Last week, we uploaded an article on Ethereum (ETH) seizing the title of Litecoin (LTC) as digital silver while Bitcoin (BTC) is synonymous with the title of digital gold.
Surely you are wondering why LTC is called digital silver when ETH is much more valuable after BTC.
Litecoin was developed by former Google engineer Charlie Lee in the hopes of turning the cryptocurrency into silver into bitcoin 'gold'.
As the code behind the development of Bitcoin by Satoshi Nakamoto was made public, Litecoin did not change the results as a result of copy and paste Bitcoin with various improvements.
This means that these two cryptocurrencies are based on the same but different blockchain proof-of-work ecosystems.
As a result, Litecoin has fast transaction and transfer features, using open source software to create and transfer coins, including relying on centralized financial systems.
So, it is not surprising why since the beginning of its establishment Litecoin has been raised as digital silver because of its almost identical features. In fact, it is impossible for Ethereum to have that position challenged even though ETH has a higher value than LTC.
An overview of the differences between these two cryptocurrencies:
BITCOIN
Coin revenue limit: 21 million
Algorithm: SHA-256
Block production time: 10 minutes
Halving: Every 210,000 blocks
Previous block reward: 50 BTC
Latest block reward: 6.25 BTC
Market capitalization: $ 445.3 billion
LITECOIN
Coin revenue limit: 84 million
Algorithm: Scrypt
Block production time: 2.5 minutes
Halving: Every 840,000 blocks
Previous block reward: 50 LTC
Latest block reward: 12.5 LTC
Market capitalization: $ 7.72 billion
Scrypt used by Litecoin is much more efficient, using CPU (central processing units) or GPU (graphics processing units) compared to the complex SHA-256 when ordinary users want to mine Bitcoin. This will make it easier for regular LTC users to mine without any difficulty.
Litecoin is currently ranked fifth with a trading value of around $ 116 per coin while Bitcoin is in first place with a trading value of around $ 23,957 per coin.
You can invest in these two cryptocurrencies through Luno Malaysia, Tokenize Malaysia and Sinegy Technologies.
