Litecoin or LTC is the peer-to-peer cryptocurrency which is also considered to be an open-source software project which was released under the MIT/X11 License. Transferring and creating the Litecoins is dependent on the open source cryptographic protocol and this is not by any of the central authority. Litecoin was considered to be a spinoff of the Bitcoin or the altocoin and the usage of this started in the month of October, 2011. Technically the Litecoin can be considered to be almost identical to Bitcoin [1]. This is a report which would be discussing about the architecture, feature and challenges related to the usage of Lite coin. Followed by this the report would be analyzing and discussing about the applications which are supported by bitcoin cash in two different domains that is Prevention of Reply Attacks and Attract miners. After this the basic differences between Lite coin and Bitcoins have been discussed and analyzed.
Architecture: The Litecoin network went live in the year of 2011 on 13th October and this is a fork of the Bitcoin Core client and the primary difference between this two is that the Litecoin is generally characterized with a decreased time of block generation along with a maximum number of coins which has increased. Besides this the hashing algorithm is also different from that of the bitcoin and is assisted by a GUI which is slightly modified [2]. The Litecoin is associated with the using the Scrypt algorithm along with FPGA and ASCI devices which are created for the purpose of mining the Litecoin is seen to be more complicated.
Features: Litecoin is an Open Source software, and besides this it is also open to any kind of verification which are independent of the binaries as well as their corresponding source codes. Litecoin also tends to seek for the implementation of the technological advances which are associated with allowing then in the maintenance of its position as a leading cryptocurrency. Most important features have been listed below:
Blockchain: Litecoin Blockchain is generally geared up so as to tackle the different high value transactions when they are compared with the Bitcoin. Frequent implementation of the block generation, along with lightening and Segregated Witness or SegWit, it is possible for the Litecoin network to provide support to the high volume transactions without any need of modification of the software in the future [2]. This in turn is associated with making the Litecoin more efficient for being used by the merchants and customers who would be benefitting as the confirmation time is faster and the fees is also low
Mining: Litecoin is associated with the usage of the algorithm known as the Scrypt which is associated with the determination of the mining process for new coins. Besides this Scrypt is also associated with allowing the parallel processing’s at higher degree which can be accessed more easily by the miners who are new than the traditional algorithm. Usage of the Scrypt is also associated with helping in the facilitation of the mining process of Litecoins without the usage of the ASIC-based mining that are required for the purpose of mining the coins by making use of the SHA-256 algorithm.
Industry integration: Litecoins are generally considered to be a fork of the Bitcoin and due to this reason it is seen that both of this currencies are associated with the sharing of the same characteristics [3].
Challenges: some of the major challenges which are faced by the Bitcoin technology have been listed below:
Replay attack is an associated with presenting a problem and this mainly happens if a user is associated with spending upon one ledge then someone can easily copy the same check which would be consisting of the user’s signature and this would be presented for inclusion on the other ledger [4]. For this reason, it is possible to spend more money upon other ledger as the signature of the user is valid on both the ledgers. It is obvious that when someone is sending money as well as the actual amount needs to be exactly same, however this is still associated with presenting certain problems. Bitcoin cash is something which has helped in solving this problem and this has been done making changes in the checks ever so slightly. Bitcoins are associated with making a special mark upon the checks that are capable of identifying the checks which was for the BCH ledger and not for the other ledger. And this special protection is known as replay protection as this is associated with preventing the replay attacks.
The miners are generally attracted by the bitcoin cash as the mining of the bitcoin cash is associated with yielding safe as well as secure resources for the world of cryptocurrency. Thus this is initially responsible for satisfying the fundamental commitment which the Bitcoin Blcokchain network had made at the initial stage which includes the of the peer-to-peer digital currency [5]. The users and traders are usually granted with a transactional fee along with positive confirmations. The future prospect might seem to be bright enough consisting of ultimate expansion, innovations which are permission less, development in a decentralized way and global adaptation. The miners are also being attracted because of another period of low difficulty and the market price which is reasonably high.
Litecoin and Bitcoin are generally considered to be a complimentary of one another and Litecoin generally acts as a steam ahead regarding the implementation of the changes and upgrades which are capable of bringing benefits to the Bitcoin network.
Litecoin is seen to be focused upon being faster and more efficient than the Bitcoins and has a deliberate aim of being accepted by the different merchants and vendors. Besides this the implementation of frequent block generation Litecoin is also associated with the usage of the Lightening network and Segregated witness which guarantees the fact that the users would be capable of depending upon the network [6]. This networks are having the capability of handling transactions of high volume at a speed which is high and in a cost which is low. Recently the Litecoin has also been used for the purpose of performing a cross chain atomic swap which is associated with allowing the direct swapping of the cryptocurrencies. This is done by usage of smart contracts and besides this there is no requirement of any third party like an exchange.
These are the upgrades that are associated with providing the Litecoin the Upper hand with regards to the overall efficiency, but it is totally inevitable that all these features would eventually be incorporated by the blockchain of Bitcoin as well. Some of the other ways in which the Litecoin is different from the Bitcoin are listed below:
Conclusion:
Bitcoin is seen to be a superior store of value and besides this the Bitcoin network is not capable of exceeding the amount of 21 million coins. Whereas in case of Litecoin it is capable of accommodating an amount of about 84 million coins. Besides this lower prices of the Litecoin is associated with making it suitable for purchasing goods of lower price along with services. This happens as the cryptocurrencies edge closer to mass adaptation which should be responsible for helping the Litecoin to close the gap on its older brother that is the bitcoin.
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