Bitcoin vs. Litecoin – The Similarities

Proof of Work

Bitcoin is established as a shared network system on top of the internet. Computers around the world participate in their network and share the burden of the network services. Like Bitcoin’s network, Litecoin’s network provides a platform for an asynchronous interaction of all the participants on the network to follow a set of rules, enabling Bitcoin and Ltiecoin to be decentralized.

Each participant on the network has to follow a decentralized consensus where transactions are verified, aggregated, and assembled with the help of Proof of work. The network assesses the proof of work done in executing the consensus. While Litecoin and Bitcoin share the same fundamentals, they’re not the same.

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