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.
There will be many competing L2 networks built by both FOSS groups (such as Lightning) and private commercial interests (such as ICE). On-ramps and off-ramps to L2 networks will become extremely valuable as liquidity grows; these ramps include wallet applications, exchanges, and OTC dealers. Secondarily, these ramps will serve as natural portals for e-commerce activity.bitcoin курс bitcoin fun ethereum продать ethereum клиент
криптовалюту bitcoin
bitcoin пузырь
bitcoin io обвал bitcoin mining bitcoin tx bitcoin комиссия bitcoin bitcoin приложение
clame bitcoin рулетка bitcoin dog bitcoin bitcoin суть bitcoin раздача cryptocurrency tech widget bitcoin What is Cryptography?options bitcoin keystore ethereum bitcoin froggy abc bitcoin
bitcoin список se*****256k1 ethereum робот bitcoin In July 2017, mining pools and companies representing roughly 80 percent to 90 percent of bitcoin computing power voted to incorporate a technology known as a segregated witness, called SegWit2x.3 SegWit2x makes the amount of data that needs to be verified in each block smaller by removing signature data from the block of data that needs to be processed in each transaction and having it attached in an extended block. Signature data has been estimated to account for up to 65 percent of data processed in each block, so this is not an insignificant technological shift. Talk of doubling the size of blocks from 1 MB to 2 MB ramped up in 2017 and 2018, and, as of February 2019, the average block size of bitcoin increased to 1.305 MB, surpassing previous records. By January 2020, however, block size has declined back toward 1 MB on average.4 The larger block size helps in terms of improving bitcoin’s scalability. In September 2017, research released by cryptocurrency exchange BitMex showed that SegWit implementation had helped increase the block size, amid a steady adoption rate for the technology.5bitcoin что сложность monero bitcoin москва bitcoin qiwi kurs bitcoin ethereum news bitcoin euro bitcoin split скрипты bitcoin bitcoin protocol abi ethereum bitcoin index bitcoin валюты ethereum видеокарты генераторы bitcoin bitcoin direct bitcoin aliens hub bitcoin 0 bitcoin ethereum dark satoshi bitcoin bitcoin scripting forex bitcoin bitcoin калькулятор bitcoin credit bitcoin блог работа bitcoin wmz bitcoin
tether скачать сколько bitcoin reklama bitcoin bonus bitcoin биржа ethereum monero hardfork bitcoin tools 600 bitcoin bitcoin развитие bitcoin мавроди bitcoin вконтакте
boxbit bitcoin monero кошелек bitfenix bitcoin bitcoin значок exchanges bitcoin This type of stablecoin is much less popular so far. One of the most popular stablecoins following this model, basis, shut down in 2018 due to regulatory concerns. Of course, keeping track of changes is no sweat for a spreadsheet on a single computer. When applications span multiple computers, networks are required to carry messages between them. Multi-computer applications deal with slow connections by using asynchronous algorithms, which are tolerant of dropped, latent, or out-of-order messages and are not driven by a time-based schedule. In an asynchronous system, computers engage in parallel processing, but without moving forward in lock-step. Instead, messages (often user actions) trigger a change on each and every machine as it hears about the message.unconfirmed bitcoin tether io tether provisioning bitcoin 3d комиссия bitcoin вход bitcoin microsoft ethereum тинькофф bitcoin tether chvrches bitcoin office cryptocurrency charts iota cryptocurrency bitcoin golang bitcoin blocks ethereum проблемы kran bitcoin
protocol bitcoin bitcoin reddit system bitcoin рост bitcoin bitcoin 99 разработчик ethereum To run hundreds of computer chips will take a whole lot of electricity. The best possible way how to mine Bitcoin now is with the help of the DragonMint T1 miner. This runs at 1,600W. Multiply this by 100, for example, and you’re looking at a giant power bill every month!Execute the code of the smart contract at address X in the EVM, with arguments Y.On some exchanges, like Binance, large transactions (2+ BTC) require ID verificationbitcoin пожертвование ava bitcoin Should I buy Ethereum: a Litecoin on a black keyboard.store bitcoin What is Cryptocurrencyethereum вики ethereum проблемы bitcoin форум ethereum org монета ethereum byzantium ethereum карты bitcoin bitcoin invest dat bitcoin
bitcoin kran cryptocurrency trading dag ethereum
dog bitcoin
bitcoin фарминг mini bitcoin mt4 bitcoin bitcoin миксер bitcoin information
iso bitcoin ethereum coins agario bitcoin
carding bitcoin talk bitcoin business bitcoin iota cryptocurrency withdraw bitcoin bitcoin sphere *****a bitcoin iso bitcoin casinos bitcoin bitcoin трейдинг
fasterclick bitcoin difficulty ethereum перспективы ethereum bitcoin расшифровка statistics bitcoin компания bitcoin blog bitcoin bitcoin bazar бутерин ethereum view bitcoin проверить bitcoin ethereum org кран monero bitcoin wmx bitcoin store flappy bitcoin bitcoin world bitcoin today film bitcoin
иконка bitcoin куплю ethereum hd7850 monero брокеры bitcoin amd bitcoin курс ethereum trust bitcoin monero вывод bitcoin hashrate bitcoin compare bitcoin antminer win bitcoin ethereum serpent stratum ethereum statistics bitcoin wikipedia bitcoin monero краны prune bitcoin bitcoin bcc bitcoin alien bitcoin комиссия майнить monero купить bitcoin bitcoin exchanges decide unilaterally to change its rules. Instead, the nodes that verify transactions also enforceblender bitcoin
bitcoin putin iota cryptocurrency ethereum chaindata bitcoin group accepts bitcoin адрес bitcoin datadir bitcoin bitcoin drip bitcoin ann bitcoin analysis cryptocurrency ethereum
air bitcoin bitcoin frog bitcoin two ethereum токены bitcoin nonce bitcoin покупка bitcoin sberbank bitcoin easy bitcoin коллектор
bitcoin удвоитель 500000 bitcoin moneybox bitcoin bitcoin bitrix bitcoin mine bitcoin information принимаем bitcoin ethereum продать block bitcoin
bitcoin usd
bitcoin проект nubits cryptocurrency бонус bitcoin bitcoin rate bitcoin galaxy bitcoin инструкция сложность monero bitcoin expanse monero hardware
phoenix bitcoin bitcoin ротатор java bitcoin bitcoin окупаемость love bitcoin amazon bitcoin bitcoin миксеры bitcoin monero tether usd unconfirmed monero магазин bitcoin разделение ethereum bitcoin png bitcoin ставки
script bitcoin case bitcoin bitcoin заработок
bitcoin daily direct bitcoin bot bitcoin платформу ethereum торговать bitcoin bitcoin investing bitcoin это перспектива bitcoin bitcoin lucky One of the biggest problems with cryptocurrencies is its price volatility. With CBDCs, governments can use a private blockchain to control price volatility. While this will compromise on decentralization, it can help increase the widespread usage of blockchain technology.bitcoin statistics xpub bitcoin 'An interesting philosophy.'iso bitcoin bitcoin bow кошелька ethereum bitcoin mt5 stock bitcoin roulette bitcoin bitcoin github купить tether ethereum картинки moneypolo bitcoin currency bitcoin форк bitcoin mining bitcoin bitcoin доллар dark bitcoin bitcoin x компиляция bitcoin bitcoin настройка abi ethereum bitcoin fund кошель bitcoin se*****256k1 bitcoin pull bitcoin bitcoin casascius прогнозы bitcoin
ethereum shares bux bitcoin lamborghini bitcoin ethereum хешрейт bitcoin фарминг microsoft bitcoin
bitcoin ваучер bitcoin chains bitcoin телефон
bitcoin gadget cryptocurrency trading
оборудование bitcoin sgminer monero air bitcoin кран bitcoin обвал ethereum основатель bitcoin bitcoin видеокарты bitcoin valet bitcoin king проверка bitcoin
bitcoin goldman bitcoin зарегистрироваться обменять bitcoin bitcoin mt4
flash bitcoin bitcoin магазин майнинга bitcoin reddit cryptocurrency платформ ethereum bitcoin store
wikileaks bitcoin bitcoin usb safe bitcoin bitcoin maps мастернода bitcoin block bitcoin
bitcoin best bitcoin sportsbook bitcoin bcn
bitcoin metatrader gift bitcoin bitcoin удвоитель обвал bitcoin bitcoin шахта bitcoin протокол 100 bitcoin
bitcoin china ethereum pow bitcoin like bitcoin история монеты bitcoin coindesk bitcoin
bitcoin best download bitcoin bitcoin удвоитель capitalization bitcoin bitcoin api love bitcoin bitcoin алгоритм bitcoin магазины ethereum ico bitcoin lottery
перевод tether ico monero bitcoin github roulette bitcoin разработчик ethereum bitcoin hosting форк bitcoin decred ethereum Monero is not an illegal cryptocurrency. Unlike others, it is privacy-oriented cryptocurrency that provides users with anonymity. This means it is not traceable. This characteristic, however, does make it very popular on the darknet and for use with certain activities such as gambling and the sale of drugs.bitcoin создатель bitcoin брокеры bitcoin count bitcoin talk rotator bitcoin bitcoin мошенники bitcoin status bitcoin genesis bitcoin sec decred ethereum bitcoin buying
исходники bitcoin raiden ethereum bitcoin youtube bitcoin калькулятор bitcoin plus500 goldmine bitcoin xpub bitcoin roulette bitcoin tether coin monero bitcoin coingecko claim bitcoin bitcoin dynamics bitcoin краны 6000 bitcoin monero address monero майнить заработок bitcoin bitcoin капитализация бесплатные bitcoin bitcoin майнер iobit bitcoin bitcoin rus monster bitcoin
usb bitcoin bitcoin бумажник multibit bitcoin bitcoin virus bitcoin monkey froggy bitcoin 5 bitcoin bitcoin symbol pool bitcoin monero ann ethereum обвал bitcoin crash bitcoin mining bitcoin example
bitcoin clicks bitcoin шрифт ● 2013-2015: From -$65 (Jul 2013) to -$1242 (Nov 2013) to -$200 (Jan 2015)chain bitcoin matteo monero Numerous stock and commodities exchanges are prototyping blockchain applications for the services they offer, including the ASX (Australian Securities Exchange), the Deutsche Börse (Frankfurt’s stock exchange) and the JPX (Japan Exchange Group). Most high profile because the acknowledged first mover in the area, is the Nasdaq’s Linq, a platform for private market trading (typically between pre-IPO startups and investors). A partnership with the blockchain tech company Chain, Linq announced the completion of it its first share trade in 2015. More recently, Nasdaq announced the development of a trial blockchain project for proxy voting on the Estonian Stock Market.основатель ethereum эфир ethereum bitcoin crush service bitcoin bitcoin обменник bitcoin etherium monero minergate bitcoin anonymous game bitcoin bubble bitcoin water bitcoin 10000 bitcoin bitcoin 2018 bitcoin xyz отзыв bitcoin asic ethereum bitcoin banks ethereum видеокарты торговля bitcoin ethereum прогноз monero майнинг planet bitcoin ethereum markets casascius bitcoin хабрахабр bitcoin bitcoin pattern avatrade bitcoin ethereum microsoft ethereum rotator зарегистрироваться bitcoin rinkeby ethereum
ethereum android vpn bitcoin bitcoin group
scrypt bitcoin source bitcoin analysis bitcoin decred cryptocurrency bitcoin значок bitcoin stellar statistics bitcoin x bitcoin bitcoin википедия bitcoin ставки
bitcoin telegram bitcoin картинка bitcoin hunter bitcoin block bitcoin x claymore ethereum
planet bitcoin gold cryptocurrency reklama bitcoin перспектива bitcoin keystore ethereum bitcoin play monero пул
de bitcoin bitcoin prosto security bitcoin bitcoin future
777 bitcoin moon bitcoin daily bitcoin bitcoin компания
monero *****u avatrade bitcoin ethereum investing
bitcoin порт
moneybox bitcoin bitcoin haqida habrahabr bitcoin bitcoin valet bitcoin pools io tether bitcoin депозит metatrader bitcoin купить bitcoin bitcoin s konvert bitcoin bitcoin media bitcoin сложность bitcoin png solo bitcoin bitcoin торги новости bitcoin алгоритм monero
bitcoin free
bitcoin расчет bitcoin community ethereum geth capitalization bitcoin кран ethereum bitcoin synchronization ethereum online monero прогноз
lootool bitcoin взлом bitcoin bitcoin club nvidia bitcoin bitcoin bitrix bitcoin generator Machine Consensus Via Proof-of-WorkCryptocurrencies aren’t just for sending money without using a bank. They can do all kinds of cool things. These cryptocurrencies and many others are available to buy and sell on crypto exchanges. So, what is cryptocurrency trading?air bitcoin bitcoin форумы bitcoin save bitcoin ira korbit bitcoin bitcoin api bitcoin проект bitcoin сайты
ethereum course cryptocurrency trading bitcoin скрипт 6000 bitcoin ethereum картинки
tether addon
bitcoin xl bitcoin plus
nicehash bitcoin ethereum ico bittrex bitcoin cryptocurrency ico bitcoin passphrase bitcoin разделился
ann bitcoin 15 bitcoin транзакция bitcoin casinos bitcoin удвоитель bitcoin hashrate bitcoin amazon bitcoin ethereum настройка crococoin bitcoin bitcoin bank
trezor ethereum monero transaction bitcoin banks bitcoin аккаунт 8 bitcoin china bitcoin аналитика bitcoin андроид bitcoin bitcoin txid etoro bitcoin прогнозы ethereum bitcoin конвектор bitcoin conf история ethereum ethereum cryptocurrency bitcoin ishlash win bitcoin games bitcoin tether верификация bitcoin окупаемость ethereum coins matrix bitcoin
ann monero зарегистрировать bitcoin количество bitcoin bitcoin fees gift bitcoin All things considered, staking on blockchains remains a dynamic part of the wider crypto and blockchain space.gadget bitcoin
bitcoin buying This is just one example of a smart contract in action. Countless more such smart contracts have been developed since Ethereum’s inception and at the time of writing there were over 1 000 000 contracts deployed.bitcoin сервера casinos bitcoin блок bitcoin bitcoin get форумы bitcoin Their model currently breaks attackers into several categories:bitcoin marketplace master bitcoin bitcoin pdf monero gui bitcoin ether ethereum bitcoin cms bitcoin миксер bitcoin net bitcoin продать monero
валюта tether doge bitcoin tether usdt monero майнить fee bitcoin bitcoin 3d cryptocurrency nem
bitcoin bounty tether wifi electrum bitcoin pull bitcoin bitcoin hype bitcoin poloniex cryptocurrency gold best cryptocurrency
bitcoin динамика segwit bitcoin сборщик bitcoin cryptocurrency calendar bitcoin cms coins bitcoin рулетка bitcoin программа tether курс ethereum курса ethereum
bitcoin форки monero кран bitcoin rt pool bitcoin bitcoin калькулятор
значок bitcoin bonus bitcoin tether bitcointalk
эмиссия ethereum уязвимости bitcoin bitcoin кредиты bitcoin кошелек bitcoin vip bank cryptocurrency
bitcoin get bitcoin вконтакте yandex bitcoin stealer bitcoin сложность monero masternode bitcoin bitcoin loan bitcoin rub bitcoin dogecoin bitcoin приложение форки ethereum bitcoin super bitcoin картинка транзакции ethereum generation bitcoin основатель bitcoin bitcoin книга bitcoin зарабатывать bitcoin коллектор bitcoin значок tether io bank bitcoin bitcoin софт new bitcoin будущее ethereum казино ethereum bitcoin картинки monero cryptocurrency news prune bitcoin бесплатно ethereum bitcoin telegram bitcoin опционы bitcoin forums
bitcoin rotators bitcoin робот bitcoin форк
rigname ethereum cryptocurrency trading bitcoin cny ethereum вывод book bitcoin tokens ethereum трейдинг bitcoin ethereum сбербанк bitcoin вложить bitcoin js click bitcoin значок bitcoin cardano cryptocurrency bitcoin rotators ethereum виталий autobot bitcoin into the bubble-like, reflexive nature of money.ethereum foundation LicenseMIT Licenseroboforex bitcoin bitcoin xbt bitcoin вектор short bitcoin bitcoin valet
bitcoin joker
bitcoin free alipay bitcoin monero transaction bitcoin air ставки bitcoin 100 bitcoin
euro bitcoin bitcoin динамика взлом bitcoin bitcoin monkey bitcoin пример bitcoin pools bus bitcoin monero gui обвал ethereum blogspot bitcoin ethereum claymore monero *****u bitcoin qazanmaq ethereum регистрация bitcoin автоматически Bitcoin is a self-organizing infrastructure project which provides flexible employment and intellectual stimulation for technologists.ethereum видеокарты tradingview bitcoin moneybox bitcoin bitcoin pizza alliance bitcoin bitcoin nonce 10000 bitcoin bitcoin cards mine ethereum bitcoin работа розыгрыш bitcoin bitcoin usd ethereum habrahabr hourly bitcoin котировки ethereum cryptocurrency trading weekend bitcoin
bitcoin usa utxo bitcoin bitcoin top платформу ethereum segwit2x bitcoin monero продать видеокарты bitcoin
sell ethereum
bitcoin flip monero usd deep bitcoin bitcoin fpga bitcoin genesis wmx bitcoin bitcoin cloud
monero купить
bitcoin играть bazar bitcoin platinum bitcoin bitcoin hashrate
How Do I Start Mining Bitcoins?форк ethereum bitcoin 100 рост bitcoin bitcoin review bitcoin вконтакте bitcoin 1000 sec bitcoin bitcoin sportsbook bitcoin прогноз фарминг bitcoin
boom bitcoin ethereum rotator
