Litecoin Differences from Bitcoin [0muBTisX4Bg]

Litecoin Differences from Bitcoin [0muBTisX4Bg]

| 1h 28m 28s | Video has closed captioning.

Litecoin, LTC or Ł is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Inspired by and technically nearly identical to bitcoin (BTC), Litecoin creation and transfer is based on an open source protocol and is not managed by any central authority. Litecoin offers three key differences from Bitcoin. The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin's 10 minutes, which its developers claim allows for faster transaction confirmation. A drawback is a higher probability of orphaned blocks. Advantages can include greater resistance to a double spending attack over the same period as bitcoin. However, total work done is a consideration. For example, if the Litecoin Network has comparatively ten times less computing work done per block than the bitcoin network, the bitcoin confirmation is around ten times harder to reverse, even though the Litecoin Network is likely to add confirmation blocks at a rate four times faster. Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard. The Litecoin Network will produce 84 million Litecoins, or four times as many currency units as will be issued by the Bitcoin Network. The original intended purpose of using Scrypt was to allow miners to mine both Bitcoin and Litecoin at the same time. The choice to use scrypt was also partially to avoid giving advantage to video card (GPU), FPGA and ASIC miners over CPU miners. Due to Litecoin's use of the scrypt algorithm, FPGA and ASIC devices made for mining Litecoin are more complicated to create and more expensive to produce than they are for bitcoin, which uses SHA-256.This is widely due to the Scrypt hashing scheme being more memory intensive; increasing memory requirements for ASICs and FPGAs. Denominations Subunit  0.001 mLTC (millicoin)  0.000001 µLTC (microcoin)  0.00000001 Litoshi Plural Litecoin, Litecoins, LTCs Symbol LTC, Ł #bitcoin steuer rechner #crypto on kraken #hyperlane crypto