Scrypt
A hashing algorithm used by coins like Litecoin and Dogecoin, designed to need lots of memory as well as…
In plain English
A hashing algorithm used by coins like Litecoin and Dogecoin, designed to need lots of memory as well as computing power.
Scrypt is a hashing algorithm built to be "memory-hard": computing it requires a lot of memory, not just raw speed. Litecoin adopted it for its proof of work, hoping to keep mining open to people with ordinary computers rather than specialised machines.
That plan only partly worked. Specialised scrypt mining hardware (ASICs) appeared anyway. Coins like Dogecoin also use scrypt, and can be mined alongside Litecoin at the same time.
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