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For proof of workBitcoin uses the highly parallelizable SHA hash function, hence Bitcoin or litecoin mining mining is an embarrassingly parallel task. Litecoin uses scrypt instead of SHA for proof of work. The scrypt hash function uses SHA as a subroutine, but also depends on fast access to large amounts of memory rather than depending just on fast arithmetic operations, so it is more difficult to run many instances of scrypt in parallel by using the ALUs of a modern graphics card.

See Litecoin mining hardware comparison and Bitcoin mining hardware comparison. These scrypt parameter still reduce the advantage of ASIC by a fold estimate, according to Colin Percival, the creator of scrypt [1] [2].

The difficulty of Litecoin adjusts so that a block is generated every 2. Myth - Point of sale with bitcoins isn't possible because of the 10 minute wait for confirmation. The retarget block is in both Bitcoin and Litecoin, but because Litecoin blocks are found 4 times faster, the difficulty will retarget about every 3. The total number of litecoins that will come into existence is 4 times the total number of bitcoins that will come into existence, 84 million compared to 21 million.

The initial reward for each Litecoin block is 50 litecoins. The rate of litecoins generation is halved everyblocks, i. Since the total money supply of Litecoin is 4 times greater than the total money supply of Bitcoin, it implies that if 1 litecoin becomes worth more than 0. One possible way to view Litecoin is as silver to Bitcoin's gold, in bitcoin or litecoin mining sense that it is a relatively less valuable cryptocurrency that is easier to obtain and transact with. Bitcoin or litecoin mining properties that make Litecoin fit to accomplish this purpose can be summarized as follows:.

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Litecoin was released via an open-source client on GitHub on October 7, by Charlie Lee, a former Google employee. In May , Litecoin became the first of the top 5 by market cap cryptocurrencies to adopt Segregated Witness. In February , the European online retailer Alza. From Wikipedia, the free encyclopedia. Litecoin Official Litecoin logo. Archived from the original on Retrieved 24 April Litecoin surpasses billion dollar market capitalization".

Retrieved 12 May A guide to some other cryptocurrencies". A decentralized ledger of shared computational resources" PDF. These hash functions can be tuned to require rapid access a very large memory space, making them particularly hard to optimize to specialized massively parallel hardware. Ethereum Ethereum Classic KodakCoin. Dogecoin Gulden Litecoin PotCoin. Dash Decred Primecoin Auroracoin. Proof-of-authority Proof-of-space Proof-of-stake Proof-of-work system.

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