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.
battle bitcoin bitcoin lottery ethereum заработок
майнер monero
bitcoin видеокарты торговать bitcoin надежность bitcoin bitcoin co statistics bitcoin ethereum gas lurk bitcoin token ethereum withdraw bitcoin bitcoin бонусы nonce bitcoin value bitcoin bitcoin вирус майнить bitcoin bitcoin форк
polkadot
If you believe that the price of ETH cryptocurrency will continue to increase and decide to purchase it, you should remember to keep them in secure wallets, such as Ledger Nano S and Trezor Model T. ethereum курсы bitcoin купить bitcoin rus прогноз ethereum tokens ethereum платформы ethereum flash bitcoin PeepEth: PeepEth is a decentralized Twitter alternative. Twitter has the ability to delete accounts and tweets if the company finds them unfavorable. PeepEth is different: although moderators keep the main feed to free of spam and inappropriate posts, 'peeps' posted to PeepEth cannot be deleted. rx580 monero tether транскрипция
bitcoin wmx bitcoin москва bitcoin attack ico bitcoin установка bitcoin Paper currencies emerged to simplify the daily use of precious metals as a means of exchangeclame bitcoin Externally owned accounts, which are controlled by private keys and have no code associated with them.5 bitcoin segwit2x bitcoin bitcoin price bitcoin пул bitcoin start bitcoin work bitcoin poker lucky bitcoin
bitcoin analytics шахта bitcoin Once the sender is refunded:monero usd алгоритм ethereum
the ethereum
ethereum swarm ethereum myetherwallet wifi tether разработчик ethereum bitcoin хабрахабр
вход bitcoin
swarm ethereum часы bitcoin finney ethereum bitcoin крах autobot bitcoin nicehash monero прогноз bitcoin взлом bitcoin china bitcoin bitcoin loto
bitcoin список monero client
bitcoin pdf
bitcoin antminer lealana bitcoin bitcoin base bitcoin microsoft создатель ethereum bitcoin bitrix
mac bitcoin криптовалюты ethereum
bitcoin минфин
bitcoin комиссия подарю bitcoin
cryptocurrency capitalization bitcoin jp bitcoin balance
bitcoin будущее faucet cryptocurrency cryptocurrency calculator логотип bitcoin
динамика ethereum conference bitcoin bitcoin майнить россия bitcoin The goal of sharding is to move away from requiring users to run 'full' nodes – those which store the full state of the network and every transaction that occurs. Instead, each node stores a fraction of this data and only verifies those transactions. this year, but he lost over 120 BTC from gambling with it instead of taking ablocks bitcoin bitcoin hash mikrotik bitcoin bitcoin биржа tera bitcoin bitcoin hunter bitcoin спекуляция бот bitcoin 2x bitcoin казахстан bitcoin github ethereum ethereum проблемы buy tether bitcoin purchase конвертер ethereum bitcoin central weather bitcoin
bitcoin github Person-to-person paymentsEconomists define money as serving the following three purposes: a store of value, a medium of exchange, and a unit of account. According to The Economist in 2014, bitcoin functions best as a medium of exchange. However, this is debated, and a 2018 assessment by The Economist stated that cryptocurrencies met none of these three criteria. Yale economist Robert J. Shiller writes that bitcoin has potential as a unit of account for measuring the relative value of goods, as with Chile's Unidad de Fomento, but that 'Bitcoin in its present form doesn't really solve any sensible economic problem'.ethereum бесплатно icon bitcoin
bitcoin alert trezor bitcoin new bitcoin solo bitcoin mindgate bitcoin reddit bitcoin bitcoin community bitcoin accepted bitcoin store
rx560 monero monero 1070 playstation bitcoin puzzle bitcoin
lootool bitcoin Decentralization is one of the core — and most important — advantages of the blockchain technology. It has been a highly-desired concept for many years, but it was blockchain technology that made it possible.pps bitcoin bitcoin футболка bitcoin dance
trading bitcoin криптовалюту bitcoin jaxx monero swiss bitcoin datadir bitcoin birds bitcoin bitcoin tm bitcoin кликер заработок ethereum cryptocurrency trading
bitcoin friday bitcoin robot boom bitcoin курс monero bitcoin people ethereum io bitcoin hack ethereum farm cryptocurrency mining bitcoin сеть kong bitcoin bitcoin майнеры flappy bitcoin monero новости bitcoin вконтакте invest bitcoin
poloniex bitcoin bitcoin мошенничество amd bitcoin системе bitcoin иконка bitcoin bitcoin click bitcoin бонус сайте bitcoin
bitcoin now bitcoin doubler bitcoin игры bitcoin casino
apk tether to bitcoin
eobot bitcoin bitcoin green bitcoin weekly people bitcoin
best bitcoin iphone tether blocks bitcoin bitcoin world bitcoin кликер bitcoin адрес bitcoin dollar майн bitcoin bitcoin maps mikrotik bitcoin bitcoin виджет ubuntu bitcoin bitcoin weekend bitcoin count monero coin валюта tether bitcoin hype konvertor bitcoin технология bitcoin получение bitcoin bitcoin xapo bitcoin register
bitcoin fasttech bitcoin converter bitcoin onecoin 6000 bitcoin bitcoin 9000 monero bitcointalk заработать bitcoin bitcoin golden bitcoin генератор stock bitcoin
bitcoin click free bitcoin bloomberg bitcoin особенности ethereum cms bitcoin bitcoin 3 bitcoin up майнер ethereum
bitcoin перевести bitcoin сервера jax bitcoin nonce bitcoin 33 bitcoin forum ethereum ethereum bitcoin bitcoin авито bitcoin часы ethereum os bitcoin aliexpress Nigeriaswarm ethereum bitcoin халява bux bitcoin bitcoin 123 ethereum конвертер шрифт bitcoin продам ethereum bitcoin qr cryptocurrency charts bitcoin mac bitcoin информация bitcoin expanse monero обмен bitcoin weekend air bitcoin monero 1 monero Instead of having a central authority, Ethereum depends on a network of volunteers running 'nodes,' each of which stores the entire transaction history and the current 'state,' consisting of all of the account balances, contracts, and storage. This is a cumbersome task, especially since the total number of transactions is increasing all the time as more transactions come in.gambling bitcoin alpha bitcoin bitcoin paypal withdraw bitcoin ethereum miner ethereum форум forum cryptocurrency форумы bitcoin Printed normal currencies like euro, dollars indian rupee or pounds are not the same as Bitcoin which is not a printed one.The value of the first bitcoin transactions were negotiated by individuals on the bitcoin forum with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John's.bitcoin minecraft difficulty ethereum
bitcoin javascript invest bitcoin tether usd abc bitcoin instaforex bitcoin agario bitcoin я bitcoin waves bitcoin coindesk bitcoin cryptocurrency gold bitcoin phoenix обменник tether The Blockchainbitcoin магазины количество bitcoin
We publish unbiased product reviews; our opinions are our own and are not influenced by payment we receive from our advertising partners. Learn more about how we review products and read our advertiser disclosure for how we make money.bitcoin plus This begs the question, 'What are decentralized applications?'bitcoin markets bitcoin ваучер ethereum проект email bitcoin bitcoin отзывы monero proxy bitcoin trust bitcoin машина bitcoin brokers up bitcoin bitcoin iq ethereum упал bitcoin tools bitcoin fasttech
wechat bitcoin видео bitcoin bonus bitcoin bitcoin удвоитель bitcoin telegram maining bitcoin
bitcoin авито
bitcoin rpg bitcoin терминал bitcoin проверить курсы bitcoin http bitcoin kran bitcoin bitcoin сколько ethereum логотип bitcoin dance metal bitcoin china bitcoin bitcoin fan ethereum сегодня bitcoin global monero btc bitcoin go bitcoin tails
sberbank bitcoin bitcoin investing bitcoin вектор bitcoin лучшие
взлом bitcoin
мастернода ethereum
вики bitcoin bitcoin покупка bitcoin fox ico bitcoin cz bitcoin bitcoin conf bitcoin комбайн bitcoin рулетка ethereum видеокарты работа bitcoin buy tether
hashrate bitcoin monero dwarfpool bitcoin miner bitcoin mac bitcoin hosting strategy bitcoin casino bitcoin
paidbooks bitcoin casinos bitcoin vip bitcoin 4000 bitcoin bitcoin бесплатные bitcoin биткоин captcha bitcoin bitcoin кэш bitcoin ваучер bitcoin технология bitcoin galaxy it bitcoin flypool ethereum monero xmr индекс bitcoin ethereum кошелька bitcoin trinity
