In 2009, Satoshi Nakamoto launched bitcoin as the world’s first cryptocurrency. The code is open source, which means it can be modified by anyone and freely used for other projects. Many cryptocurrencies have launched with modified versions of this code, with varying levels of success.
Litecoin was announced in 2011 with the goal of being the ‘silver’ to bitcoin’s ‘gold’. At the time of writing, Litecoin has the 7th highest market cap of any mined cryptocurrency, after bitcoin, ethereum, XRP, tether, bitcoin cash and bitcoin SV.
Mining differences
Just like bitcoin, litecoin is a cryptocurrency that is generated by mining. Litecoin was created in October 2011 by former Google engineer Charles Lee. The motivation behind its creation was to improve upon bitcoin. The key difference for end-users being the 2.5 minute time to generate a block, as opposed to bitcoin’s 10 minutes. Charles Lee previously worked for Coinbase, one of the most popular online bitcoin wallets. He now dedicates his time to the Litecoin Foundation.
For miners and enthusiasts though, litecoin holds a much more important difference to bitcoin, and that is its different proof of work algorithm. Bitcoin uses the SHA-256 hashing algorithm, which involves calculations that can be greatly accelerated in parallel processing. It is this characteristic that has given rise to the intense race in ASIC technology, and has caused an exponential increase in bitcoin’s difficulty level.
Litecoin, however, uses the scrypt algorithm – originally named as s-crypt, but pronounced as ‘script’. This algorithm incorporates the SHA-256 algorithm, but its calculations are much more serialised than those of SHA-256 in bitcoin. Scrypt favours large amounts of high-speed RAM, rather than raw processing power alone. As a result, scrypt is known as a ‘memory hard problem‘.
The consequences of using scrypt mean that there has not been as much of an ‘arms race’ in litecoin (and other scrypt currencies), because there is (so far) no ASIC technology available for this algorithm. However, this is soon to change, thanks to companies like Alpha Technologies, which is now taking preorders.
To highlight the difference in hashing power, at the time of writing, the total hashing rate of the bitcoin network is over 20,000 Terra Hashes per second, while litecoin is just 95,642 Mega Hashes per second.
For the time being, ‘state of the art’ litecoin mining rigs come in the form of custom PCs fitted with multiple graphics cards (ie: GPUs). These devices can handle the calculations needed for scrypt and have access to blisteringly fast memory built into their own circuit boards.
There was a time when people could use GPU mining for bitcoin, but ASICs have made this method not worth the effort.
Transaction differences
The main difference is that litecoin can confirm transactions much faster than bitcoin. The implications of that are as follows:
Litecoin can handle a higher volume of transactions thanks to its faster block generation. If bitcoin were to try to match this, it would require significant updates to the code that everyone on the bitcoin network is currently running.
The disadvantage of this higher volume of blocks is that the litecoin blockchain will be proportionately larger than bitcoin's, with more orphaned blocks.
The faster block time of litecoin reduces the risk of double spending attacks – this is theoretical in the case of both networks having the same hashing power.
A merchant who waited for a minimum of two confirmations would only need to wait five minutes, whereas they would have to wait 10 minutes for just one confirmation with bitcoin.
Transaction speed (or faster block time) and confirmation speed are often touted as moot points by many involved in bitcoin, as most merchants would allow zero-confirmation transactions for most purchases. It is necessary to bear in mind that a transaction is instant, it is just confirmed by the network as it propagates.
cap bitcoin
обменники ethereum
3d bitcoin finex bitcoin bitcoin скачать ethereum eth 1080 ethereum bitcoin drip
bitcoin check cryptocurrency dash bitcoin скрипт day bitcoin
цена ethereum solidity ethereum bitcoin alert япония bitcoin green bitcoin дешевеет bitcoin dash cryptocurrency bitcoin flapper
dog bitcoin bitcoin slots bubble bitcoin bitcoin алгоритм ethereum cryptocurrency
и bitcoin fast bitcoin business bitcoin ethereum сайт collector bitcoin vpn bitcoin bitcoin token monero биржи раздача bitcoin bitcoin страна сборщик bitcoin кран bitcoin график ethereum rocket bitcoin ico bitcoin развод bitcoin zcash bitcoin
monero pool bitcoin golden investment bitcoin bitcoin simple withdraw bitcoin bitcoin вложения оборот bitcoin технология bitcoin бот bitcoin спекуляция bitcoin bonus ethereum wild bitcoin
bitcoin анимация cryptocurrency wikipedia bitcoin видеокарта bitcoin red bitcoin халява биржи monero ethereum падение обновление ethereum
faucet bitcoin bitcoin 100 bitcoin коды
bitcoin цены bitcoin хешрейт bitcoin flapper ethereum raiden nicehash monero bitcoin symbol вики bitcoin терминалы bitcoin bitcoin даром flappy bitcoin bitcoin сбор bitcoin ваучер пулы ethereum bitcoin продажа 6000 bitcoin bitcoin kurs tera bitcoin monero xeon bitcoin коды bitcoin cards bitcoin china algorithm bitcoin bitcoin растет ethereum russia network bitcoin bitcoin vizit bitcoin download all bitcoin bitcoin автосерфинг
ethereum faucet Another interesting development that could influence the future of Litecoin is its venture into the gaming industry. In 2020, Litecoin started collaborations with two gaming companies – Atari and CipSoft. Atari, a creator of games like Asteroids and Centipedes, has incorporated Litecoin as a payment method in the games, alongside with its native Atari token. In partnership with CipSoft, Litecoin developed a decentralized game – LiteBringer. The gaming industry has a huge potential for blockchain developers, and Litecoin looks to position itself as a useful technology in the industry.wisdom bitcoin bitcoin protocol
bitcoin торги
bitcoin faucet bitcoin trojan
bitcoin инструкция ethereum poloniex mine ethereum people bitcoin monero hashrate особенности ethereum ccminer monero 50000 bitcoin ledger bitcoin
ethereum транзакции bitcoin paw bitcoin россия bitcoin shop coindesk bitcoin форк bitcoin bitcoin путин шрифт bitcoin monero coin 6See alsofx bitcoin
little bitcoin bcc bitcoin linux bitcoin bitcoin растет теханализ bitcoin bitcoin book
блок bitcoin токены ethereum bitcoin lurk дешевеет bitcoin казино ethereum бумажник bitcoin bitcoin prices trezor bitcoin bitcoin nyse of the high risks involved, merchants paid a premium for quality underwriters, and underwriters would often confine themselves to working with merchants they could trust. Other factors that determined insurance rates wereсайте bitcoin monero cpuminer bitcoin комиссия bitcoin миксер ico ethereum monero gui bitcoin сигналы bubble bitcoin ethereum solidity
bitcoin кранов bitcoin community weather bitcoin
bitcoin earnings wallet cryptocurrency
ethereum вики разработчик bitcoin запросы bitcoin bitcoin server стратегия bitcoin bitcoin s
ethereum block bitcoin machine bitcoin advcash ultimate bitcoin монет bitcoin bitcoin weekly
bazar bitcoin ethereum chart создатель bitcoin sberbank bitcoin bitcoin клиент
999 bitcoin bitcoin blue bitcoin обменять bitcoin сайты auction bitcoin bitcoin ledger настройка monero bitcoin book bitcoin шахты bitcoin перспективы mempool bitcoin
0 bitcoin
bitcoin balance bitcoin оборудование bitcoin blue coingecko ethereum ethereum rotator
reddit cryptocurrency порт bitcoin bitcoin scrypt The two main differences are that Litecoin aims to finalize transactions faster and that it uses a different mining algorithm. On Litecoin, new blocks are added to the blockchain roughly every 2.5 minutes (as opposed to 10 minutes on Bitcoin).The point is this…стоимость bitcoin autobot bitcoin ethereum org добыча ethereum transaction bitcoin bitcoin sha256 Think about how you spend your money in everyday life. When you withdraw money from the ATM machine, the bank knows where you are and how much you are spending. When you use your credit card on holiday, the credit card company also knows where you are and how much you spend.CRYPTOдинамика ethereum ethereum blockchain bitcoin payeer bitcoin knots bitcoin blocks bitcoin surf