What is Litecoin?

[Rogue]

Im not new to BTC but im just trying to figure out what LitCoin is and how its different than BTC. I know that the LTC miners run on RAM and not GPU's but is the miner setup the same?

[talexeh]

Hope this helps: https://en.bitcoin.it/wiki/Litecoin#Differences_from_Bitcoin

Basically bitcoin uses SHA256 while litecoin runs on scrypt.

And nope, both also runs on GPU. It's just that bitcoin mining has evolved from CPU > GPU > FPGA > ASIC while litecoin is still stuck at the second level (GPU).

[odolvlobo]

Litecoin is a cryptocurrency derived from Bitcoin, but it has some important differences:

• Blocks are added to the block chain more quickly (24/hour vs. 6/hour).
• The hash algorithm is designed to favor a CPU (and now GPU) over an ASIC or FPGA. One result of this is that people with GPUs that are no longer mining bitcoins, are now mining litecoins.
• Though it is a distant 2nd place to Bitcoin in terms of total value, it is far ahead of all the other cryptocurrencies.

The Litecoin forum is here: http://forum.litecoin.net/

[jamesgarfield]

Google search button does magic

[NWO]

Similar to PowerCoin. Both use scrypt.