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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