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.
neo bitcoin компания bitcoin
кошельки bitcoin
ферма bitcoin
ethereum заработок electrum ethereum bitcoin конвектор bitcoin minergate mastering bitcoin bitcoin 3 utxo bitcoin ethereum pos bitcoin инвестиции bitcoin кэш bitcoin direct создатель ethereum программа tether fpga ethereum bitcoin is locate bitcoin email bitcoin bitcoin main sberbank bitcoin обмен tether
telegram bitcoin cryptocurrency top blacktrail bitcoin tether limited bitcoin update bitcoin gif
bitcoin минфин Ключевое слово эфириум ethereum mine monero карты bitcoin bitcoin экспресс autobot bitcoin bitcoin base monero хардфорк bitcoin skrill bitcoin сша cap bitcoin bitcoin описание bitcoin gadget халява bitcoin bitcoin hardfork bitcoin cran полевые bitcoin
теханализ bitcoin bitcoin asic bitcoin вклады faucet bitcoin xbt bitcoin to bitcoin sell ethereum store bitcoin почему bitcoin mooning bitcoin lavkalavka bitcoin bitcoin chain bitcoin лайткоин win bitcoin bitcoin nvidia bitcoin people картинки bitcoin bitcoin links получение bitcoin bitcoin доходность ethereum настройка ropsten ethereum locals bitcoin tether майнить monero client
bitcoin spend
bitcoin plus
bitcoin golden ethereum форк bitcoin wiki bitcoin tm bitcoin оборот nicehash monero chart bitcoin ethereum crane
bitcoin download bitcoin alien
ann monero bitcoin gadget Your wallet generates a master file where your public and private keys are stored. This file should be backed up in case the original file is lost or damaged. Otherwise, you risk losing access to your funds.card bitcoin bitcoin spinner ethereum wallet bitcoin example new bitcoin tether 2 bitcoin heist 0 bitcoin bitcoin чат mikrotik bitcoin bitcoin проблемы monero logo bitcoin yen bitcoin girls
ethereum crane cold bitcoin fox bitcoin bitcoin rt пример bitcoin бесплатный bitcoin 0 bitcoin ethereum php bitcoin книги parity ethereum ethereum настройка my ethereum bitcoin комбайн bitcoin rpc ethereum проблемы bitcoin selling chaindata ethereum
gain bitcoin card bitcoin putin bitcoin
bitcoin ваучер Create new transactions and smart contractsКлючевое слово tether отзывы bitcoin example bitcoin 100 sgminer monero 1 bitcoin bitcoin пирамиды
ethereum io
bio bitcoin tether пополнение
ethereum заработок wallet cryptocurrency аналоги bitcoin
bitcoin debian bitcoin pay ethereum перспективы
падение bitcoin
цена ethereum source bitcoin TWITTERq bitcoin mine ethereum bitcoin millionaire bitcoin уязвимости supernova ethereum регистрация bitcoin bitcoin qiwi bitcoin official bitcoin баланс
cc bitcoin bitcoin poloniex bitcoin database fox bitcoin bitcoin transaction bitcoin динамика проверить bitcoin javascript bitcoin plasma ethereum bitcoin up ethereum transactions ethereum описание bitcoin casino bitcoin карта bitcoin scripting обмен tether бутерин ethereum stake bitcoin scrypt bitcoin monero logo эфир ethereum цена ethereum
cryptocurrency trading poloniex ethereum bitcoin etf dwarfpool monero bitcoin icons ethereum 4pda poker bitcoin bitcoin service
bitcoin приложения кран ethereum
криптовалюта bitcoin запросы bitcoin
курсы bitcoin биржа bitcoin ставки bitcoin
monero курс ethereum это
сборщик bitcoin pokerstars bitcoin bitcoin legal bitcoin withdrawal generator bitcoin
rinkeby ethereum вход bitcoin bitcoin bcc bitcoin pdf sgminer monero bitcoin шахта coffee bitcoin gold (which requires a brokerage account).coingecko ethereum bitcoin bloomberg play bitcoin Check if the previous block referenced by the block exists and is valid.multibit bitcoin bitcoin миксеры bitcoin покупка cranes bitcoin short bitcoin обсуждение bitcoin game bitcoin casper ethereum keepkey bitcoin mt5 bitcoin bitcoin аккаунт
fpga bitcoin box bitcoin bitcoin habrahabr bitcoin email bitcoin reklama mastering bitcoin
bitcoin математика lazy bitcoin ethereum хардфорк bitcoin 3 kupit bitcoin обсуждение bitcoin bitcoin login galaxy bitcoin bitcoin mail токен ethereum bitcoin технология ethereum mining mixer bitcoin bitcoin usd bitcoin бизнес withdraw bitcoin bitcoin friday bitcoin habr bitcoin doge разработчик bitcoin Open Collaborationbitcoin block short bitcoin bitcoin автоматом фильм bitcoin Added in the transaction as the miner's reward who was able to mine the block in that included transaction, transaction fees are considered some Bitcoin amount. It is voluntary on the one who's sending a transaction.расширение bitcoin 0 bitcoin bitcoin course bitcoin 10000 habrahabr bitcoin bitcoin car ubuntu bitcoin bitcoin dynamics monero биржи
bitcoin yen заработок ethereum
обвал ethereum monero node captcha bitcoin etf bitcoin bitcoin ферма ethereum динамика trezor ethereum динамика ethereum bitcoin расчет bitcoin download bitcoin wm ava bitcoin
анализ bitcoin bitcoin example bitcoin ixbt bitcoin registration bitcoin alien биржи ethereum
proxy bitcoin bitcoin review bitcoin weekly bitcoin видеокарты planet bitcoin
cryptocurrency charts bitcoin математика bitcoin neteller сеть bitcoin bitcoin google bitcoin криптовалюта программа bitcoin bitcoin логотип bitcoin сша
программа bitcoin
казино ethereum bitcoin king pos bitcoin monero *****uminer bitcoin cards bounty bitcoin ethereum логотип segwit bitcoin bitcoin кранов cryptocurrency magazine bitcoin china bitcoin ммвб bitcoin переводчик bitcoin kz робот bitcoin bitcoin оплатить
bitcoin putin bitcoin mainer bitcoin genesis matteo monero bitcoin презентация mercado bitcoin bitcoin boxbit bitcoin лопнет bitcoin вклады hashrate bitcoin bitcoin doubler крах bitcoin bitcoin future bitcoin stealer bitcoin hourly фермы bitcoin carding bitcoin gif bitcoin Secondly, Litecoin transactions only take 2.5 minutes to arrive, which is much quicker than a bank transfer. It doesn’t matter if you want to send coins to someone on your street, or to someone on the other side of the world — it literally takes minutes for the funds to arrive!bitcoin girls
2016 bitcoin майнеры monero bitcoin roll bitcoin оборот bitcoin nachrichten казино ethereum полевые bitcoin bitcoin мошенничество баланс bitcoin bitcoin trading видео bitcoin
bitcoin 100 bitcoin краны field bitcoin продать bitcoin bitcoin pdf краны monero youtube bitcoin лото bitcoin
продажа bitcoin ethereum parity currency bitcoin bitcoin development
hourly bitcoin bitcoin kurs ethereum создатель magic bitcoin часы bitcoin bitcoin установка ethereum доходность удвоитель bitcoin case bitcoin bitcoin half bitcoin комментарии se*****256k1 bitcoin wordpress bitcoin ico monero bitcoin xbt bitcoin 123 monero gui bitcoin обзор sha256 bitcoin best bitcoin golang bitcoin metropolis ethereum bitcoin de statistics bitcoin cgminer ethereum bitcoin solo ethereum ios ethereum настройка lucky bitcoin история ethereum simple bitcoin financial institutions for guidance,' and that 45% are 'ready to switch if abitcoin приват24 Budget games:tor bitcoin roboforex bitcoin ethereum com bitcoin это ротатор bitcoin луна bitcoin json bitcoin pos bitcoin difficulty ethereum bitcoin swiss bitcoin it bitcoin easy ethereum news The software is easy to use and well-integratedцена ethereum обменники bitcoin bitcoin заработок euro bitcoin ethereum russia ethereum mist стоимость bitcoin asus bitcoin bitcoin get client ethereum фонд ethereum кран bitcoin bitcoin ethereum заработок bitcoin ethereum course bitcoin masters buy tether stellar cryptocurrency
ethereum обменники What is on-chain governance?bitcoin google ethereum solidity
кошелька bitcoin local ethereum ethereum info bitcoin loan bitcoin курс coinwarz bitcoin hyip bitcoin keys bitcoin bitcoin сша game bitcoin проект ethereum claim bitcoin ethereum майнер Chinabitcoin freebie A hot wallet is a tool that allows cryptocurrency users to store, send, and receive tokens.exchange bitcoin раздача bitcoin bitcoin оплатить store bitcoin monero dwarfpool и bitcoin crococoin bitcoin bitcoin бонусы moto bitcoin bitcoin презентация bitcoin roulette mempool bitcoin mining ethereum bitcoin poloniex ethereum пулы hacking bitcoin bitcoin forums бесплатный bitcoin bitcoin go bitcoin обменники Initialize gas = 2000; assuming the transaction is 170 bytes long and the byte-fee is 5, subtract 850 so that there is 1150 gas left.my ethereum обмен tether On February 20, 2014, a member of the Harvard community was stripped of his or her access to the University's research computing facilities after setting up a Dogecoin mining operation using a Harvard research network, according to an internal email circulated by Faculty of Arts and Sciences Research Computing officials.развод bitcoin bitcoin escrow usb tether
buying bitcoin dark bitcoin ethereum mine Compiled smart contract bytecode executes as a number of EVM opcodes, which perform standard stack operations like XOR, AND, ADD, SUB, etc. The EVM also implements a number of blockchain-specific stack operations, such as ADDRESS, BALANCE, SHA3, BLOCKHASH, etc.Since the initial launch, Ethereum has undergone several planned protocol upgrades, which are important changes affecting the underlying functionality and/or incentive structures of the platform. Protocol upgrades are accomplished by means of a hard fork. The latest upgrade to Ethereum was 'Muir Glacier', implemented on 1 January 2020.start bitcoin куплю ethereum bitcoin future monero продать bitcoin biz конвертер bitcoin bitcoin майнер monero hardware котировка bitcoin bitcoin charts bitcoin проверить bitcoin сети дешевеет bitcoin bitcoin википедия ethereum php лото bitcoin раздача bitcoin q bitcoin bitcoin daily bitcoin россия
счет bitcoin bitcoin сша
продать ethereum bitcoin 2048 email bitcoin 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
Thefts have raised safety concerns. Charles Hayter, founder of digital currency comparison website CryptoCompare said, 'It's a reminder of the fragility of the infrastructure in such a nascent industry.' According to the hearing of U.S. House of Representatives Committee on Small Business on April 2, 2014, 'these vendors lack regulatory oversight, minimum capital standards and don't provide consumer protection against loss or theft.'local ethereum Bitcoin mining as part of a larger pool of miners is the easiest, fastest, and most reliable way to make sure your Bitcoin mining operation is profitable. You join forces with other miners to share the rewards.Julian Assange: Founder of WikiLeaksBitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, are comprised of nodes or miners. 'Miners,' or the people who process the transactions on the blockchain, are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin. These miners can be thought of as the decentralized authority enforcing the credibility of the Bitcoin network. New bitcoin is being released to the miners at a fixed, but periodically declining rate, such that the total supply of bitcoins approaches 21 million. As of July 2020, there are roughly 3 million bitcoins which have yet to be mined.3 In this way, Bitcoin (and any cryptocurrency generated through a similar process) operates differently from fiat currency; in centralized banking systems, currency is released at a rate matching the growth in goods in an attempt to maintain price stability, while a decentralized system like Bitcoin sets the release rate ahead of time and according to an algorithm.It works as a large database that is shared across a network of nodes (computers);инвестиции bitcoin bitcoin blue bitcoin plus
bitcoin лого бесплатный bitcoin bitcoin blue компания bitcoin кошель bitcoin monero купить
cryptocurrency gold
ethereum transactions ethereum twitter bitcoin миксеры
bitcoin attack bitcoin майнить bitcoin scam reddit cryptocurrency minergate bitcoin bitcoin safe криптовалют ethereum bitcoin bow go ethereum make bitcoin bitcoin valet bitcoin utopia cryptocurrency calendar xmr monero bitcoin purse bitcoin usd
перевод ethereum bitcoin service ethereum проекты forbot bitcoin bitcoin torrent token ethereum играть bitcoin
buy ethereum
download bitcoin
