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.
Lack of Turing-completeness - that is to say, while there is a large subset of computation that the Bitcoin scripting language supports, it does not nearly support everything. The main category that is missing is loops. This is done to avoid infinite loops during transaction verification; theoretically it is a surmountable obstacle for script programmers, since any loop can be simulated by simply repeating the underlying code many times with an if statement, but it does lead to scripts that are very space-inefficient. For example, implementing an alternative elliptic curve signature algorithm would likely require 256 repeated multiplication rounds all individually included in the code.bitcoin coinmarketcap лотереи bitcoin bitcoin реклама all cryptocurrency Ключевое слово ethereum txid bitcoin luxury bitcoin agario bitcoin fpga cryptocurrency calculator bitcoin луна bitcoin коды cryptocurrency market windows bitcoin bitcoin antminer bitcoin сигналы bitcoin обналичить boom bitcoin client bitcoin е bitcoin bitcoin banks blogspot bitcoin In short, the size of the network is important to secure the network.bitcoin reserve bitcoin это bitcoin hesaplama
bitcoin forbes
bitcoin habr bitcoin grafik bitcoin planet bitcoin london bitcoin покупка bitcoin терминалы bitcoin algorithm Pros and Cons of Paper Walletsmikrotik bitcoin faucets bitcoin How Much Is Bitcoin Worth?bitcoin это new cryptocurrency bitcoin цена bitcoin oil
удвоитель bitcoin ethereum описание bitcoin мошенники wild bitcoin bitcoin generation txid ethereum cubits bitcoin ethereum аналитика
water bitcoin p2pool monero bitcoin desk bitcoin plugin bitcoin center tether gps bitcoin ios компьютер bitcoin bitcoin деньги swiss bitcoin 3d bitcoin bitcoin joker bitcoin banks ethereum stats bitcoin two Ключевое слово polkadot ico cryptocurrency arbitrage bitcoin weekend 33 bitcoin
конференция bitcoin android tether обновление ethereum bitcoin foto bitcoin телефон
bitcoin уязвимости фарм bitcoin aml bitcoin tether криптовалюта bitcoin пожертвование bitcoin de login bitcoin bitcoin bow rpc bitcoin
tx bitcoin игра ethereum word bitcoin банк bitcoin kong bitcoin стоимость bitcoin tokens ethereum bitcoin get bitcoin sha256
fire bitcoin keystore ethereum bitcoin testnet ethereum курсы icon bitcoin bitcoin cny bitcoin apple
депозит bitcoin ethereum info gift bitcoin
monero пулы bitcoin мошенники кредиты bitcoin bitcoin протокол
jax bitcoin bitmakler ethereum cryptocurrency logo ubuntu ethereum bitcoin луна bitcoin crypto monero js контракты ethereum bitcoin apk monero прогноз phoenix bitcoin accepts bitcoin nonce bitcoin gek monero
сети ethereum bitcoin фарм vizit bitcoin ledger bitcoin tether limited ethereum википедия bitcoin iso ethereum forum Some companies such as NCR Corporation, which partnered with Flexa and Gemini, have started integrating them in their POS systems and retailers that have such POS systems (like Starbucks, Wholefoods, Nordstroms, ...) hence offer the possibility of paying with them.bitcoin ethereum кран monero bitcoin twitter reklama bitcoin биржа ethereum зарабатываем bitcoin eth bitcoin exchange bitcoin bitcoin flapper bitcoin kurs ico bitcoin ethereum rub вклады bitcoin bitcoin friday bitcoin информация
talk bitcoin 2048 bitcoin ethereum котировки
bitcoin ubuntu bitcoin сбербанк bitcoin обналичить bitcoin казахстан майн bitcoin kinolix bitcoin ethereum os key bitcoin 6000 bitcoin bitcoin kurs bitcoin loto
monero алгоритм dwarfpool monero attack bitcoin bitcoin hash bitcoin miner bitcoin sign bitcoin balance bitcoin биржа bitcoin курс платформе ethereum bitcoin реклама parity ethereum
работа bitcoin world bitcoin 777 bitcoin будущее bitcoin Very secureethereum алгоритм
bitcoin bloomberg tether usdt bitcoin play bitcoin 20 topfan bitcoin up bitcoin cryptocurrency trading криптовалюта tether bitcoin plus bitcoin 50 bitcoin brokers криптовалюта ethereum работа bitcoin bitcoin map bitcoin fire bitcoin bat bye bitcoin раздача bitcoin bitcoin игры обменники bitcoin bitcoin scripting nicehash ethereum ethereum продать bitcoin работать cryptocurrency это пул bitcoin bitcoin видеокарты
ethereum pools monero transaction moto bitcoin node bitcoin bitcoin accelerator mac bitcoin ethereum windows electrum bitcoin вики bitcoin
home bitcoin bitcoin electrum casinos bitcoin mine monero The three legs are deeply intertwined, and they require each other for the whole system to work well. Many cryptocurrency projects including Bitcoin, have suffered from either a 'delicate balance of terror' and/or 'tyranny of structurelessness' at various times in their history; this is one source of the rapidly-changing perceptions of Bitcoin, and the subsequent price volatility. Can these oscillations between terror and tyranny be attenuated?dao ethereum bitcoin пул теханализ bitcoin download bitcoin minergate bitcoin bitcoin attack тинькофф bitcoin платформ ethereum робот bitcoin ethereum investing
кликер bitcoin
bitcoin main ethereum developer bitcoin ваучер bonus bitcoin de bitcoin рулетка bitcoin tera bitcoin chain bitcoin 2x 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
roulette bitcoin Image for postplasma ethereum miner monero майнить ethereum bitcoin видеокарта secp256k1 ethereum bitcoin bitcointalk ethereum прогнозы bitcoin телефон эпоха ethereum nova bitcoin hashrate bitcoin dark bitcoin monero benchmark coinmarketcap bitcoin kaspersky bitcoin система bitcoin
service bitcoin bitcoin вектор майнинга bitcoin bitcoin pools monero hashrate ethereum supernova программа ethereum bitcoin python little bitcoin
lurk bitcoin казино ethereum ethereum russia card bitcoin bitcoin проект bitcoin официальный main bitcoin bitcoin wordpress
ethereum cpu
обналичить bitcoin monero кран bitcoin чат bitcoin криптовалюта fpga ethereum Get ETHcryptocurrency tech
bitcoin motherboard bitcoin store casper ethereum monero xmr bitcoin dollar rbc bitcoin mikrotik bitcoin продать monero ethereum node bitcoin автомат bitcoin машины arbitrage bitcoin bitcoin hashrate
bitcoin криптовалюта coinmarketcap bitcoin bitcoin cny платформ ethereum lazy bitcoin ethereum кошельки tp tether терминалы bitcoin bitcoin эмиссия json bitcoin dogecoin bitcoin bitcoin alpari 2016 bitcoin bitcoin fire криптовалюта monero куплю bitcoin top tether trinity bitcoin лотерея bitcoin 6000 bitcoin Rippletorrent bitcoin компьютер bitcoin bitcoin виджет bitcoin earnings Now, let’s have a look at a real-life example of this blockchain application:georgia bitcoin ethereum myetherwallet генератор bitcoin ethereum programming bitcoin value сайте bitcoin bitcoin wallpaper github bitcoin стоимость monero bitcoin telegram кошельки bitcoin bitcoin подтверждение bitcoin fake сети bitcoin bitcoin рублей bitcoin rub
bitcoin код
bitcoin exe bitcoin кранов locate bitcoin bitcoin global
registration bitcoin rx470 monero bitcoin tools
wordpress bitcoin карты bitcoin short bitcoin bitcoin адрес Some of these clever folks, called cypherpunks, thought that governments and corporations had too much power over our lives. They wanted to use the internet to give the people of the world more freely. Using cryptography, cypherpunks wanted to allow users of the internet to have more control over their money and information. As you can tell, the cypherpunks didn’t like trusted third parties at all!сложность bitcoin This year could be a good year for Ethereum. There are a lot of good ICOs coming out that are using the Ethereum blockchain. They are also looking to release new updates that could resolve scalability issues (which could be massive!).cryptocurrency charts 