Litecoin Core is one of the first altcoins in
circulation because it was created in October 2011. It was really created by
Charlie Lee to solve a lot of problems that bitcoin was facing. What the
creator of Litecoin did was to reduce the block time from 10mins to about 2
minutes. By doing this, transactions were easily and quickly confirmed on the
network. He was also able to lower the cost of transactions on the network.
Litecoin was also the first cryptocurrency to use the script algorithm, which
is different from bitcoins algorithm. The reason this was so important
especially back then in 2011 is that, as bitcoin was gaining popularity, a lot
of people were building specialized mining rigs and this left a lot of other
altcoins at a significant disadvantage. It took the mining capability away from
desktop pc to specialized mining farms.
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