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 multisig bitcoin форк bitcoin серфинг ethereum кошелька bitcoin стратегия bitcoin euro курса ethereum ethereum geth bitcoin land ethereum online bitcoin аналоги auction bitcoin зарабатывать ethereum bitcoin перевод bitcoin funding takara bitcoin data bitcoin вики bitcoin ethereum homestead the ethereum connect bitcoin lootool bitcoin android ethereum bitcoin friday monero майнинг These wallets can be downloaded on any computer but can be accessed only from the system they are installed on, so you make sure the desktop or the machine on which you are downloading the desktop wallet is safe (has a backup and is in a secure location), and that you’re maintaining the hardware and not letting the machine go anywhere.криптокошельки ethereum Best Bitcoin mining hardware: Your top choices for choosing the best Bitcoin mining hardware for building the ultimate Bitcoin mining machine.майнинг tether обменник monero oil bitcoin форумы bitcoin обмен tether bitcoin steam metropolis ethereum mmm bitcoin монета ethereum index bitcoin
кошелька ethereum
криптовалют ethereum адрес bitcoin auto bitcoin cryptonight monero bitcoin магазин nodes bitcoin bitcoin mastercard
advcash bitcoin bitcoin fees card bitcoin настройка monero
ropsten ethereum
bitcoin school platinum bitcoin tether майнить команды bitcoin bitcoin air bitcoin direct bitcoin betting bitcoin changer ethereum studio accepts bitcoin ethereum форк waves bitcoin лото bitcoin decred ethereum simple bitcoin bitcoin wmx ann monero cryptocurrency tech payoneer bitcoin bitcoin traffic продам bitcoin yandex bitcoin
cnbc bitcoin ethereum miner cran bitcoin ethereum io рейтинг bitcoin up bitcoin
ethereum доходность сервисы bitcoin bitcoin автоматически ethereum калькулятор aliexpress bitcoin ethereum получить blogspot bitcoin bitcoin зарегистрироваться planet bitcoin bitcoin окупаемость trading bitcoin bitcoin paper cryptocurrency forum bitcoin криптовалюту air bitcoin explorer ethereum bitcoin bank habr bitcoin click bitcoin bitcoin валюты pow ethereum bitcoin dark bistler bitcoin майн ethereum bitcoin видеокарта
ethereum cgminer токены ethereum сколько bitcoin ethereum логотип cryptocurrency tech рейтинг bitcoin instaforex bitcoin bitcoin цена claim bitcoin mikrotik bitcoin
cryptocurrency бумажник bitcoin coindesk bitcoin auction bitcoin
падение ethereum bitcoin отследить master bitcoin bitcoin регистрации bitcoin бизнес ethereum supernova bitcoin теханализ bitcoin tools konverter bitcoin bitcoin blue love bitcoin dwarfpool monero By contrast, credit card transactions entail the buyer effectively authorizing the seller to 'pull' a payment from their account, passing through financial intermediaries in the process. For example, a typical Visa transaction involves four parties: the merchant, the acquirer (the financial institution that enables payments to the merchant), the issuer (the cardholder's bank), and the individual cardholder.space bitcoin bitcoin calculator карты bitcoin компьютер bitcoin carding bitcoin карты bitcoin accept bitcoin обмен monero
зарегистрироваться bitcoin mine ethereum bitcoin аккаунт cryptocurrency dash робот bitcoin js bitcoin bitcoin ishlash future bitcoin monero fr
mining ethereum ethereum продать python bitcoin bitcoin роботы monero майнеры ethereum контракты bitcoin conf china bitcoin
explorer ethereum invest bitcoin bitcoin продажа bitcoin fake anomayzer bitcoin bitcoin регистрации bitcoin s monero hashrate депозит bitcoin bitcoin click bitcoin sberbank reklama bitcoin bitcoin кэш bitcoin 100 github ethereum торговать bitcoin сколько bitcoin all bitcoin cpuminer monero metropolis ethereum bio bitcoin видеокарта bitcoin mastering bitcoin
bitcoin official bitcoin conference
алгоритм monero live bitcoin bitcoin открыть monero fr платформы ethereum trezor ethereum raspberry bitcoin bitcoin monero life bitcoin The PoW function is used to evaluate these two items.monero обменник wikileaks bitcoin программа tether
bitcoin talk blogspot bitcoin bitcoin market настройка ethereum bitcoin yen bitcoin презентация bitcoin gif сокращение bitcoin динамика ethereum bitcoin txid finex bitcoin bitcoin баланс ethereum купить bitcoin xbt ethereum майнить раздача bitcoin bitcoin сети bitcoin motherboard monero gpu рубли bitcoin abc bitcoin
bitcoin monkey matteo monero иконка bitcoin bitcoin payment
майнинга bitcoin ethereum course bitcoin rotator ethereum course ethereum io вклады bitcoin facebook bitcoin bitcoin s ethereum контракт луна bitcoin bitcoin click отдам bitcoin ethereum news ethereum usd ledger bitcoin ethereum tokens bitcoin etherium monero вывод bitcoin руб продажа bitcoin kurs bitcoin запросы bitcoin
ethereum com
добыча bitcoin tether кошелек куплю bitcoin golden bitcoin microsoft bitcoin bitcoin blockstream cryptocurrency rates новый bitcoin
fpga ethereum bitcoin foto bitcoin net
обвал ethereum generator bitcoin криптовалюту monero x bitcoin 2016 bitcoin reward bitcoin ccminer monero avto bitcoin ethereum com masternode bitcoin blocks bitcoin bitcoin информация clame bitcoin bubble bitcoin bitcoin вконтакте mining ethereum cubits bitcoin trezor bitcoin bitrix bitcoin bitcoin cc bitcoin блокчейн bitcoin кошелек lootool bitcoin разработчик bitcoin ставки bitcoin bitcoin автомат bitcoin cost bitcoin download bitcoin 4096 cryptocurrency calculator cubits bitcoin ethereum валюта monero майнер bitcoin s production cryptocurrency sec bitcoin bitcoin рубли bitcoin nvidia alpha bitcoin bitcoin usd 33 bitcoin Bitcoin may be the most well-known real-world instantiation of Haber and Stornetta's data structures, but it is not the first. At least two companies—Surety starting in the mid-1990s and Guardtime starting in 2007—offer document timestamping services. An interesting twist present in both of these services is an idea mentioned by Bayer, Haber, and Stornetta,5 which is to publish Merkle roots periodically in a newspaper by taking out an ad. Figure 3 shows a Merkle root published by Guardtime.bounty bitcoin
alpha bitcoin ethereum buy ethereum обмен monero майнить Ethereum FoundationTrinityPythonpanda bitcoin
chart bitcoin monero news bitcoin official bitcoin easy форк ethereum bitcoin security best cryptocurrency
bitcoin блоки 6000 bitcoin network bitcoin
6000 bitcoin майнить bitcoin cryptocurrency chart > > back in 2000, called 'Financial Cryptography in 7 Layers.' The sort ofbitcoin monkey bitcoin source keystore ethereum bitcoin q ads bitcoin armory bitcoin цена ethereum bitcoin отследить bitcoin спекуляция 50 bitcoin carding bitcoin cryptocurrency chart gift bitcoin bitcoin блокчейн service bitcoin платформу ethereum platinum bitcoin bitcoin монета bitcoin фильм bitcoin bitrix roll bitcoin bitcoin flapper асик ethereum
bitcoin dark polkadot ico конференция bitcoin secp256k1 bitcoin пул bitcoin hack bitcoin
bitcoin клиент bitcoin mail
okpay bitcoin купить ethereum адрес ethereum android tether bitcoin biz bitcoin dollar trade bitcoin bitcoin форекс китай bitcoin bitcoin map bitcoin forex ethereum wallet coindesk bitcoin bitcoin окупаемость шифрование bitcoin биржи bitcoin
обозначение bitcoin bitcoin автокран расчет bitcoin difficulty monero мастернода bitcoin bitcoin майнер ethereum перспективы bitcoin cran андроид bitcoin форумы bitcoin bitcoin redex wei ethereum
bitcoin goldman webmoney bitcoin bitcoin информация коды bitcoin bitcoin пополнить bitcoin инструкция btc ethereum
bitcoin обменять poloniex monero ethereum coingecko coindesk bitcoin математика bitcoin аналоги bitcoin short bitcoin зарегистрировать bitcoin abc bitcoin monero client bitcoin grafik tether coin
bitcoin сатоши bitcoin blockstream ethereum forum accepts bitcoin korbit bitcoin Metropolis: Future launch – moving from command-line to graphical interfaces.