I’m a crypto newbie and not that good with tech, but I’m trying to understand a bit more about Litecoin. I know it uses pow, but with a different hashing algorithm and it also reduced the transaction time for each block from 10 minutes to 2.5 minutes and increased total supply from 21 million to 84 million.
Is that 4 fold time reduction (10 mins to 2.5 mins) related to the 4 fold increase in capped supply of litecoins (21 mill to 84 million)? Is there some technical, mathematical or programming reason for it? Or some other reason?
What effect does litecoins different hashing algorithm have? What advantages and disadvantages does it create?
Is it difficult to mine Litecoin? Is specialised asic equipment needed or could you do it with a home computer? Is the litecoin mining network more or less decentralised than bitcoin?
Does the pow difficulty level adjust every 2 weeks just like bitcoin?
If the various features of Litecoin have solved some of bitcoins scalability problems (faster transaction times and cheaper fees) what disadvantages does this create? i.e. what are the tradeoffs to achieve this?
Do you agree with the trilemma that you can only have 2 out of the 3 features – security, decentralisation and scalability?
If this is too many questions or too much to explain, any links to educational resources will be appreciated.