What is Litecoin (LTC)?
Sharing similarities with Bitcoin, it works on a Proof-of-Workconsensus mechanism. But the platform involves complex computational algorithms to mine blocks that are then fastened to the blockchain of the network, which is a public ledger.
For mining, the platform uses the Scrypt protocol which helps in maintaining extra decentralization. Also, powering confidential transactions, Litecoin turned out to be the network that proved every participant can exchange currencies with zero cost!
Every transaction made on the blockchain remains irreversible and gets stored there forever! Like conventional blockchain technology, literally, nobody has edit access to the data/transaction on the Litecoin blockchain, thereby ensuring security and transparency. Also, on rare conditions where currencies may be looted, the network has a trace print which will make identifying the hacked currencies easy!