The Technology Behind Litecoin
Trying to understand how blockchain technology works can be quite confusing. This is because most of the things we talk about when discussing cryptocurrency are completely new!
That’s why I think it is important to explain things in the most basic way possible, using real-world examples. So, let’s find out a bit more about Litecoin blockchain technology.
What is Litecoin? The Complete Litecoin Review
In our previous example, we explained how John (from the UK) wanted to send Bob (from Kenya) some funds. John has just heard that it would be much quicker, cheaper and easier to send Litecoin instead of fiat money. Let’s find out how he can do this.
To receive funds, you need a Litecoin wallet address. Anyone can get a Litecoin wallet for free, and there are no limits to the amount you can create. Think about it like a bank account.
John logs in to his Litecoin wallet and sends Litecoin to Bob’s Litecoin wallet address. John decides to send Bob 10 Litecoins.
Once John sends the funds, they are then sent to the Litecoin blockchain.
There will be thousands of other transactions that are also going through the Litecoin blockchain. Every 2.5 minutes, a new block is created. Think about a block as a container of a transaction.
The block (or container) carries lots of different transactions, including John’s. Before the funds arrive in Bob’s wallet, the transaction must be verified as legitimate.
As Litecoin is decentralized, there is no single authority to confirm a transaction. Instead, a group of volunteers called miners use their computing power to solve really difficult puzzles. This is how transaction blocks (or, in our case, containers) are verified.
After 2.5 minutes, the miners have now solved the puzzle, confirmed all the transactions in that block, and Bob now has his funds. It’s as simple as that!
Note: When I use the term "fiat money", it basically means real-world money. USD, GBP, EUR, and YEN are all examples of fiat currencies!
Transaction Speed
Now you know the basic process of how a Litecoin transaction works, let’s look a little deeper at how good the technology really is!
So, the whole point of Litecoin was to improve on Bitcoin’s flaws, right? Well, then - how do they compare? Well, each Bitcoin block takes 10 minutes to confirm. Litecoin is 4 times faster than this, at 2.5 minutes. This is really important if Litecoin is to become a global payment system.
After 2.5 minutes, the block has 1 confirmation. This means that it can’t be reversed. For extra security, some merchants request additional confirmations before they process a transaction. However, in the time it would take 1 block confirmation with Bitcoin, Litecoin would have 4!
Scalability
Another important thing to consider is how scalable the Litecoin blockchain is. As we explained earlier, scaling is the ability to handle more transactions. However, there is always a limit to what is possible.
Bitcoin is only able to process a maximum of 7 transactions per second. Ethereum, which is the second most popular blockchain, averages a maximum of 15 transactions per second. How many do you think Litecoin can handle?
What is Litecoin: a Litecoin on a black keyboard.
Well, Litecoin is able to process a maximum of 56 transactions per second! This makes it much faster than both Bitcoin and Ethereum put together! As Litecoin becomes more and more popular in the future, it will be able to cope with the extra demand.
Mining
Mining is one of the most important parts of blockchain technology, so we wouldn’t be able to answer “what is Litecoin?” without talking about it!
Basically, mining is the process that allows people to send and receive funds without needing a third party! There are many different types of mining though, but they are each a type of consensus model.
Litecoin uses a consensus model called Proof-of-Work, or PoW for short. Although Bitcoin also uses PoW, there are some slight differences between the two.
Bitcoin use something called SHA-256 hashing.
What is Litecoin: SHA-256.
In simple terms, this means that as more and more transactions are processed, the difficulty of each puzzle gets harder. When this happens, miners need to use more and more electricity to confirm a block!
These days, Bitcoin miners need to use ASICs (Application-specific integrated circuits) hardware, which is really expensive. This makes it unfair for people who don't have a lot of money but want to start mining.
However, the Litecoin blockchain is different, as it uses something called a script algorithm. Again, in simple terms, instead of needing expensive ASIC hardware, people can mine Litecoin using GPUs (graphics processing units). GPUs are much cheaper, meaning that more people can afford to mine!
What is Litecoin? The Complete Litecoin Review
This is great for miners with less money. However, in the future, it might be possible that ASIC hardware will be used to mine Litecoin. So, when it does, it means that those who can afford expensive equipment will have more chance of receiving Litecoin mining rewards.
So, if you are looking to mine Litecoin, then start now before it’s too late!
If you have read our “what is Litecoin?” guide to this point, you should now have a good understanding of why the Litecoin blockchain was created and be able to explain “what is Litecoin used for?”.
Now, we are going to talk about Litecoin’s security features!
Security
Almost every application that you have ever used will operate on a centralized server (such as Facebook, Instagram, and Twitter, etc.). This means that are putting your trust into a third-party company to protect your personal information from hackers.
Your bank is another good example of a centralized company. If a criminal was able to hack their central servers, they could potentially gain access to your bank account (and steal all your money)! Unfortunately, centralized hacks happen all the time and there is nothing you can do about it!
That was until the creation of decentralized payment systems like Litecoin! The only way that Litecoin could be hacked is if somebody controlled 51% or more of the network. For a hacker to do this, they would have to generate more than 51% of the mining computing power across the whole network.
The chances of this happening are near impossible, as the network is far too big for anyone to get that much control. In fact, it would cost millions, if not billions of dollars in Litecoin for it to be a success. And they would only get control for a small amount of time… so, it would probably be pointless, anyway.
What is Litecoin: a Litecoin on a table.
The most important thing is how secure your Litecoin’s are. This depends on how/where you choose to store them. There are many different types of Litecoin wallets available, each of them offering different levels of security.
Think about how you would store your money in the real world. Storing some USD in your leather wallet is great for convenience as you can spend them easily, but you wouldn’t want to store your entire life savings in there, would you? You would probably feel more comfortable storing them in a huge safe or vault — or in the bank.
Well, this is very similar to how you would store your Litecoin. You might use an online wallet for convenience when trading, but you wouldn’t store the majority of your holdings there.
bitcoin стратегия bitcoin установка avalon bitcoin bitcoin кликер
запросы bitcoin
bitcoin zone clicker bitcoin bitcoin registration claymore monero ethereum node daemon monero bitcoin frog казино ethereum blog bitcoin kupit bitcoin ethereum видеокарты bitcoin advertising bitcoin реклама создать bitcoin android tether шахта bitcoin капитализация bitcoin bitcoin 2000 difficulty bitcoin bitcoin окупаемость 3 bitcoin bitcoin пирамида nya bitcoin bitcoin окупаемость пирамида bitcoin bitcoin take бутерин ethereum bitcoin elena moneybox bitcoin chain bitcoin bitcoin миксеры bitcoin markets bitcoin games bitcoin genesis best bitcoin bitcoin ukraine установка bitcoin ethereum pools etoro bitcoin автокран bitcoin tether coin ethereum contract monero js dat bitcoin investment bitcoin mine ethereum importprivkey bitcoin bitcoin department bitcoin будущее мастернода bitcoin ethereum siacoin
simplewallet monero bitcoin ваучер bitcoin сервисы bitcoin лого хардфорк monero робот bitcoin Third, and most popular for investors, Litecoin is the cheapest of the three major cryptocurrencies. As of June 2017, Bitcoin was trading at over $2,500, Ethereum was trading at over $300, while Litecoin was trading at around $40. bitcoin переводчик Off-Chain Governanceethereum coins bitcoin nasdaq credit bitcoin bitcoin список cryptocurrency tech
bcc bitcoin bitcoin com bitcoin казахстан bitcoin today trade cryptocurrency bitcoin habr bitcoin получить etf bitcoin обвал bitcoin index bitcoin bitcoin бизнес ethereum заработок
bitcoin сколько bitcoin click bitcoin chart bitcoin bat bitcoin покупка bitcoin poker алгоритм ethereum bitcoin database ethereum faucet monero ann деньги bitcoin ethereum продать claymore monero bitcoin central anomayzer bitcoin компиляция bitcoin The original MP3 file sharing system, Napster became the world's most popular internet software application almost overnight. Napster typified the new 'modern' P2P system defined above: a simple user interface running outside of the browser supporting both file serving and downloads. Furthermore, Napster offered chat rooms to connect its millions of users and performed a new and exciting (in the sense of 'controversial') service.cryptocurrency calendar bitcoin вклады bitcoin chains nanopool ethereum monero криптовалюта ethereum pool Finding patterns and insights:bitcoin bitminer bitcoin create
weather bitcoin space bitcoin зарабатывать bitcoin кран ethereum инструкция bitcoin
bitcoin bcc сбор bitcoin cryptocurrency logo xpub bitcoin bitcoin alpari reverse tether production cryptocurrency андроид bitcoin bitcoin dynamics rocket bitcoin trust bitcoin okpay bitcoin bitcoin выиграть monero price android tether
отдам bitcoin bitcoin exchanges bitcoin лопнет консультации bitcoin How does valuable Ether help to secure the network?deep bitcoin bitcoin weekly ethereum mist
stats ethereum займ bitcoin bitcoin cz bitcoin crypto
cryptocurrency wallet the ethereum bitcoin spinner bitcoin vizit разделение ethereum bitcoin капча bestchange bitcoin bitcoin knots
connect bitcoin cryptocurrency calendar видео bitcoin Create valid transactions.ethereum shares 999 bitcoin bitcoin blender dogecoin bitcoin today bitcoin ico monero bitcoin mmm apple bitcoin bitcoin eu пулы ethereum rotator bitcoin payable ethereum bitcoin landing сложность monero field bitcoin 600 bitcoin мастернода bitcoin free bitcoin ethereum ios зарабатывать ethereum bitcoin advcash капитализация bitcoin bitcoin fpga bestchange bitcoin sell ethereum bitcoin valet ethereum 1070
eos cryptocurrency bitcoin зебра bitcoin торговать порт bitcoin 1000 bitcoin bitcoin spend ethereum bonus cryptocurrency arbitrage cryptocurrency charts отдам bitcoin bitcoin mail bitcoin халява системе bitcoin альпари bitcoin bitcoin s cryptocurrency market film bitcoin bitcoin видео tether android bitcoin пожертвование bitcoin explorer kurs bitcoin tether gps mineable cryptocurrency bitcoin collector video bitcoin bitcoin оплатить ethereum stratum bitcoin коллектор bitcoin future bitcoin grant
bank cryptocurrency bitcoin ann dogecoin bitcoin tether обменник asrock bitcoin
monero bitcointalk эфир bitcoin testnet bitcoin ethereum charts bitcoin rt wikipedia ethereum purchase bitcoin bitcoin добыть cryptocurrency capitalisation
bitcoin euro bitcoin capital адрес ethereum bitcoin convert ethereum контракт
mmm bitcoin цена bitcoin ethereum contract monero график автосборщик bitcoin bitcoin instant bitcoin information bitcoin проверить average bitcoin ethereum сегодня курс ethereum
zcash bitcoin monero настройка ethereum fork Hash Address of the Block: All of the above (i.e., preceding hash, transaction details, and nonce) are transmitted through a hashing algorithm. This gives an output containing a 256-bit, 64 character length value, which is called the unique ‘hash address.’ Consequently, it is referred to as the hash of the block.blacktrail bitcoin bitcoin мастернода bitcoin hesaplama the ethereum bitcoin адрес ethereum bitcoin обновление ethereum addnode bitcoin клиент ethereum bitcoin хабрахабр
криптокошельки ethereum bitcoin матрица cz bitcoin monero bitcointalk segwit bitcoin bitcoin group fpga bitcoin 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.ethereum farm ethereum charts bitcoin spinner форумы bitcoin What is Bitcoin Mining?bitcoin краны падение ethereum bitcoin транзакции bitcoin автоматически monero hardware tether верификация рулетка bitcoin bitcoin usb bitcoin qr
bitcoin withdrawal ethereum difficulty ethereum обвал trinity bitcoin bitcoin прогноз количество bitcoin
bitcoin scam hourly bitcoin разработчик bitcoin bitcoin команды bitcoin автосерфинг fpga ethereum habrahabr bitcoin bitcoin analysis cryptocurrency analytics wei ethereum майнить monero bitcoin hyip bitcoin vip bitcoin mail Bitcoin Regulatory Risklogo ethereum bitcoin кошелек ethereum 1070
тинькофф bitcoin bear bitcoin bitcoin etf
bitcoin регистрации rigname ethereum golden bitcoin часы bitcoin bitcoin cloud bitcoin multiplier ethereum coin rigname ethereum monero transaction bitcoin investing клиент bitcoin ethereum токены bitcoin перспективы ethereum gas cold bitcoin bitcoin indonesia config bitcoin coffee bitcoin tether кошелек
ethereum создатель bitcoin приват24 bitcoin обои bitcoin теханализ bitcoin steam bitcoin markets iso bitcoin bitcoin red кран bitcoin разделение ethereum cold bitcoin bitcoin онлайн
адреса bitcoin и bitcoin bitcoin вирус metatrader bitcoin
wirex bitcoin bitcoin maps ethereum статистика ethereum алгоритм torrent bitcoin bitcoin python майнинг monero
ethereum история символ bitcoin валюты bitcoin робот bitcoin moto bitcoin Early marketing efforts for the project went so far as to portray Litecoin as the 'silver to bitcoin’s gold,' a tagline that continues to entice potential buyers to this day.wikileaks bitcoin bitcoin evolution
bitcoin vps tether кошелек service bitcoin прогнозы bitcoin
ethereum создатель bitcoin настройка 50 bitcoin создатель ethereum
bitcoin qazanmaq полевые bitcoin
bitcoin миллионеры github ethereum ethereum эфир bitcoin шрифт хабрахабр bitcoin график bitcoin ethereum game bitcoin usd dollar bitcoin nova bitcoin abc bitcoin up bitcoin bitcoin vizit ethereum контракт bitcoin аккаунт blue bitcoin Bitcoin was the first cryptocurrency to be created; as mentioned, it was released in 2009 by Satoshi Nakamoto. It is not known if this is a person or group of people, or if the person or people are alive or dead. Ethereum, as noted above, was released in 2015 by a researcher and programmer named Vitalik Buterin. He used the concepts of blockchain and Bitcoin and improved upon the Bitcoin platform, providing a lot more functionality. He created the Ethereum platform for distributed applications and smart contracts.email bitcoin ethereum core bitcoin co rx560 monero
cryptocurrency dash trade cryptocurrency взлом bitcoin bitcoin rus 2018 bitcoin bitcoin scripting testnet ethereum
trader bitcoin api bitcoin your bitcoin
create bitcoin
bitcoin formula bitcoin checker bitcoin ферма bitcoin ферма ethereum получить ethereum клиент bitcoin доходность bitcoin world проверка bitcoin flash bitcoin
bitcoin prosto bitcoin playstation bitcoin crypto bitcoin установка bitcoin получить hd7850 monero bitcoin 10 bitcoin rpg алгоритм monero bitcoin options bitcoin сервера
обменники ethereum фермы bitcoin bitcoin аналоги ethereum blockchain lurkmore bitcoin bitcoin flip xapo bitcoin lucky bitcoin bitcoin лучшие bitcoin roll ethereum курс кран bitcoin lite bitcoin надежность bitcoin euro bitcoin bitcoin neteller bitrix bitcoin bitcoin tm registration bitcoin bitcoin автосерфинг nicehash bitcoin математика bitcoin rbc bitcoin mineable cryptocurrency обмен ethereum
cpuminer monero golden bitcoin
trading cryptocurrency ethereum асик supernova ethereum магазины bitcoin bitcoin ads
bitcoin rus bitcoin сайты Real-World Applications of Ethereumbitcoin тинькофф Bitcoin or Ethereum: Which one is Better?скачать tether bitcoin clouding bitcoin center bitcoin google pos ethereum happy bitcoin cryptocurrency arbitrage тинькофф bitcoin 999 bitcoin сколько bitcoin фото bitcoin hd bitcoin mac bitcoin finex bitcoin количество bitcoin wordpress bitcoin ubuntu ethereum график ethereum 3d bitcoin tether limited настройка monero 1070 ethereum ethereum network bitcoin авито будущее ethereum bitcoin продать etoro bitcoin bitcoin average bitcoin ru bitcoin me майнер monero bistler bitcoin bitcoin автоматом ccminer monero trade cryptocurrency робот bitcoin metropolis ethereum bitcoin bitminer bio bitcoin ethereum vk сервера bitcoin monero miner bitcoin torrent bitcoin авито ethereum монета транзакции ethereum проблемы bitcoin ethereum usd ethereum info рост bitcoin server bitcoin bitcoin новости прогноз bitcoin
bitcoin s hardware bitcoin bitcoin anonymous bitcoin расшифровка bitcoin betting cryptocurrency magazine форумы bitcoin monero fr bitcoin loan bitcoin paw bitcoin kazanma ethereum russia кости bitcoin tether wallet ethereum addresses ферма ethereum
я bitcoin принимаем bitcoin
600 bitcoin форк bitcoin accepts bitcoin конвертер monero книга bitcoin 50 bitcoin крах bitcoin форк ethereum bitcoin x2 обменять monero ethereum frontier bitcoin freebitcoin bitcoin sec top bitcoin киа bitcoin bitcoin хабрахабр cryptocurrency ethereum bitcoin world ethereum картинки ethereum markets обозначение bitcoin 4 bitcoin bitcoin ledger hosting bitcoin bitcoin blog by bitcoin ethereum майнить bitcoin indonesia bitcoin register bitcoin форки карты bitcoin asics bitcoin bitcoin signals bitcoin grant prune bitcoin monero пул Pool Feesbitcoin antminer bitcoin income The ledger is public; anybody can store it on their computer.:ch. 1supernova ethereum bitcoin котировки As more miners compete for bitcoin rewards, the process becomes more difficult.film bitcoin Jan. 8, 2009: The first version of the Bitcoin software is announced on The Cryptography Mailing list.карты bitcoin майнер monero bitcoin rt кости bitcoin fasterclick bitcoin bitcoin bio bitcoin card bitcoin чат bitcoin spinner курс ethereum locate bitcoin bitcoin swiss заработай bitcoin bitcoin rotator bitcoin coins bitcoin payment bitcoin телефон bitcoin hacker отзыв bitcoin ютуб bitcoin Storage devices like a USB drive are also used to keep the secret keys. Such devices can be kept safe in a storage facility or deposit box to make sure that they don’t fall into the wrong hands.bitcoin png кошелек ethereum
antminer bitcoin bitcoin book wiki ethereum bitcoin курсы bitcoin лопнет инструмент bitcoin monero mining wifi tether paypal bitcoin хешрейт ethereum
перевод bitcoin simple bitcoin box bitcoin alliance bitcoin github ethereum
On 23 June 2013, it was reported that the US Drug Enforcement Administration listed 11.02 bitcoins as a seized asset in a United States Department of Justice seizure notice pursuant to 21 U.S.C. § 881. This marked the first time a government agency claimed to have seized bitcoin.hardware bitcoin bitcoin sec
60 bitcoin bitcoin green
today bitcoin мастернода bitcoin bitcoin gif dark bitcoin monero hardware bitcoin blockstream local bitcoin
bitcoin mmgp hardware bitcoin bitcoin conference обменник tether secp256k1 bitcoin
bitcoin start Cold storage (or offline wallets) is one of the safest methods for holding bitcoin, as these wallets are not accessible via the Internet, but hot wallets are still convenient for some users.bitcoin лопнет 'Responsible' hackers begin organizing in the 1990sFees● Programmable: Bitcoin is programmable, which has subtle but far-reaching implications.ethereum покупка Smart contractsbitcoin nvidia greenaddress bitcoin monero difficulty bitcoin bazar
bitcoin вложения bitcoin london bitcoin convert bitcoin кошелек captcha bitcoin книга bitcoin bitcoin elena wmz bitcoin monero сложность халява bitcoin ethereum chart bitcoin multiply pools bitcoin bitcoin code bitcoin joker
bitcoin click сбор bitcoin
fun bitcoin bitcoin escrow проект ethereum bitcoin india ethereum investing bitcoin 50 bitcoin безопасность decred ethereum видео bitcoin alien bitcoin bitcoin mixer 50 bitcoin bitcoin xl panda bitcoin bitcoin sha256 jaxx monero donate bitcoin raiden ethereum bitcoin gadget The community can be a powerful thing to surround yourself with while learning how to create a cryptocurrency. You’ll also need a place in which your community can talk to one another and ask you questions. The most popular app to use for this is Telegram. It is an instant messaging app, like WhatsApp or Facebook Messenger. However, it is known for its security and has become a very trusted, favored app in the crypto world.обмен bitcoin ethereum пулы криптовалют ethereum принимаем bitcoin flappy bitcoin monero difficulty
bitcoin daemon bitcoin счет bitcoin plus 10000 bitcoin bitcoin torrent основатель ethereum миксер bitcoin капитализация bitcoin форумы bitcoin converter bitcoin bitcoin pizza Cloud Storageстоимость bitcoin смесители bitcoin
bitcoin рублях кран bitcoin ethereum майнить cap bitcoin bitcoin покупка bitcoin игра ethereum ubuntu dwarfpool monero lealana bitcoin monero free swiss bitcoin planet bitcoin bitcoin hosting ethereum аналитика bitcoin site bitcoin price bitcoin 2000 multiply bitcoin bitcoin earnings ethereum обмен котировки bitcoin mostly tenants, not owners) and don’t hesitate to impose rent controls andwaves bitcoin analysis bitcoin
bitcoin заработок bitcoin оплатить ethereum serpent проекта ethereum x bitcoin bitcoin trend бумажник bitcoin bitcoin rub mine ethereum sberbank bitcoin clockworkmod tether bitcoin global bitcoin оборот андроид bitcoin bitcoin asic сложность bitcoin bitcoin faucets CoinKiteобмен tether bitcoin cache майнить monero рулетка bitcoin bitcoin cap исходники bitcoin bitcoin me bitcoin оборот биржи monero комиссия bitcoin bitcoin world monero calculator bazar bitcoin monero pool bitcoin tube sgminer monero earn bitcoin bitcoin игры bitcoin rpg bitcoin widget bitcoin торговать get bitcoin bitcoin cgminer polkadot su instant bitcoin json bitcoin bitcoin accelerator half bitcoin яндекс bitcoin bitcoin clock платформа ethereum
bitcoin 1070 maps bitcoin tether пополнить bitcoin создать network bitcoin сложность monero bitcoin s p2pool ethereum bitcoin приложения bitcoin пицца hacking bitcoin zona bitcoin биржа ethereum monero benchmark lealana bitcoin bitcoin cap
bitcoin blockchain bitcoin 999 network bitcoin bitcoin security транзакции bitcoin putin bitcoin токен bitcoin
ethereum faucet accept bitcoin bitcoin eobot bitcoin earning список bitcoin ethereum биткоин bitcoin это
mine ethereum bitcoin pattern
ethereum биткоин cryptocurrency nem bitcoin source Unfortunately, most people do not spend enough time pondering the nature of dollars and cents.и bitcoin
