At the same time, MWEB eliminates unnecessary transaction information, and the block sizes are more compact and scalable.
Similar to the spell, MimbleWimble allows transaction information, including the sender and receiver’s addresses and the amount of crypto sent, to remain completely anonymous. It’s named after the tongue-tying spell from the Harry Potter books, which prevents the victim from revealing information. In addition, Litecoin is aiming to tackle the transaction privacy problem by adopting a privacy-oriented protocol called MimbleWimble Extension Block (MWEB). Instead, LTC uses Scrypt, a hashing algorithm that can generate new blocks roughly every 2.5 minutes, while the Bitcoin block confirmation time takes 10 minutes on average. However, Litecoin doesn’t use Bitcoin’s SHA-256 algorithm. Like Bitcoin, Litecoin adopts the Proof of Work mechanism to enable miners to earn new coins by adding new blocks to its blockchain. The next halving is expected to take place in August 2023.Īs a modified version of Bitcoin, Litecoin was designed to facilitate cheaper and more efficient transactions than the Bitcoin network. The last LTC halving was in August 2019, where the block rewards were halved from 25 LTC to 12.5 LTC. Similar to Bitcoin, Litecoin can be obtained from mining and has a halving mechanism that occurs every 840,000 blocks (roughly 4 years). Litecoin has a limited total supply of 84 million. But Litecoin introduced certain modifications, such as a faster block generation rate and a different Proof of Work (PoW) mining algorithm called Scrypt. Created by former Google engineer Charlie Lee in 2011, its blockchain was developed based on Bitcoin’s open-source codes. Litecoin (LTC) is one of the first altcoins. While some crypto investors view Bitcoin as a good store of value, Litecoin is often seen as a better option for peer-to-peer payments due to its lower confirmation time and transaction fees. When it was first introduced in 2011, Litecoin was branded as “the silver to bitcoin’s gold” for its blockchain was largely based on Bitcoin’s code. Litecoin (LTC) is one of the oldest of all altcoins on the market. Litecoin can be purchased on various cryptocurrency exchanges, including Binance. The next halving is expected to happen in August 2023. Similar to Bitcoin, it is deflationary in nature and halves every 840,000 blocks (approximately every 4 years). Litecoin has a total supply of 84 million. For example, Segregated Witness (SegWit) and Lightning Network were run on the Litecoin blockchain before Bitcoin.
LITECOIN MWEB NEWS CODE
Litecoin adopted the code and certain features of Bitcoin in its blockchain, but it prioritizes transaction confirmation speed to facilitate a higher transaction per second (TPS) and a shorter block generation time.ĭue to its similarity with Bitcoin, the Litecoin blockchain has been used as a testing ground for developers to experiment with technologies they want to implement on Bitcoin. It aimed to be the lite version of Bitcoin that enables nearly instant and low-cost payments. Litecoin (LTC) is an altcoin founded in 2011 by former Google engineer Charlie Lee.
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