but Litecoin generally only takes less than 20 minutes to confirm.
2. Since the speed of Litecoin LTC is 4 times that of Bitcoin, and the reward of each block is the same as that of Bitcoin, the total amount of currency is also 4 times that of Bitcoin, which is 84 million Litecoins, which is more than the output of Bitcoin. high.
3. Bitcoin uses the SHA256 encryption algorithm, and Litecoin uses the script encryption algorithm. In comparison, the calculation amount of Litecoin LTC is slightly lower than that of Bitcoin, making it easier to mine and more suitable for graphics card (GPU) operations. At the same time, FPGAs (Field Programmable Logic Gate Arrays) and ASICs (Application Specific Integrated Circuits) implemented for Scrypt are more expensive than the sha256 used by Bitcoin.