Scrypt (pronounced ess crypt) is a type of cryptographic algorithm and is used by Litecoin.
What is the use of it? To illustrate, the scrypt algorithm is implemented for cryptocurrency mining, which allows making it more complicated for the specialized ASIC miners.
What is the difference between Scrypt and SHA-256? Compared to SHA-256, this is quicker as it does not use up as much processing time.
- The inventor of the scrypt algorithm is Colin Percival.
- Scrypt algorithm is being used among other cryptocurrencies, such as ProsperCoin, CashCoin, MonaCoin, Mooncoin, and many others.