Core Concepts

Created by Admin KL, Modified on Tue, 6 Feb at 8:44 PM by Admin KL

What is a Blockchain?


  • A blockchain is a decentralized ledger recording all transactions across a network, ensuring integrity and order through cryptographic techniques.


What is Litecoin?


  • Litecoin is a decentralized cryptocurrency for instant, near-zero cost payments globally, featuring faster transactions than Bitcoin.


What is LTC?


  • LTC is Litecoin's native cryptocurrency, rewarding miners in the proof-of-work consensus mechanism for securing transactions.


Litecoin's Technology and Features:


  • Focuses on speed with 2.5-minute block times.

  • Does not support smart contracts, focusing on digital currency use.

  • Introduced MWEB in 2022 for optional transaction privacy.


Terminology:


  • Blockchain: Public ledger of the Litecoin network.

  • LTC: Cryptocurrency used for transactions and rewards.

  • Transactions: Movements of LTC recorded on the blockchain.

  • Secure Digital Assets (SDA): NFTs on Litecoin with low fees and store-of-value properties.

  • Blocks: Grouped transactions added to the blockchain regularly.

  • Mining: Process of validating transactions, rewarded in LTC.

  • Genesis Block: The first block in a blockchain, foundational for all subsequent blocks.

  • Halving: Event reducing mining rewards by half to control inflation and extend cryptocurrency life.

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