Invented in 2008 alongside Bitcoin by an anonymous entity Satoshi Nakamoto, blockchain is the technology that fueled the new way that money is transacted. Not only that, the technology offers incredible use cases far beyond the financial world.
One of the key features of blockchain is its ability to function without a central authority. The technology is designed to be maintained by various operating systems on the network, with full autonomy dispersed evenly. Information is stored on the blockchain in such a way that everyone can view it but no one can go back and tamper with it.
While blockchain is the technology behind crypto, it also offers an incredible backbone to a diverse range of industries outside of this space. Companies like Nestle, Microsoft and Walmart are on-boarding blockchain, proving to offer a strong and highly adaptable infrastructure to financial, property, and supply chain management entities.
Another imperative step in understanding ”what is litecoin” is understanding how the mining process works. Similar to Bitcoin the cryptocurrency is mined using mining rigs operated by members of the community. While Bitcoin uses the SHA-256 mining algorithm, Litecoin uses a newer proof of work mining algorithm, called Scrypt. This memory intensive manner of mining allows individual users to be able to mine, as opposed to being a part of a large mining pool (how Bitcoin is now run).