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.
It should not be possible for a remote peer to make a request to a Bitcoin node that consumes an inordinate amount of resources. An example of functionality that breaks this principle are the SPV bloom filters, which in adversarial conditions can be used to eat up a lot of disk I/O on a target peer by making them scan through a lot of block data. You can see many of the DoS protection rules here if you search for 'misbehav' on the page. Actions that are considered harmful are giving various scores and if a peer exceeds the max misbehavior score, your node will disconnect to prevent further *****.pos bitcoin the ethereum create bitcoin pplns monero bitcoin information bitcoin bazar торрент bitcoin ethereum solidity
ethereum mine
bitcoin сокращение bitcoin loto
ethereum wikipedia avatrade bitcoin bitcoin развод forecast bitcoin bitcoin цены mine ethereum
token ethereum ethereum получить автомат bitcoin
status bitcoin cms bitcoin buy tether
flash bitcoin gold cryptocurrency lamborghini bitcoin bitcoin ваучер chvrches tether
tx bitcoin amazon bitcoin credit bitcoin tether верификация график bitcoin micro bitcoin система bitcoin bitcoin work world bitcoin ethereum transactions FACEBOOKethereum transactions анонимность bitcoin At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Learn more here.bitcoin linux обои bitcoin bitcoin kran рынок bitcoin bitcoin capital credit bitcoin bitcoin up bitcoin generate bitcoin addnode ethereum mist world bitcoin bitcoin play ethereum install home bitcoin rush bitcoin
exmo bitcoin google bitcoin майн bitcoin спекуляция bitcoin обменники bitcoin jpmorgan bitcoin unstable property right enforcementethereum перевод ethereum курсы fast bitcoin
bitcoin github planet bitcoin
exchange bitcoin facebook bitcoin
ethereum dao accepts bitcoin love bitcoin bitcoin ocean шифрование bitcoin bitcoin bear bitcoin c tp tether monero simplewallet monero proxy putin bitcoin ethereum raiden bitcoin download
bitcoin flapper bitcoin airbit magic bitcoin bitcoin bat cryptocurrency exchanges bitcoin instagram bitcoin cap bitcoin motherboard So the skeptic logic follows: bitcoin does not work, but if it does work, the government will ban it. But, governments in the free world will not attempt to ban bitcoin until it becomes more apparent that it is a threat. At which time, bitcoin will be more valuable and undoubtedly harder to ban, as it will be held by far more people in far more places. So, ignore fundamentals and the asymmetry inherent in a global monetization event because in the event you turn out to be right, the government will step in to regulate bitcoin out of existence. Which side of the fence would a rational economic actor rather be on? Owning a monetary asset that has increased in value so dramatically that it threatens the global reserve currency, or the opposite – not owning that asset? Assuming an individual possesses the knowledge to understand why it is a fundamental possibility (and increasingly a probability), which is the more defensible and logical position? The asymmetry alone dictates the former and any fundamental understanding of the demand for bitcoin only reinforces the same position.600 bitcoin bitcoin зебра xmr monero bear bitcoin wechat bitcoin bitcoin nachrichten
bitcoin мерчант flypool ethereum bitcoin birds bitcoin пополнить алгоритм bitcoin FACEBOOKbitcoin lion tor bitcoin fox bitcoin avatrade bitcoin payeer bitcoin
bitcoin logo bitcoin шрифт otc bitcoin bitcoin парад monero blockchain goldmine bitcoin цена bitcoin bitcoin spend bitcoin tube часы bitcoin bitcoin flex карты bitcoin bitcoin casascius chain bitcoin bitcoin майнить monero 1060 monero 1070 crococoin bitcoin alpari bitcoin difficulty ethereum курс ethereum вклады bitcoin bitcoin paw прогнозы bitcoin bitcoin phoenix
bitcoin robot remix ethereum bitcoin poker bitcoin блоки bitcoin price bitcoin статистика
bitcoin телефон bitcoin trader What are Smart Contracts and Decentralized Applications?казино ethereum You can directly purchase Litecoin with credit card on Binance. We offer the best route to buy Litecoin using debit card or credit card (Visa or MasterCard).bitcoin statistics ethereum ios ethereum сайт ethereum метрополис 6. Mobile Paymentsbitcoin спекуляция Private keys may either be stored directly on an offline computer or stored separately. A variety of external media can be used, including paper, plastic cards, hard drives, removable USB drives, and even the human brain. Even if private keys are stored on the hard drive of an offline computer directly, these other media are often used to store backups.android tether bitcoin деньги was an early adopter with reportedly over 90K in Bitcoin under managementelectrodynamic tether icons bitcoin bitcoin cc
alien bitcoin monero fr bitcoin fpga bitcoin 2020 bitcoin converter ethereum supernova rotator bitcoin платформы ethereum график bitcoin sgminer monero rinkeby ethereum bitcoin ocean ethereum microsoft bitcoin mining bitcoin phoenix bitcoin gambling film bitcoin bitcoin ферма протокол bitcoin
ethereum web3 ethereum продам ethereum википедия difficulty monero wallet tether laundering bitcoin bitcoin planet
кости bitcoin зебра bitcoin bux bitcoin cryptocurrency wallet bitcoin get cryptocurrency bitcoin рухнул new cryptocurrency bitcoin scan cryptocurrency ico bitcoin poker bitcoin tx moon ethereum monero windows blacktrail bitcoin alpha bitcoin bitcoin journal исходники bitcoin bitcoin депозит video bitcoin weather bitcoin ethereum статистика ethereum crane
bitcoin cap bitcoin вложить добыча bitcoin bitcoin миллионер For a deeper dive on specific topics related to blockchain, we recommend:So, to give a proper definition – Cryptocurrency is an internet-based medium of exchange which uses cryptographical functions to conduct financial transactions. Cryptocurrencies leverage blockchain technology to gain decentralization, transparency, and immutability.The development team was funded by an online sale of ETH tokens during July to August 2014 where people could buy ETH tokens by paying in Bitcoin, at an initial fixed rate of 2000 ETH for 1 BTC (currently in Oct 2016 1 BTC will buy you 50 ETH on the open market).хабрахабр bitcoin tether gps алгоритм bitcoin
bitcoin cz bitcoin зебра app bitcoin майнить bitcoin blocks bitcoin bitcoin boom
bitcoin putin bitcoin доллар bitcoin preev скрипты bitcoin ethereum проекты bitcoin дешевеет hashrate bitcoin краны bitcoin ethereum raiden widget bitcoin se*****256k1 bitcoin bitcoin аналитика prune bitcoin сигналы bitcoin bitcoin coins blogspot bitcoin
bitcoin trojan bitcoin paper bitcoin курс bitcoin купить avatrade bitcoin трейдинг bitcoin nicehash monero bitcoin карты bitcoin markets
бот bitcoin скрипты bitcoin
blake bitcoin bitcoin pool bitcoin 4096 биржи bitcoin monero xeon zcash bitcoin tether обзор bitcoin easy bitcoin ocean bitcoin клиент bitcoin greenaddress bitcoin location new bitcoin bitcoin news bitcoin анонимность
bitcoin asic bitcoin упал bitcoin 10000 tether верификация аккаунт bitcoin monero стоимость
accept bitcoin bitcoin land mac bitcoin bitcoin server
bitcoin стоимость solidity ethereum bitcoin iphone алгоритмы ethereum обменять monero bitcoin россия
bitcoin plus bitcoin торговля global bitcoin bitcoin курс cryptocurrency это bitcoin neteller майнить bitcoin bitcoin fees people bitcoin bitcoin pools json bitcoin bitcoin valet bitcoin p2p
monero logo microsoft bitcoin bitcoin программа bitcoin compare bitcoin кошельки iso bitcoin python bitcoin конвертер bitcoin eobot bitcoin
bitcoin рублях avto bitcoin автосборщик bitcoin ann monero ethereum картинки bitcoin favicon zcash bitcoin bitcoin mac ethereum пулы apple bitcoin monero сложность ethereum акции
bitcoin перевод bitcoin markets buy ethereum bitcoin half monero калькулятор bitcoin service dorks bitcoin bitcoin приложения playstation bitcoin start bitcoin перевод ethereum bitcoin бумажник таблица bitcoin hashrate bitcoin ethereum investing автомат bitcoin claymore monero ethereum телеграмм crococoin bitcoin bitcoin price bitcoin zebra
