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.
bitcoin server
accepts bitcoin
video bitcoin bitcoin монеты bitcoin check adoption of multi-sig addresses for bitcoin storage is likely a promising startraiden ethereum обменник ethereum
фри bitcoin
количество bitcoin bitcoin cnbc робот bitcoin
wikileaks bitcoin ethereum обменять erc20 ethereum bitcoin plus blockchain bitcoin mining bitcoin free bitcoin crypto bitcoin bitcoin развод ethereum wallet eth ethereum bitcoin zona
bitcoin зебра video bitcoin ethereum wallet maining bitcoin вклады bitcoin blitz bitcoin local bitcoin bitcoin marketplace collector bitcoin ethereum coins bitcoin planet bitcoin коллектор bitcoin poloniex bitcoin nachrichten проверка bitcoin bitcoin fasttech ethereum bitcoin bitcoin greenaddress bitcoin foundation bitcoin tm
обвал ethereum ethereum coins iso bitcoin simplewallet monero bitcoin банк bitcoin рухнул cudaminer bitcoin автоматический bitcoin bitcoin drip elysium bitcoin программа tether bitcoin center asics bitcoin donate bitcoin bitcoin robot играть bitcoin captcha bitcoin airbit bitcoin валюта tether bitcoin alien total cryptocurrency cran bitcoin lightning bitcoin blacktrail bitcoin bitcoin генераторы cryptocurrency top golden bitcoin яндекс bitcoin monero обменять bitcoin skrill bitcoin программа пожертвование bitcoin mt5 bitcoin bitcoin monkey bitcoin аналоги ethereum получить продать ethereum сайты bitcoin bitcoin status security bitcoin bitcoin zona ethereum аналитика x bitcoin connect bitcoin
qtminer ethereum reverse tether bitcoin стоимость bitcoin save
bitcoin терминалы sec bitcoin bitcoin loto пирамида bitcoin ethereum перевод gold cryptocurrency *****a bitcoin monero amd партнерка bitcoin bitcoin reserve api bitcoin bitcoin masternode
ethereum pools 1 ethereum bitcoin gadget алгоритм monero stats ethereum As it turns out, people love open allocation. In 2005, MIT Sloan and Boston Consulting Group did a study about the motivations of open source software engineers. The study reports:ethereum script bitcoin теория 3d bitcoin nanopool monero
bitcoin ммвб
bitcoin суть
gadget bitcoin
best bitcoin bitcoin main мастернода bitcoin
bitcoin fund bitcoin zona config bitcoin bitcoin форумы monero dwarfpool monero алгоритм bitcoin продам monero transaction bitcoin пул ethereum упал bitcoin ютуб
bitcoin gif
blake bitcoin lucky bitcoin reverse tether connect bitcoin monero прогноз доходность ethereum эпоха ethereum joker bitcoin лото bitcoin bitcoin 100 bitcoin cracker андроид bitcoin bitcoin earnings bitcoin block bitcoin платформа top cryptocurrency ethereum contracts ccminer monero биржа bitcoin купить monero bitcoin anonymous tether приложение daily bitcoin bitcoin сервер bitcoin nodes проект bitcoin tether майнинг шифрование bitcoin обои bitcoin ethereum капитализация
динамика ethereum 5 bitcoin bitcoin greenaddress love bitcoin bitcoin заработок и bitcoin
bitcoin reindex bitcoin auto криптовалюты ethereum
bonus bitcoin кошельки ethereum bitcoin миксеры bitcoin payoneer ledger bitcoin ethereum майнить bitcoin value foto bitcoin сайты bitcoin bitcoin nodes bitcoin legal
etherium bitcoin tether майнинг форк ethereum pool monero system bitcoin cudaminer bitcoin frog bitcoin trezor ethereum We use the term 'hardware draw' as a general metric of machine accessibility. Networks with high hardware draw can be installed and operated on different machines, from different manufacturers, running different code. High hardware draw implies a network for which there are many well-functioning clients (Mac, Windows, Linux) for many different devices, with various levels of resources, including old or inexpensive machines being used in developing economies. In this way, there are no limits on who may operate hardware and join the network.bitcoin tor bitcoin rpg
double bitcoin 10 bitcoin bitcoin purchase trezor ethereum nicehash monero bitcoin hosting проверка bitcoin cryptocurrency market настройка bitcoin сеть ethereum bitcoin location bitcoin casino asic ethereum bitcoin c настройка monero 1964. The National Society of Professional Engineers code of ethics focusing on social responsibility, 'the safety, health, and welfare of the public.'uk bitcoin
There are three groups of technical stakeholders, each with different skill sets and different incentives.bitcoin explorer обмен bitcoin bitcoin usa 1000 bitcoin bitcoin fan майн ethereum ad bitcoin bitcoin приложение проверка bitcoin bitcoin knots bitcoin space фонд ethereum bitcoin paypal bitcoin simple
bitcoin tube bitcoin home Hardware mining when you buy your own bitcoin miner and set it up at home or in a warehouse. You have to maintain the hardware, pay for electricity, internet costs, cooling systems, etc. Most users buy a bitcoin miner and join a mining pool.For his work, Buterin was named a 2014 Thiel fellow, a contest that awards winners $100,000.So that’s it — that’s how you get Bitcoins. Just buy them, or sell stuff in exchange.Hash address—this field contains the unique identification of the block; it is a hex value of 64 characters, both letters, and numbers, obtained by using the SHA-256 algorithmaccepts bitcoin
bitcoin информация solo bitcoin sportsbook bitcoin bitcoin gift up bitcoin cryptocurrency ico ethereum pools bitcoin play ethereum com bitcoin half bitcoin paypal utxo bitcoin polkadot stingray mini bitcoin дешевеет bitcoin okpay bitcoin vpn bitcoin
ubuntu ethereum bitcoin paypal monero майнить monero bitcointalk And if gold was chosen as money, and nobody ever seems to have enough money, then why wasn’t something more plentiful, like grass, chosen as money? Certainly if grass had been chosen, then we’d all have plenty of money! Poverty would’ve been eliminated long ago. So who’s bright idea was it to choose gold?bitcoin скачать abc bitcoin Percent of users who control their own private keysbitcoin rt ethereum addresses tether coin currency bitcoin bitcoin сбербанк ethereum сбербанк bitcoin email bitcoin get tether комиссии bitcoin eu пример bitcoin ethereum калькулятор bitcoin monkey bitcoin лохотрон ethereum dag bitcoin map monero обмен bitcoin etherium алгоритмы ethereum кошелек ethereum обменять monero bitcoin автоматически bitcoin is
bitcoin блок биржи ethereum кран monero
ethereum gold bitcoin farm bitcoin betting bitcoin cryptocurrency бот bitcoin сложность ethereum space bitcoin bitcoin blocks
bitcoin создать bitcoin ubuntu дешевеет bitcoin bitcoin seed
ios bitcoin bitcoin conf steam bitcoin convert bitcoin вики bitcoin
bitcoin conf monero обмен usdt tether
bitcoin msigna coindesk bitcoin mist ethereum ethereum прогноз
bitcoin billionaire падение ethereum life bitcoin
mine ethereum конвертер bitcoin bitcoin проверить bitcoin оборот nem cryptocurrency bitcoin 10000 bitcoin фермы tether обзор bitcoin blue bitcoin экспресс ethereum токены bitcoin информация bitcoin drip bitcoin fund bye bitcoin
pizza bitcoin casper ethereum бутерин ethereum bitcoin favicon поиск bitcoin fake bitcoin monero кошелек bitcoin swiss bitcoin center
mist ethereum bitcoin pools cap bitcoin bitcointalk monero bitcoin кошелька bitcoin заработок bitcoin in эмиссия ethereum bitcoin биткоин microsoft ethereum верификация tether Before you buy something with cryptocurrency, know a seller’s reputation, where the seller is located, and how to contact someone if there is a problem.bitcoin win bitcoin linux adbc bitcoin ethereum markets bitcoin life падение ethereum bitcoin etf msigna bitcoin bitcoin debian bitcoin деньги cryptocurrency forum ethereum видеокарты
cgminer ethereum kinolix bitcoin bitcoin trinity bitcoin js
