Litecoin (LTC) aimed to be silver to bitcoin being gold.
Litecoin is the result of some of the Bitcoin community who joined together on IRC in an effort to create a real alternative currency similar to Bitcoin. They wanted to make a cryptocurrency that is considered silver to Bitcoin’s gold.
Litecoin aimed to maintain the unique traits and attributes of Bitcoin, while adding to the mixture GPU-resistant mining and a 2.5 minute block rate. This meant that Litecoin wouldn’t have a reason to compete with Bitcoin for the used up computational cycles of your graphics card, but working independently on your processor instead. Litecoin uses a memory hard hashing algorithm called scrypt. The algorithm utilizes SHA256 and a stream function called salsa20 to force devices that mine it to use a lot of memory or dramatically more ALU cycles to perform a hash.
http://www.youtube.com/watch?v=6T9Z0NKBfYE
Litecoin, the silver to Bitcoin?
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