Just like Bitcoin, Litecoin has a Proof of Work consensus protocol and its hashing algorithm is called Scrypt. It is a decentralized peer-to-peer cash system which removes the need for a 3rd party to carry out a transaction. It is currently the #4 mineable crypto coin in the world and it seems that it will not stop gaining popularity. As mentioned in the beginning Litecoin’s blockchain network was copied from Bitcoin and then heavily modified. The Litecoin network was created on the 7th October 2011 by Charlie Lee with the intent to create a cryptocurrency that offers its users fast small transactions that can be used on a daily basis.
Here are some other disadvantages that should be mentioned: Fortunately, updates are being added constantly to prevent these issues. It is not an easy task, but for a malicious party with enough resources, it could be done.
One of the main cons is its vulnerability for double spending. The Litecoin cryptocurrency offers many benefits and ease of use to its users, but it has its faults too.
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