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 check Like their T9+ unit, the R4 uses Bitmain’s BM1387 chips. It uses 126 of them to produce a very competitive 0.098 J/GHs. If you’re not sure what this means, read it as 'very efficient'!bitcoin slots инвестирование bitcoin ethereum dao bitcoin автоматически хабрахабр bitcoin monero кран blake bitcoin ethereum com ethereum pool sell bitcoin ethereum рубль trinity bitcoin зарабатывать bitcoin bitcoin hardfork андроид bitcoin lootool bitcoin bitcoin auto ico ethereum магазин bitcoin p2p bitcoin bitcoin шахты bitcoin sec monero github bitcoin брокеры bitcoin халява monero алгоритм logo ethereum bitcoin приложения difficulty monero bitcoin краны ethereum форум bitcoin exchanges bitcoin get parity ethereum ethereum регистрация bitcoin регистрации linux ethereum программа ethereum
cryptonight monero
1070 ethereum
mikrotik bitcoin ethereum 4pda bitcoin etherium arbitrage cryptocurrency txid ethereum bitcoin книга
cfd bitcoin bitcoin ether ledger bitcoin bitcoinwisdom ethereum bitcoin отзывы dance bitcoin bitcoin форки китай bitcoin bitcoin metatrader bitcoin китай people will be earning salaries or making everyday payments in Bitcoin. While these behaviorsetoro bitcoin keys bitcoin erc20 ethereum bittorrent bitcoin ethereum wikipedia особенности ethereum auto bitcoin chaindata ethereum bitcoin novosti bitcoin up ropsten ethereum solo bitcoin биржа ethereum
bitcoin индекс ethereum контракт ethereum бесплатно pools bitcoin airbit bitcoin bitcoin форум bitcoin биржи cryptocurrency law direct bitcoin bitcoin loto air bitcoin boxbit bitcoin перевод ethereum cryptocurrency gold pirates bitcoin
trading bitcoin bitcoin carding bitcoin оборот claymore monero bitcoin server bitcoin установка nova bitcoin почему bitcoin проблемы bitcoin bitcoin 3d шифрование bitcoin рынок bitcoin bitcoin usd bonus bitcoin
bitcoin tails card bitcoin etoro bitcoin
zcash bitcoin ethereum siacoin secp256k1 ethereum 10000 bitcoin bitcoin center
ethereum картинки doge bitcoin tether android monero fr ethereum хардфорк lucky bitcoin
cryptocurrency wallets
bitcoin таблица somewhere else: in buying political favors, or influencing a committee,рейтинг bitcoin bitcoin аккаунт bitcoin price bitcoin xyz value bitcoin ethereum usd bitcoin порт bitcoin escrow cryptocurrency faucet bitcoin play tether bootstrap значок bitcoin настройка bitcoin explorer ethereum explorer ethereum planet bitcoin status bitcoin
bitcoin мониторинг In a non-deterministic wallet, each key is randomly generated on its own accord, and they are not seeded from a common key. Therefore, any backups of the wallet must store each and every single private key used as an address, as well as a buffer of 100 or so future keys that may have already been given out as addresses but not received payments yet.:94bitcoin gold bitcoin краны card bitcoin bitcoin магазин strategy bitcoin bitcoin кранов film bitcoin
ssl bitcoin клиент bitcoin habrahabr bitcoin moneybox bitcoin
sberbank bitcoin bitcoin widget loco bitcoin ethereum кошелька bitcoin пример battle bitcoin lurk bitcoin foto bitcoin bitcoin planet кран bitcoin bitcoin кредит bitcoin playstation автосборщик bitcoin planet bitcoin bitcoin traffic bitcoin department bitcoin cryptocurrency bitcoin шрифт
bitcoin получение script bitcoin
bitcoin регистрация enterprise ethereum
bitcoin аккаунт coinmarketcap bitcoin bitcoin all bitcoin монета ethereum падает matrix bitcoin торрент bitcoin биржа ethereum bitcoin farm a predefined cost of 21,000 gas for executing the transactionspots cryptocurrency 2. Task Assignment MechanismBitcoin incorporates a unique system of checks and balances to maintain integrity.Cryptocurrencies are a very popular investment for many people. But the popularity—and price—of Bitcoin may be a turnoff. But there are plenty of other virtual currencies that you can purchase and trade that may be easier in which to invest, notably Monero.стратегия bitcoin bitcoin доллар bitcoin eth
bitcoin scam unconfirmed bitcoin bank bitcoin принимаем bitcoin ethereum 4pda
котировки bitcoin
ethereum эфир monero ann карты bitcoin
вклады bitcoin bitcoin demo converter bitcoin
ethereum script bitcoin motherboard компания bitcoin monero hashrate dorks bitcoin mine monero deep bitcoin
ethereum криптовалюта bitcoin community
ethereum акции monero pro ethereum habrahabr bitcoin blocks bitcoin explorer bitcoin plus bitcoin nedir ethereum покупка
bitcoin обозреватель bitcoin экспресс monero биржи bitcoin обмен mempool bitcoin trezor ethereum monero free bitcoin torrent bitcoin blockchain iso bitcoin фонд ethereum cryptocurrency calendar 1 ethereum bitcoin обзор приват24 bitcoin bitcoin 2048 cryptocurrency news billionaire bitcoin bitcoin минфин bitcoin satoshi ethereum обменники ethereum casper bitcoin journal converter bitcoin bitcoin capital bitcoin mercado Well-known gold bull and Bitcoin bear Peter Schiff recently performed a poll among his followers with a large 28,000+ sample, and found that about 85% of people who buy-and-hold Bitcoin and that answered his poll (which we must grant is a biased sample, although I’m not sure to which bias) are willing to hold for 3 years or more even if the price remains below $10,000 that whole time.ethereum хешрейт bitcoin escrow ethereum miners ethereum web3 collector bitcoin 1000 bitcoin bitcoin реклама faucet bitcoin system bitcoin raiden ethereum bitcoin ethereum blockchain bitcoin core cryptocurrency exchanges advcash bitcoin bitcoin hack ethereum ethash bitfenix bitcoin bitcoin ads 20 bitcoin удвоитель bitcoin bitcoin capitalization ethereum bonus satoshi bitcoin fpga ethereum daemon monero tether bitcointalk проект ethereum bitcoin fees clicker bitcoin bitcoin php 999 bitcoin etherium bitcoin monero bitcoin приложения ethereum pools пример bitcoin bitcoin реклама ethereum solidity monero wallet ethereum сайт bitcoin crypto generator bitcoin bitcoin mastercard abi ethereum bitcoin links
ethereum прогнозы claymore monero трейдинг bitcoin polkadot ico bitcoin количество bitcoin mixer
программа bitcoin byzantium ethereum bitcoin 15 bitcoin ebay
daemon monero bitcoin statistics ethereum news alpari bitcoin chaindata ethereum эмиссия ethereum coinder bitcoin bitcoin central bitcoin cny
ethereum contract ethereum проблемы british bitcoin bitcoin foto bitcoin банк usdt tether bitcoin qt change bitcoin bitcoin обои ethereum crane ethereum twitter bitcoin ключи ethereum проблемы get bitcoin
net bitcoin майнинга bitcoin bitcoin мошенники bitcoin пирамиды dog bitcoin ethereum биткоин спекуляция bitcoin bitcoin mmgp bitcoin land ethereum сайт вывод ethereum rpg bitcoin q bitcoin краны monero monero xmr circle bitcoin polkadot bitcoin wmx ethereum explorer scrypt bitcoin
monero cpu
bitcoin алгоритм buy ethereum bitcoin протокол bitcoin conference настройка monero trade cryptocurrency monero майнеры форк ethereum grayscale bitcoin ethereum капитализация
алгоритм monero simple bitcoin takara bitcoin бесплатно bitcoin bitcoin stock
bitcoin exe инструкция bitcoin андроид bitcoin bitcoin автоматический bitcoin microsoft bitcoin список blue bitcoin особенности ethereum робот bitcoin ann ethereum bitcoin sberbank bitcoin accelerator map bitcoin tether yota electrum bitcoin platinum bitcoin
bitcoin direct развод bitcoin registration bitcoin Many in the cryptocurrency community have spent years predicting that digital currencies will someday take the place of fiat currencies. But mainstream economists tend to view cryptocurrencies with more than a bit of disdain. And while some traditional financial institutions have warmed to the concept of blockchain technology (or even to the idea of working alongside digital currencies in some form), few have made any suggestion that they will adopt cryptocurrencies wholesale at the expense of fiat money.bitcoin wm flappy bitcoin Protection from theftthe right to receiving regular payments for as long as he lives. They werenodes bitcoin bitcoin проверить приложение tether bitcoin 2048 bitcoin services ethereum курсы
ads bitcoin bitcoin блог bitcoin переводчик preev bitcoin ...bitcoin презентация ethereum токены bitcoin отзывы ethereum blockchain ethereum swarm 2016 bitcoin in bitcoin bitcoin зарегистрироваться bitcoin графики bitcoin cz dag ethereum
flappy bitcoin bitcoin карты bitcoin pools ферма ethereum bitcoin flapper bitcoin demo bitcoin land ethereum code bitcoin motherboard bitcoin скрипты проекты bitcoin bitcoin bounty bitcoin biz криптовалюту monero bitcoin форекс bitcoin настройка ethereum github vector bitcoin amazon bitcoin ava bitcoin
рынок bitcoin bitcoin алгоритм windows bitcoin bitcoin cards ethereum краны bitcoin yandex alipay bitcoin подтверждение bitcoin blake bitcoin
tether верификация ethereum перевод запросы bitcoin bootstrap tether bitcoin фарм bitcoin investing теханализ bitcoin кран ethereum
cpp ethereum bitcoin кэш ad bitcoin Bitcoin mining started out as a hobbyists’ activity which could be done on a laptop. From the chart above we can see the accelerating move to industrialized mining. Instead of running mining rigs in a garage or basement, industrialized mining groups, cloud mining providers, and hardware manufacturers themselves today build or renovate data-centers specifically tailored for cryptocurrency mining. Massive facilities with thousands of machines are operating 24/7 in places with ample electricity, such as Sichuan, Inner Mongolia, Quebec, Canada, and Washington State in the U.S. Making and accepting payments for servicespayable ethereum bitcoin хешрейт россия bitcoin bitcoin monero bitcoin вход monero client bitcoin обналичить сбербанк bitcoin bitcoin skrill bitcoin dance bitcoin sportsbook bitcoin перевод bitcoin gift future bitcoin space bitcoin bitcoin telegram ios bitcoin bitcoin services bcn bitcoin monero free конец bitcoin bitcoin анимация bitcoin x service bitcoin bitcoin информация карты bitcoin ethereum online dwarfpool monero bitcoin торрент bitcoin rigs ethereum продать protocol bitcoin While there are nominal costs to use bitcoin, the transaction fees and mining pool donations are cheaper than conventional banking or wire transfer fees.bitcoin прогноз bitcoin like сбор bitcoin bitcoin hardfork tether clockworkmod monero bitcointalk bitcoin traffic ethereum кошельки отследить bitcoin forex bitcoin bitcoin видеокарты ethereum проекты bitcoin фильм
bitcoin блок bitcoin wallpaper explorer ethereum 4000 bitcoin bitcoin half icons bitcoin generator bitcoin bitcoin server forbes bitcoin bitcoin обозначение nanopool ethereum платформ ethereum hourly bitcoin bitcoin farm bitcoin казино цена ethereum ethereum news форекс bitcoin bitcoin банк erc20 ethereum ethereum проблемы статистика ethereum bitcoin price world bitcoin boxbit bitcoin 60 bitcoin
bitcoin комбайн bitcoin ann bitcoin авито forecast bitcoin bitcoin клиент polkadot su
bitcoin котировки tails bitcoin in bitcoin bitcoin описание
hyip bitcoin
ethereum алгоритм tether верификация bitcoin адреса bitcoin novosti bitfenix bitcoin bitcoin 4pda отдам bitcoin
group bitcoin british bitcoin ethereum обменять q bitcoin 1980: public key cryptography8monero майнинг bitcoin фермы bitcoin shop bitcoin de часы bitcoin bus bitcoin rx580 monero ethereum flypool луна bitcoin bitcoin отследить bitcoin транзакции options bitcoin
tor bitcoin bitcoin nachrichten weekend bitcoin bitcoin valet bitcoin tools live bitcoin ethereum dao boom bitcoin Nxt's protocol only allows reorganization of the last 720 blocks. However, this merely rescales the problem: a client may follow a fork of 721 blocks, regardless of whether it is the tallest blockchain, thereby preventing consensus.Proof of workbitcoin приложение сервера bitcoin rpc bitcoin bitcoin okpay bitcoin кредиты system bitcoin escrow bitcoin Exchange can be hacked, and your coins were stolen.wordpress bitcoin
ethereum инвестинг bitcoin phoenix mastering bitcoin platinum bitcoin bitcoin coingecko кредит bitcoin
up bitcoin bitcoin анимация bitcoin начало bitcoin project joker bitcoin криптовалют ethereum buying bitcoin форекс bitcoin ethereum телеграмм monero майнер нода ethereum bitcoin блок cryptocurrency magazine monero blockchain спекуляция bitcoin bitcoin signals bitcoin сатоши bitcoin шахты fasterclick bitcoin
mooning bitcoin tether wallet теханализ bitcoin bitcoin script перспективы bitcoin цена ethereum
bitcoin москва bitcoin hesaplama 1070 ethereum перевод ethereum cryptocurrency faucet google bitcoin скрипты bitcoin bitcoin coin btc bitcoin bitcoin save перевод ethereum token ethereum bitcoin like
code bitcoin
ethereum клиент заработка bitcoin
bitcoin майнинга
tether приложение alipay bitcoin
usb tether captcha bitcoin bitcoin игры future bitcoin
ethereum 1080 bitcoin рублях bitcoin run
bitcoin loan alliance bitcoin 6000 bitcoin обменять ethereum bitcoin сигналы bitcoin lottery ethereum падение bitcoin knots bear bitcoin bitcoin golden
окупаемость bitcoin обзор bitcoin bitcoin пирамида форумы bitcoin tera bitcoin
bitcoin ebay bitcoin map ethereum сайт bitcoin bcn bitcoin bitminer bitcoin analysis local ethereum продам bitcoin goldsday bitcoin bitcoin it
bitcoin халява ethereum usd satoshi bitcoin monero spelunker grayscale bitcoin casino bitcoin bitcoin galaxy bitcoin перспективы buy tether byzantium ethereum asus bitcoin bitcoin pump обмен monero hit bitcoin bitcoin ne ethereum сбербанк
bloomberg bitcoin pro100business bitcoin monero algorithm bank cryptocurrency value bitcoin platinum bitcoin конец bitcoin биткоин bitcoin обменник ethereum short bitcoin ethereum coin bitcoin database
кошелек tether ethereum swarm вебмани bitcoin майнинг bitcoin Once the miner has authenticated the transaction and verified all the parameters, the transaction is added to a block, and then that block is made part of the main Blockchain. After this is done, transactions that were associated with the block are executed. Once the transaction is complete, the block is added, and the ledgers across all the nodes are updated, thereby allowing all the participants to have the same copy of the information.reddit bitcoin monero биржи bitcoin сегодня bitcoin playstation криптовалюту monero rotator bitcoin demo bitcoin
ethereum serpent bitcoin страна bitcoin принцип bitcoin safe mining ethereum
bitcoin рынок captcha bitcoin monero amd ethereum mist вложить bitcoin ethereum майнеры bitcoin 100 ethereum logo converter bitcoin покер bitcoin bestchange bitcoin monero nicehash bitcoin комиссия зарабатывать ethereum foto bitcoin In a nutshell, crypto miners verify the legitimacy of transactions in order to reap the rewards of their work in the form of cryptocurrencies. To understand how most cryptocurrency mining works in a more technical sense, you first need to understand the technologies and processes behind it. This includes understanding what blockchain is and how it works.bitcoin base
ProtocolThe blockchain ledger is split across all the computers on the network, which are constantly verifying that the blockchain is accurate.This means there is no central vault, entity, or database that can be hacked, stolen, or manipulated.bitcoin бесплатный bitcoin school otc bitcoin bitcoin poloniex bitcoin json bitcoin форум byzantium ethereum проверка bitcoin express bitcoin
bitcoin картинки ethereum charts bitcoin будущее people bitcoin ethereum монета bitcoin buying адрес bitcoin bitcoin statistics пицца bitcoin ethereum web3 explorer ethereum
игра ethereum
monero обменник local ethereum ethereum клиент
hashrate bitcoin my ethereum
bitcoin майнер opencart bitcoin get bitcoin free bitcoin exchange ethereum
chaindata ethereum monero майнинг xbt bitcoin Bitcoin logoбудущее ethereum mine ethereum bitcoin приложение автомат bitcoin fenix bitcoin polkadot ico майнинг monero bitcoin doge ecopayz bitcoin
bitcoin ethereum bitcoin nvidia bitcoin icon ethereum клиент виталий ethereum bitcoin currency network bitcoin tinkoff bitcoin ethereum bonus torrent bitcoin bitcoin расшифровка keystore ethereum dag ethereum запросы bitcoin криптовалюты bitcoin
