Litecoin

Transactions are recorded on the Litecoin blockchain, a distributed public ledger. Transactions are verified through a process called mining, where miners use computing power to solve complex mathematical problems. Once a transaction is verified, it is added to the blockchain and becomes part of the permanent record. Litecoin transactions are generally faster and cheaper than Bitcoin transactions, with a block generation time of 2.5 minutes compared to Bitcoin's 10 minutes. Litecoin also uses a different hashing algorithm called Scrypt, which is designed to be more memory-hard and resistant to ASIC-based mining compared to Bitcoin's SHA-256 algorithm.

Yes, Litecoin can be mined using consumer-grade hardware like CPUs and GPUs, unlike Bitcoin which requires specialized ASIC miners. The Scrypt algorithm used by Litecoin is designed to be more memory-hard, making it resistant to ASIC development and more accessible to individual miners.

The maximum supply of Litecoin is 84 million coins, four times the 21 million Bitcoin supply. This was a design choice by Litecoin's creator, Charlie Lee, to have a higher total number of coins than Bitcoin.