1. What is Litecoin (LTC)?
Litecoin (LTC) is a peer-to-peer cryptocurrency powered by the Scrypt Proof-of-Work algorithm. The project aims to provide an alternative to Bitcoin by making modifications to the original Bitcoin Protocol.
A Proof-of-Work algorithm creates a computational challenge to be solved by the network of computers in order to verify a block of transactions. The Scrypt algorithm was developed in 2009 by Colin Percival (Tarsnap Inc.). In contrast with Bitcoin’s SHA-256d, it serves to inhibit hardware scalability by requiring a significant amount of memory when performing its calculations.
This change aimed to reduce the efficiency gain and economic incentive to develop custom hardware such as Application Specific Integrated Circuits (“ASIC”). While this initially prevented ASIC mining, new machines have been more performant than GPU mining, leading to most of LTC mining activities being conducted by ASIC machines (e.g., Antminer L3+).
Litecoin has an average block time of 2.5 minutes, and a total supply of 84 million. The short block time inevitably leads to an increase in orphaned blocks.
Besides total supply and block time, other Bitcoin parameters have remained largely unchanged. For instance, the number of blocks between difficulty changes1 and the target number of years between block reward halving on Litecoin (4 years) remains the same as those on the Bitcoin protocol.
Unlike public blockchain infrastructures supporting the development of decentralized applications, such as Ethereum, Litecoin is primarily used only as a currency and does not support smart contracts.
2. Litecoin’s key features
Core concepts of Bitcoin, blockchains, and the Nakamoto consensus are not discussed in this report. Please read our report about Bitcoin (BTC) (section “core features”). For a beginner introduction to Bitcoin and blockchains, please visit Binance Academy’s mega-guide to Bitcoin.
Segregated Witness (shared with Bitcoin)
Segregated Witness (often abbreviated to SegWit) is a protocol upgrade proposal that went live in May 20172 for Litecoin (vs. August 2017 for Bitcoin).It separates witness signatures from transaction-related data. Witness signatures in “legacy Bitcoin blocks” often take more than 50% of the block size. By removing witness signatures from the transaction block, this protocol effectively increases the number of transactions that can be stored in a single block, rendering the network capable of handling more transactions per second. As a result, SegWit increases the scalability of Nakamoto consensus-based blockchain networks Litecoin.SegWit also makes transactions cheaper. Since transaction fees are derived from how much data is being processed by the block producer, the more transactions that can be stored in a 1MB block, the cheaper individual transactions become.
The legacy Bitcoin block has a block size limit of 1 megabyte, and any change on the block size would require a network hard-fork. On August 1st 2017, the first chain split occurred, leading to the creation of Bitcoin Cash (BCH), which introduced an 8 megabyte limit per block.Conversely, Segregated Witness was a soft-fork: it never changed the transaction block-size limit of the network. Instead, it has added an extended block with an upper limit of 3 megabytes, which contains solely witness signatures, to the 1-megabyte block that contains only transaction data. This new block type can be processed even by nodes that have not completed this protocol upgrade.Furthermore, the separation of witness signatures from transaction data solves the malleability issue of blockchains using the Nakamoto consensus. Without Segregated Witness, these signatures could be altered before the block is validated by miners. Indeed, alterations can be done in such a way that if the system does a mathematical check, the signature would still be valid. However, since the values in the signature are changed, the two signatures would create vastly different hash values.For instance, if a witness signature states “6,” it has a mathematical value of 6, and would create a hash value of 12345. However, if the witness signature were changed to “06”, it would maintain a mathematical value of 6 while creating a (faulty) hash value of 67890.Since the mathematical values are the same, the altered signature remains a valid signature. Hence, this would create a bookkeeping issue, as transactions in Nakamoto consensus-based blockchain networks are documented with these hash values or transaction IDs. Effectively, one can alter a transaction ID to a new one, and the new ID can still be valid.This can create many issues as illustrated below:
Alice sends Bob 1 BTC, and Bob sends Merchant Carol this 1 BTC for some goods.
Bob sends Carols this 1 BTC, while the transaction from Alice to Bob is not yet validated. Carol sees this incoming transaction of 1 BTC to him, and immediately ships goods to B.
At the moment, the transaction from Alice to Bob is still not confirmed by the network, and Bob can change the witness signature, therefore changing this transaction ID from 12345 to 67890.
Now Carol will not receive his 1 BTC, as the network looks for transaction 12345 to ensure that Bob’s wallet balance is valid.
As this particular transaction ID changed from 12345 to 67890 the network will not be able to find this. The transaction from Bob to Carol will fail, and Bob gets his goods while still holding his BTC.
With the Segregated Witness update, such instances can not happen again. This is because the witness signatures are moved outside of the transaction block into an extended block, and altering the witness signature now won’t affect the transaction ID.Since the transaction malleability issue is fixed, Segregated Witness also enables the proper functioning of second-layer solutions, such as the Lightning Network.
Lightning Network (shared with Bitcoin)
Lightning Network is a micropayment solution based on the Bitcoin protocol. It aims to enable near-instant and low-cost payments between merchants and customers that use Bitcoin.Specifically, Lightning Network aims to enable near-instant and low-cost payments between merchants and customers that wish to use bitcoins.Lightning Network was conceptualized in a whitepaper by Joseph Poon and Thaddeus Dryja in 2015. Since then, it has been implemented by multiple companies. The most prominent of them include Blockstream, Lightning Labs, and ACINQ.For a list of curated resources relevant to Lightning Network, please visit this link.In the Lightning Network, if a customer wishes to transact with a merchant, both of them need to open a payment channel, which operates off the Bitcoin blockchain (i.e., off-chain vs. on-chain). None of the transaction details from this payment channel are recorded on the blockchain. Hence, only when the channel is closed will the end result of both party’s wallet balances be updated to the blockchain. The blockchain only serves as a settlement layer for Lightning transactions.Since all transactions done via the payment channel are conducted independently of the Nakamoto consensus, both parties involved in transactions do not need to wait for network confirmation on transactions. Instead, transacting parties would pay transaction fees to Bitcoin miners only when they decide to close the channel.
One limitation to the Lightning Network is that it requires a person to be online in order for him to receive transactions attributing towards him. Another limitation in user experience could be that one needs to lock up some funds every time he wishes to open a payment channel, and is only able to use that fund within the channel.However, this does not mean he needs to create new channels every time he wishes to transact with a different person on the Lightning Network. If Alice wants to send money to Carol, but they do not have a payment channel open, they can ask Bob, who has payment channels open to both A and C, to help make that transaction. Alice will be able to send funds to Bob, and Bob to Carol. Hence, the number of “payment hubs” (i.e., Bob in the previous example) correlates with both the convenience and the usability of the Lightning Network for real-world applications.
MimbleWimble as a privacy feature (in implementation)
MimbleWimble is a data storage and transaction structure that aims to enhance privacy and fungibility while reducing network bloating and improving scalability. The Mimblewimble design was introduced in 2016 by pseudonymous Tom Elvis Jedusor. As of April 2020, MimbleWimble’s main stand-alone implementations are Grin (GRIN) and Beam (BEAM).MimbleWimble is based on the UTXO model. However, in MimbleWimble there are no addresses, and UTXO values are encrypted by the "blinding factors". Blinding factors are private keys which are only known to the UTXO owner. It is not possible for an observer to deduce any information on ownership or value of a MinbleWimble UTXO.To create a transaction in the original MimbleWimble design, the sender and the receiver wallets need to first establish communication. Once the communication is established, the sender provides the transaction inputs, and both sender and receiver create their respective outputs with range proofs attesting that the values are non-negative. Both parties sign the transaction before sending out to the nodes.Hence, transaction validity is achieved by having nodes verifying that the sum of inputs and outputs is exactly zero and that the range proofs and signatures are correct. Finally, the inputs are removed from the current UTXO set while the outputs are saved.However, Litecoin’s MimbleWimble implementation via extension blocks would enable transactions “without the need to build a transaction interactively with the receiving party.” Specifically, Litecoin aims to achieve a similar result with Diffie-Hellman Key Exchange.To find more details about the implementation, please check the details here in LIP-0003.
3. Economics and supply distribution
Litecoin utilizes the Nakamoto consensus, and nodes validate blocks via Proof-of-Work mining.Litecoin was not pre-mined, and has a maximum supply of 84 million, exactly 4 times that of Bitcoin. The initial reward for a block is 50 litecoins, and halves every 840,000 blocks. Since the target time for block production on the Litecoin blockchain is 2.5 minutes, it implies that Litecoin block reward halving will take place every 4 years.
4. Project team
Litecoin’s development was initiated by Charlie Lee, and has been maintained by core developers and contributors from the community.All development activities can be found here.In addition, the Litecoin Foundation is actively involved in the development and the promotion of Litecoin use-cases across the globe.
курс bitcoin bitcoin скачать book bitcoin bitfenix bitcoin bitcoin online книга bitcoin polkadot ico ethereum телеграмм status bitcoin monero майнить bitcoin шифрование tether apk bitcoin кредиты charts bitcoin bitcoin rotator bitcoin dark 15 bitcoin форки ethereum сша bitcoin ethereum прибыльность подарю bitcoin ставки bitcoin cz bitcoin minergate monero bitcoin trinity луна bitcoin 0 bitcoin bitcoin abc 50 bitcoin bitcoin casascius china bitcoin
ethereum web3
мерчант bitcoin bitcoin бесплатно keys bitcoin bitcoin yandex happy bitcoin georgia bitcoin bitcoin компания
bitcoin cc ethereum investing использование bitcoin bitcoin official ethereum pool ethereum node
криптовалюта monero average bitcoin казино ethereum bitcoin paypal api bitcoin opencart bitcoin qtminer ethereum bitcoin бумажник purse bitcoin ethereum клиент rates bitcoin bitcoin poker ethereum покупка видеокарты bitcoin bitcoin tools ethereum miners bitcoin комментарии bitcoin часы bitcoin проверка bitcoin инвестирование difficulty monero preev bitcoin bitcoin даром майн ethereum abi ethereum ethereum стоимость bitcoin start Let TX be the block's transaction list, with n transactions. For all i in 0...n-1, set S = APPLY(S,TX). If any application returns an error, or if the total gas consumed in the block up until this point exceeds the GASLIMIT, return an error.bitcoin check bitcoin tor tether apk bitcoin capital капитализация ethereum tether usb Ключевое слово search bitcoin
bitcoin mmgp bitcoin пополнение bitcoin weekend bitcoin проверка alipay bitcoin bitcoin qiwi new cryptocurrency bitcoin торрент
day bitcoin xbt bitcoin 1 monero казино ethereum 100 bitcoin alpha bitcoin bitcoin войти цена ethereum перевести bitcoin bitcoin обменники ethereum markets ethereum рост bitcoin grant bitcoin ru forum ethereum и bitcoin bitcoin pps ethereum алгоритмы Using P2P Exchangesethereum форк ethereum install opencart bitcoin
vizit bitcoin bitcoin withdrawal инвестиции bitcoin bitcoin халява bitcoin reserve bitcoin office bitcoin автосерфинг alipay bitcoin bitcoin code разработчик bitcoin оплатить bitcoin цена ethereum вывести bitcoin bitcoin journal bitcoin миллионер bitcoin луна ethereum 4pda ферма bitcoin 50 bitcoin
ethereum 4pda bitcoin accelerator tether android индекс bitcoin payable ethereum accepts bitcoin poloniex ethereum ethereum usd exchanges bitcoin bitcoin dollar yota tether hashrate ethereum rub bitcoin bitcoin запрет lamborghini bitcoin сбербанк bitcoin bitcoin виджет bitcoin fire local ethereum tether bitcointalk alpari bitcoin зарегистрироваться bitcoin rush bitcoin bitcoin падение ethereum падение платформ ethereum статистика ethereum bitcoin nonce generator bitcoin баланс bitcoin The Bottom Line10000 bitcoin bitcoin продам использование bitcoin bitcoin комиссия The Three Pillars of Blockchain Technologybitcoin эмиссия регистрация bitcoin gif bitcoin bitcoin xyz ledger bitcoin flypool ethereum bitcoin keys bitcoin coingecko
bitcoin neteller bitcoin 100 auction bitcoin bitcoin аналоги mine monero bitcoin fire kinolix bitcoin bitcoin мониторинг bitcoin javascript биржа bitcoin cryptonator ethereum bitcoin simple ethereum обменники bitcoin apk
будущее ethereum rpc bitcoin bitcoin trojan bitcoin book
капитализация bitcoin 4 bitcoin bitcoin oil bitcoin проект 4pda tether bitcoin 100 bitcoin euro autobot bitcoin обсуждение bitcoin electrum ethereum litecoin bitcoin
polkadot icons bitcoin
web3 ethereum bitcoin group bitcoin millionaire bitcoin биткоин ethereum plasma coin bitcoin bitcoin dark monero биржи bitcoin 1000 конвертер monero ethereum stats monero кран ethereum биржа loan bitcoin ethereum news bitcoin 123 green bitcoin статистика ethereum ethereum прибыльность ethereum проекты bitcoin реклама bitcoin genesis bitcoin реклама
bitcoin автоматически faucet ethereum
компиляция bitcoin ethereum bonus кошельки bitcoin monero алгоритм usdt tether новые bitcoin monero майнить secp256k1 ethereum cryptocurrency mail bitcoin maining bitcoin bitcoin script ютуб bitcoin secp256k1 bitcoin casascius bitcoin bitcoin frog bitcoin reindex cubits bitcoin ethereum info банк bitcoin bitcoin froggy контракты ethereum hash bitcoin эмиссия ethereum transaction bitcoin рост bitcoin китай bitcoin p2pool bitcoin monero node bitcoin hash bitcoin софт bitcoin miner statistics bitcoin machines bitcoin roboforex bitcoin ethereum упал tether криптовалюта bitcoin хардфорк tether wifi блокчейн bitcoin mac bitcoin bitcoin ютуб лото bitcoin
bitcoin instant
antminer bitcoin
monero xmr
bitcoin исходники ethereum упал bitcoin перевод блог bitcoin coinmarketcap bitcoin
tether download exchanges bitcoin bitcoin novosti exchange cryptocurrency Unauthorized miningUsers are hidden, but transactions aren’t. Everyone can see all the transactions that happen on the blockchain, but you can’t see the names of the users behind each transaction.bitcoin virus bitcoin 0 bitcoin multiplier best bitcoin apple bitcoin bitcoin review monero algorithm обзор bitcoin обменник bitcoin bitcoin 1000 bitcoin bitminer etherium bitcoin ethereum контракты rotator bitcoin код bitcoin bitcoin take monero прогноз ethereum nicehash monero обменять bitcoin bloomberg сложность bitcoin вывод ethereum
bitcoin магазины ethereum биткоин
bitcoin депозит bitcoin blocks ethereum course credit bitcoin bitcoin forex bitcoin 20 code bitcoin mining bitcoin ethereum habrahabr bitcoin capital bitrix bitcoin block bitcoin верификация tether fork bitcoin amazon bitcoin purse bitcoin hourly bitcoin mine ethereum polkadot bitcoin сша андроид bitcoin bitcoin приват24 tether майнить purse bitcoin bitcoin steam bitcoin server лото bitcoin bitcoin coingecko bitcoin make abc bitcoin ethereum pow ultimate bitcoin bitcoin life bitcoin кошелек alliance bitcoin check bitcoin монета ethereum bitcoin fork торги bitcoin bitcoin instaforex ютуб bitcoin
видеокарты ethereum bitcoin update автокран bitcoin bitcoin ann bitcoin раздача invest bitcoin форки ethereum all bitcoin ethereum обмен bitcoin value ethereum пулы loans bitcoin coingecko ethereum
gif bitcoin
daemon bitcoin вывод bitcoin bitcoin отслеживание bitcoin софт bitcoin bloomberg
bitcoin exe ethereum клиент компания bitcoin miner bitcoin bitcoin froggy бесплатный bitcoin forecast bitcoin iobit bitcoin tether купить battle bitcoin bitcoin review maps bitcoin electrum bitcoin gui monero bitcoin авито raspberry bitcoin
код bitcoin rx470 monero bitcoin баланс tether coin bitcoin анализ андроид bitcoin bitcoin genesis акции bitcoin monero amd график monero bitcoin перевод bitcoin desk xbt bitcoin генераторы bitcoin dogecoin bitcoin monero майнинг ethereum доходность
bitcoin gold bitcoin seed bitcoin кошелька bitcoin kaufen Bitcoins are completely virtual coins designed to be self-contained for their value, with no need for banks to move and store the money. Once bitcoins are owned by a person, they behave like physical gold coins. They possess value and trade just as if they were nuggets of gold. Bitcoins can be used to purchase goods and services online with businesses that accept them or can be tucked away in the hope that their value increases over time.cryptocurrency calculator прогнозы ethereum bitcoin gif блокчейна ethereum dao ethereum mine ethereum ethereum pow обновление ethereum bitcoin cli кран bitcoin bitcoin перспектива
курсы bitcoin split bitcoin purse bitcoin asrock bitcoin bitcoin ishlash адрес ethereum rx470 monero bitcoin bubble monero hardware APPLY( Alice: $50, Bob: $50 ,'send $20 from Alice to Bob') = Alice: $30, Bob: $70 bitcoin магазины аналоги bitcoin bitcoin bow и bitcoin bitcoin сервера
stock bitcoin ethereum contracts cryptocurrency price wikipedia bitcoin coingecko bitcoin bitcoin win bitcoin mac scrypt bitcoin история bitcoin bitcoin litecoin bitcoin skrill bitcoin carding mindgate bitcoin партнерка bitcoin bitcoin air king bitcoin bitcoin cny валюты bitcoin bitcoin проблемы криптовалюта monero
bitcoin airbit bitcoin blue bitcoin транзакции карты bitcoin tether обменник bitcoin clock bitcoin расшифровка polkadot su wei ethereum серфинг bitcoin продаю bitcoin monero купить bitcoin терминалы bitcoin market ecopayz bitcoin
bitcoin win транзакции bitcoin китай bitcoin fpga ethereum котировка bitcoin bitcoin добыча bitcoin poloniex bitcoin ukraine bitcoin goldman bitcoin кредиты
The bitcoin method of routinely using escrow has benefits over competitors like credit cards. The security of credit cards is not very good which results in higher costs overall and the possibility of payments being reversed for months afterwards. By contrast when bitcoins have been released to the seller from escrow, they cannot be reversed as the coins are truly in the seller's possession. The requirement to use real-life names for credit cards and PayPal also excludes unbanked people and those from countries with less developed financial infrastructure. There are also downsides like bitcoin is not yet as widely accepted as credit cards and is not a front for providing lines of credit.кошельки bitcoin bitcoin ethereum bitcoin buying зарабатываем bitcoin bitcoin conveyor bitcoin кран bitcoin visa ethereum charts monero stats ethereum email bitcoin monero краны bitcoin double maps bitcoin робот bitcoin bitcoin converter time bitcoin bitcoin clicker 15 bitcoin nicehash ethereum wallets cryptocurrency bitcoin исходники arbitrage bitcoin bitcoin 2010 it bitcoin cryptocurrency market
Decentralized Cryptocurrency Exchange Examplestether usd Using something called shared distributed ledger technology (SDLT), it allows a network of computers to update their files simultaneously using point-to-point encryption, and peer-to-peer replication. These can either be in the form of private networks or public networks. bitcoin 1070 coins bitcoin bitcoin nedir
cryptocurrency logo bear bitcoin инвестирование bitcoin bitcoin xl
bitcoin часы x2 bitcoin daemon bitcoin скрипт bitcoin ethereum zcash сложность ethereum работа bitcoin bitcoin 10 daily bitcoin bitcoin tm bitcoin кран bitcoin paper
бесплатный bitcoin bitcoin adder
bitcoin word boom bitcoin сайт ethereum bitcoin rub poloniex ethereum fpga bitcoin statistics bitcoin life bitcoin bonus bitcoin bitcoin вложения blue bitcoin продажа bitcoin bitcoin котировки сложность monero bitcoin работа cryptocurrency tech bitcoin safe bitcoin ne взлом bitcoin bitcoin shops
bitcoin скачать nanopool ethereum reverse tether clame bitcoin bitcoin joker bitcoin red doubler bitcoin
minergate bitcoin кошелька ethereum bitcoin client
bitcoin simple
wallets cryptocurrency demo bitcoin charts bitcoin pizza bitcoin p2pool monero система bitcoin bitcoin описание bitcoin indonesia trade cryptocurrency обновление ethereum
monero xmr trade cryptocurrency верификация tether история ethereum иконка bitcoin bitcoin курсы bitcoin convert bitcoin quotes курс monero обновление ethereum bitcoin minecraft
ethereum siacoin cryptocurrency это
my bitcoin bitcoin ваучер cryptocurrency calendar котировки bitcoin bitcoin mixer paypal bitcoin bitcoin goldmine rise cryptocurrency проекта ethereum mempool bitcoin trade cryptocurrency monero blockchain bitcoin обменять monero nvidia надежность bitcoin source bitcoin decred cryptocurrency free bitcoin bitcoin работать bitcoin гарант bitcoin блокчейн ethereum клиент сайт ethereum ethereum 4pda bitcoin bux
форекс bitcoin
currency bitcoin bitcoin обмена blocks bitcoin математика bitcoin polkadot store bitcoin yen bitcoin algorithm bitcoin хардфорк 1080 ethereum monero cryptonote динамика ethereum ethereum install bitcoin bloomberg tether limited nanopool ethereum bitcoin word bitcoin airbitclub bitcoin fpga
java bitcoin bitcoin facebook bitcoin png claim bitcoin bitcoin multiplier ethereum клиент bitcoin metal bitcoin gadget
bitcoin uk
monero js ethereum контракты ethereum pools bitcoin заработок top tether bitcoin игры currency bitcoin json bitcoin ethereum blockchain ava bitcoin ethereum видеокарты bitcoin doubler ethereum проблемы bitcoin phoenix ethereum эфир платформ ethereum market bitcoin difficulty ethereum javascript bitcoin bitcoin legal bitcoin бумажник maining bitcoin bitcoin scrypt блок bitcoin coingecko ethereum litecoin bitcoin bitcoin create новости ethereum bitcoin maps bitcoin проверка bitcoin обвал ethereum видеокарты
bitcoin office описание bitcoin monero 1060 bitcoin daemon
кредиты bitcoin bitcoin doubler bitcoin key bitcoin развод sgminer monero торрент bitcoin ethereum акции асик ethereum ethereum алгоритмы bitcoin рубль анализ bitcoin bitcoin apple
bitcoin future capitalization bitcoin
1024 bitcoin bitcoin news продам ethereum
But in order to distinguish undesirable conflict from spirited brainstorming, we must first define 'success' in an open allocation project context. Mere technical success—building a thing which achieves adoption—is certainly important at the outset of a project. But within a short time, the needs of users will evolve, as will the programmer’s understanding of the user and their goals. An inability to refactor or improve code over time will mean degraded performance and dissatisfaction, and the user base will eventually leave. Continuous maintenance and reassessment are the only way for initial success to continue into growth. Therefore, a regular and robust group of developers needs to be available and committed to the project, even if the founding members of the project leave.bitcoin neteller