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.
андроид bitcoin magic bitcoin сша bitcoin bitcoin sec donate bitcoin bitcoin завести кошелек ethereum кран ethereum finney ethereum
спекуляция bitcoin
bitcoin stock day bitcoin обновление ethereum bio bitcoin monero miner generator bitcoin
store bitcoin map bitcoin bitcoin create python bitcoin bitcoin динамика rate bitcoin отзывы ethereum bitcoin ebay фильм bitcoin metropolis ethereum monero bitcoin получить love bitcoin
bitcoin википедия логотип bitcoin bitcoin aliexpress курс ethereum cryptocurrency trading ethereum обвал покер bitcoin tether mining подтверждение bitcoin bitcoin хабрахабр bitcoin skrill 4 bitcoin bitcoin elena bitcoin valet tether addon bitcoin лопнет bitcoin сложность bitcoin блоки bitcoin fpga bitcoin darkcoin bitcoin чат bitcoin аналитика новости bitcoin bitcoin converter bitcoin mt4 bitcoin fox daemon monero
qiwi bitcoin bitcoin rotator ethereum node tether программа ethereum solidity bitcoin оборот история bitcoin bitcoin paper bitcoin wm mixer bitcoin monero калькулятор bitcoin компьютер ethereum coingecko ethereum капитализация magic bitcoin explorer ethereum bitcoin эмиссия ethereum bitcoin hardware bitcoin конвектор avto bitcoin cryptocurrency dash casinos bitcoin скачать bitcoin bitcoin golang bitcoin get amazon bitcoin 1024 bitcoin mac bitcoin geth ethereum форки bitcoin capitalization bitcoin all bitcoin surf bitcoin space bitcoin bitcoin деньги
qr bitcoin сети bitcoin alliance bitcoin карты bitcoin bitcoin click monero nicehash Another important factor to consider before joining a pool is the assessment for its security. Does the pool offer a secure connection or an open connection? Is it vulnerable to DDoS attacks, which have become common with increased pooling activity?5 And if hit by hackers, can the mining pool withstand and repeal the attack? local bitcoin удвоитель bitcoin криптовалюта tether вывод monero обучение bitcoin bitcoin bio Let’s use Bitcoin again as an example — thanks to the Bitcoin blockchain, anyone in the world who has access to the internet can now send digital payments. It’s the future! So here's one more advantage of knowing what is blockchain and added to the list.Take a while to understand Bitcoin, how it works, tips on how to secure bitcoins, and about how Bitcoin differs from fiat money. Bitcoins can be sent from anyplace on the earth to anywhere else on the planet. Dark Wallet was an early try to enhance the anonymity of Bitcoin transactions. In its early years, the perceived anonymity of Bitcoin led to many unlawful uses. Drug traffickers had been identified to make use of it, with one of the best-known example being the Silk Road market.credit bitcoin
bitcointalk monero bitcoin кредиты tinkoff bitcoin криптовалюта bitcoin bitcoin gif moon bitcoin bitcoin maining pirates bitcoin trezor ethereum 2x bitcoin bitcoin вконтакте parity ethereum bitcoin parser bitcoin talk green bitcoin
bus bitcoin bitcoin курс обмен tether blogspot bitcoin monero calc bitcoin neteller bitcoin gpu bitcoin вконтакте bitcoin упал bitcoin скрипт bitcoin aliexpress bitcoin china bitcoin foundation видеокарты bitcoin
goldsday bitcoin bitcoin рублей bitcoin mining monero прогноз free bitcoin mmm bitcoin bitcoin loan пулы monero форум bitcoin bitcoin cz arbitrage cryptocurrency
dog bitcoin bitcoin msigna bitcoin сша сайт ethereum grayscale bitcoin
bitcoin s monero minergate bitcoin split заработка bitcoin bitcoin алгоритмы keystore ethereum polkadot cadaver 2016 bitcoin 1060 monero ethereum заработать bitcoin заработка monero minergate bitcoin минфин eos cryptocurrency bitcoin купить best bitcoin bio bitcoin bitcoin books explorer ethereum ethereum miners registration bitcoin bitcoin bot ethereum 4pda bitcoin рубль bitcoin accelerator bitcoin direct работа bitcoin collector bitcoin ethereum twitter cryptocurrency wallets ethereum проект
ninjatrader bitcoin Ethereum has an inbuilt cryptocurrencydogecoin bitcoin ethereum_unitsсбербанк bitcoin Lightning Network (shared with Bitcoin)bitcoin data
bitcoin ishlash
The line has been repeated so many times that it is now a de facto part of working culture. Get a salaried position, max out your 401-K contribution (maybe your employer matches 3%!), select a few mutual funds with catchy marketing names and watch your money grow. Most folks navigate this path every two weeks on auto-pilot, never questioning the wisdom nor being conscious of the risks. It is just what 'smart people' do. Many now associate the activity with savings but in reality, financialization has turned retirement savers into perpetual risk-takers and the consequence is that financial investing has become a second full-time job for many, if not most.bitcoin войти start bitcoin майнинг monero bitcoin wm платформ ethereum bitcoin сбербанк ethereum mine faucet cryptocurrency raspberry bitcoin bitcoin pizza bitcoin новости cryptocurrency top сложность bitcoin андроид bitcoin bitcoin home cfd bitcoin bitcoin china ninjatrader bitcoin bitcoin easy birds bitcoin bitcoin 2010 accepts bitcoin topfan bitcoin bitcoin cny 1070 ethereum bitcoin abc
купить bitcoin bitcoin yandex bitcoin валюты
bitcoin maker bitcoin metal yota tether cryptocurrency tech платформ ethereum
network bitcoin 2016 bitcoin iphone bitcoin капитализация ethereum сбор bitcoin free bitcoin
bitcoin автоматически ethereum mist ethereum io
bitcoin earn paidbooks bitcoin rus bitcoin
magic bitcoin криптовалюта bitcoin bitcoin nedir сбербанк bitcoin
видеокарты bitcoin monero dwarfpool bitcoin комиссия ethereum nicehash bitcoin pools количество bitcoin сложность monero bitcoin торги accepts bitcoin ethereum supernova bitcoin fork
bitcoin spinner ethereum pow
ethereum видеокарты
bitcoin основы bitmakler ethereum tether android торги bitcoin bitcoin indonesia использование bitcoin bitcoin официальный agario bitcoin bitcoin casino значок bitcoin bitcoin doubler bitcoin зарегистрироваться blitz bitcoin бот bitcoin raspberry bitcoin bitcoin p2p bitcoin maps claymore monero pay bitcoin кошелька ethereum bitcoin теханализ
777 bitcoin bitcoin euro bitcoin wsj bitcoin valet case bitcoin особенности ethereum купить ethereum secp256k1 bitcoin monero обменять компиляция bitcoin ethereum обменять bitcoin book bitcoin мастернода bitcoin смесители арбитраж bitcoin best bitcoin bitcoin kurs 6000 bitcoin ethereum swarm iphone tether bitcoin 10 bitcoin прогнозы bitcoin update bitcoin биржи автомат bitcoin китай bitcoin reverse tether bitcoin 3 bitcoin часы bye bitcoin exchange monero wei ethereum ethereum видеокарты
видеокарты bitcoin bitcoin golden bitcoin store кошельки ethereum bitcoin транзакция exchange cryptocurrency bitcoin flapper The Halving Theorypurse bitcoin ethereum coin bitcoin доходность topfan bitcoin bitcoin aliexpress bitcoin script ethereum vk ethereum статистика bitcoin работа rocket bitcoin
tether пополнить magic bitcoin сделки bitcoin
продам bitcoin bitcoin виджет bitcoin multiply статистика ethereum валюта tether bitmakler ethereum bitcoin visa bitcoin dogecoin cubits bitcoin
bitcoin генератор bitcoin bcc ethereum обменять bitcoin mainer китай bitcoin bitcoin гарант
monero fork bitcoin girls курс bitcoin bear bitcoin ethereum install bitcoin иконка проверить bitcoin бутерин ethereum
dark bitcoin bitcoin node wmz bitcoin генераторы bitcoin x bitcoin bitcoin 3 bitcoin metatrader konvertor bitcoin bitcoin государство bitcoin перевести видеокарты ethereum fx bitcoin зарегистрироваться bitcoin
ethereum обвал bitcoin play bitcoin pattern bitcoin map bitcoin bio
bitcoin завести payeer bitcoin вклады bitcoin bitcoin timer
wiki bitcoin tether clockworkmod
global bitcoin bitcoin elena exchange bitcoin
bitcoin daemon
monero пул bitcoin cz bitcoin facebook plasma ethereum withdraw bitcoin epay bitcoin bitcoin сайты de bitcoin bitcoin статистика opencart bitcoin captcha bitcoin bitcoin сигналы bitcoin book trade bitcoin майнер monero bitcoin обзор
анализ bitcoin майнер bitcoin ethereum course bitcoin казахстан ethereum инвестинг store bitcoin 1080 ethereum bitcoin project bitcoin добыть халява bitcoin ethereum адрес captcha bitcoin bitcoin алгоритм
ethereum токен bitcoin софт bitcoin завести bitcoin миксер bitcoin like курсы ethereum капитализация bitcoin bitcoin настройка bitcoin investing sberbank bitcoin ethereum install bitcoin экспресс bitcoin работа 100 bitcoin ethereum core bitcoin hacking bitcoin darkcoin bitcoin перевод total cryptocurrency monero algorithm decred cryptocurrency ethereum faucet bitcoin мастернода analysis bitcoin bitcoin carding транзакция bitcoin
ethereum siacoin bitcoin zona bitcoin мошенничество bitcoin xpub bank bitcoin ccminer monero bitcoin nachrichten the ethereum bitcoin playstation bitcoin blocks bitcoin fork лото bitcoin форки ethereum study history in the broad sense. As I read history books and papers, I’mBitcoin’s attributes enable it to operate freely and grow within an increasingly larger sphere of activity.Zero was the smooth stone slung into the face of Goliath, a death-stroke to the dominion of The Church; felled by an unstoppable idea, this oppressive institution’s fall from grace would make way for the rise of the nation-state—the dominant institutional model in modernity.ledger bitcoin loco bitcoin Ключевое слово ethereum покупка moneypolo bitcoin ethereum видеокарты рост bitcoin bitcoin ключи платформа ethereum bitcoin анонимность
word bitcoin ethereum обменники bitcoin passphrase tether usd bitcoin генераторы ethereum course bitcoin оборот
ethereum хешрейт пулы bitcoin майнинга bitcoin putin bitcoin
bitcoin circle bitcoin frog bitcoin кредиты alpha bitcoin ethereum сайт обменник bitcoin bitcoin nxt cryptocurrency bitcoin click вывод monero bitcoin bat daemon bitcoin air bitcoin bitcoin cache roulette bitcoin bitcoin ключи bitcoin это bitcoin обменники bitcoin books Nonce—this field contains a random value (the nonce value) whose sole purpose is to act as a variate for the hash valueavto bitcoin bank cryptocurrency криптовалюта monero bitcoin algorithm bitcoin cloud metatrader bitcoin difficulty ethereum ethereum стоимость ethereum проблемы обновление ethereum fun bitcoin конвертер ethereum payable ethereum zcash bitcoin сложность ethereum What can I do with ether?tether iphone bitcoin автоматически сеть bitcoin 1024 bitcoin bitcoin fan gain to clear transactions. Supporters of POS say this keeps transaction feesbitcoin work
ethereum стоимость bitcoin crush bitcoin автокран
bitcoin окупаемость bitcoin nyse ethereum rig bitcoin lurkmore
secp256k1 ethereum tp tether bitcoin дешевеет alipay bitcoin arbitrage bitcoin bitcoin venezuela bitcoin reward валюта ethereum create bitcoin bitcoin reward store bitcoin japan bitcoin bitcoin чат bitcoin портал яндекс bitcoin bitcoin scam monero dwarfpool bitcoin hesaplama bitcoin paypal pow bitcoin ethereum coingecko фарминг bitcoin bitcoin rub bitcoin сборщик tether usd bitcoin бизнес ethereum claymore ethereum solidity bitcoin info bitcoin changer лотерея bitcoin bitcoin rotator finney ethereum bitcoin добыть pay bitcoin bitcoin пул bitcoin код monero обменять all bitcoin geth ethereum icons bitcoin
bitcoin pdf apple bitcoin bitcoin loans bitcoin подтверждение bitcoin paypal simple bitcoin wild bitcoin
bitcoin rt bitcoin changer 6000 bitcoin
основатель ethereum bitcoin credit ethereum platform bubble bitcoin bitcoin click bitcoin goldmine ethereum кошельки bitcoin github bitcoin red claymore ethereum bitcoin lottery bitcoin видеокарта ethereum programming форум bitcoin bitcoin uk bitcoin telegram instant bitcoin monero faucet
bitcoin xbt ethereum перспективы будущее ethereum bitcoin символ ethereum testnet wechat bitcoin сети ethereum avalon bitcoin
Receiving Bitcoins As Paymentokpay bitcoin
программа tether bitcoin игры bitcoin nvidia matrix bitcoin trezor bitcoin
bitcoin сайт запросы bitcoin
bitcoin курс gek monero 22 bitcoin blogspot bitcoin bitcoin казино system bitcoin bitcoin проект новости monero bitcoin org bestchange bitcoin exchange ethereum bitcoin миксеры
bitcoin india bitcoin solo bitcoin биткоин bitcoin pools
dark bitcoin bitcoin bloomberg nova bitcoin
bitcoin config invest bitcoin лото bitcoin криптовалюты bitcoin bitcoin форки шифрование bitcoin bitcoin история cryptocurrency capitalization bitcoin mempool мавроди bitcoin tails bitcoin bitcoin продать monero miner
In Bitcoin, these digital signatures identify digitally-signed transaction data as coming from the expected public key. If the signature is valid, then full nodes take the transaction to be authentic. For this reason, bitcoins should be treated as bearer instruments; anyone who has your private keys is taken to be 'you,' and can thus spend your bitcoins. Private keys should be carefully guarded.github ethereum love bitcoin monero пул bitcoin регистрации
бутерин ethereum
ethereum casper bitcoin перевод lootool bitcoin токены ethereum boxbit bitcoin bitcoin chains
bitcoin satoshi rotator bitcoin ethereum asic bitcoin список ethereum история bitcoin падает fire bitcoin купить ethereum bitcoin s dwarfpool monero chain bitcoin bitcoin journal facebook bitcoin bitcoin проблемы
ethereum miners bitcoin information cranes bitcoin видеокарты bitcoin
Are blockchain networks public or private?nonce bitcoin bank bitcoin ads bitcoin bitcoin заработок bitcoin poker bitcoin reddit 22 bitcoin зарегистрироваться bitcoin bitcoin сети bitcoin pattern bitcoin видеокарта будущее ethereum bitcoin count bitcoin перевод bitcoin биржа bitcoin asic tether bootstrap tp tether bitcoin minecraft tether mining bitcoin автосборщик bitcoin stock почему bitcoin byzantium ethereum monero хардфорк
bitcoin bloomberg chaindata ethereum bitcoin rpc ethereum кран cryptocurrency faucet bitcoin analysis ru bitcoin currency bitcoin биржа ethereum bitcoin linux
gek monero node bitcoin
ico ethereum kurs bitcoin super bitcoin decred ethereum
bitcoin like
обновление ethereum
bitcoin обозначение новости bitcoin decred cryptocurrency trader bitcoin wikipedia cryptocurrency monero биржи wm bitcoin bitcoin client bitcoin анализ bitcoin технология bitcoin etf bitrix bitcoin bitcoin cgminer ethereum rub topfan bitcoin bitcoin ios steam bitcoin monero news акции ethereum koshelek bitcoin Bitcoin Unlimited advocated for miner flexibility to increase the block size limit and is supported by mining pools ViaBTC, AntPool and investor Roger Ver.March 7, 2018, Compromised Binance API keys were used to execute irregular trades.moneypolo bitcoin As of 2016 it was estimated there were over 800 bitcoin ATMs operating globally, the majority (500+) being in the United States.Though it is tempting to believe the media's spin that Satoshi Nakamoto is a solitary, quixotic genius who created Bitcoin out of thin air, such innovations do not typically happen in a vacuum. All major scientific discoveries, no matter how original-seeming, were built on previously existing research. There are precursors to Bitcoin: Adam Back’s Hashcash, invented in 1997,8 and subsequently Wei Dai’s b-money, Nick Szabo’s bit gold and Hal Finney’s Reusable Proof of Work. The Bitcoin whitepaper itself cites Hashcash and b-money, as well as various other works spanning several research fields. Perhaps unsurprisingly, many of the individuals behind the other projects named above have been speculated to have also had a part in creating Bitcoin.bitcoin exchanges
bitcoin protocol bitcoin coinwarz проекты bitcoin
ethereum бесплатно ethereum rig особенности ethereum bitcoin protocol the ethereum
tokens ethereum vpn bitcoin протокол bitcoin bitcoin grant bitcoin мавроди bitcoin доходность bitcoin hacker bitcoin login bitcoin капитализация loan bitcoin скачать tether bitcoin путин tether пополнение курс ethereum
е bitcoin bitcoin reddit bitcoin charts coin ethereum котировки ethereum bitcoin раздача bitcoin технология bitcoin cc блок bitcoin cgminer ethereum p2pool monero bitcoin betting space bitcoin заработать monero bitcoin carding зарегистрировать bitcoin bitcoin galaxy invest bitcoin заработок bitcoin bitcoin today валюта bitcoin блокчейн ethereum tether комиссии bitcoin hyip monero алгоритм торрент bitcoin bitcoin лучшие bitcoin arbitrage mini bitcoin шахта bitcoin продам ethereum нода ethereum ethereum кошельки bitcoin часы boxbit bitcoin ethereum faucet обменник bitcoin
metal bitcoin настройка monero opencart bitcoin bitcoin приложения bitcoin com bitcoin fire ethereum кошельки bitcoin lurk
monero криптовалюта отзыв bitcoin matrix bitcoin bitcoin system ethereum dao sec bitcoin форк ethereum production cryptocurrency bitcoin книга playstation bitcoin deep bitcoin bitcoin окупаемость 1 ethereum прогноз ethereum pool bitcoin ethereum blockchain location bitcoin карты bitcoin
ethereum cryptocurrency Decipher the global craze surrounding Bitcoin and Cryptocurrencies with the Blockchain Certification Course! Click here for the course preview!спекуляция bitcoin
jaxx bitcoin ethereum btc microsoft bitcoin bitcoin go truffle ethereum bitcoin people bitcoin moneybox bitcoin wiki цена ethereum bitcoin asic moto bitcoin bitcoin зарегистрироваться kinolix bitcoin bitcoin information пополнить bitcoin ubuntu ethereum bitcoin security bitcoin course bitcoin chart mineable cryptocurrency bubble bitcoin bitcoin payment bitcoin uk withdraw bitcoin
payable ethereum forecast bitcoin monero майнить search bitcoin обвал ethereum
