Crypto Academy Week 9 - Homework Post for Professor @yohan2on on Looking beyond the Bitcoin Homework by @ebiis
Bitcoin born 3rd January 2009, brought a new world financial system.
A currency basing its trust on computers and mathematics made people rethink the concept of centralization and decentralization.
Decentralization which brought along a new paradigm of financing also brought numerous “Alt”coins bringing a healthy competition on the crypto market.
Good day Steemians, I am @ebiis and I will be treating Litecoin as an altcoin in this SteemcryptoAcademy Homework for professor @yohan2on.
I will be discussing Litecoin on this homework, detailing its properties by comparing it with Bitcoin.
LITECOIN
The litecoin which I will call the son of bitcoin follows major processes of the bitcoin ecosystem, but with improvements and some changes on its mining algorithm.
Litecoin Srypt Mining Algorithm:
Colin Percival who developed the Scrypt proof of work algorithm which is being used by litcoin.
The litecoin srypt which unlike the bitcoin SHA 256 harsh function, needs more computer memory space rather than just speed of computing arithmetic problems.
This makes it harder for customized bitcoin ASIC (Application Specific Integrated Circuit) miners to have serious advantage over mining litecoin.
The litecoin scrypt mining algorithm which is easier than the bitcoin SHA 256 hashrate function makes everyone able to mine litcoin from the comfort of their homes with their computers, although the mining rate depends on the processing power of the computer, GPUs having better advantage to regular CPUs.
This improvement in the litecoin mining algorithm brings about a better equity in the crypto environment.
Litecoin transaction Time:
"Long transaction time for the bitcoin which has been its major challenge can be very frustrating"
This which has now been improved in the Litecoin.
With Litecoin reducing its transaction time to 2.5 minutes unlike the about 10 minutes and even more for Bitcoin, this makes Litecoin more acceptable. No one enjoys waiting long period of time for confirmation of transaction.
Other Differences between Bitcoin and Litecoin:
- Total Coin Production: With Bitcoin only going to every produce 21 million bitcoins in its lifetime, the Litecoin would be able to produce more than tripple that number. This which may mean an over production therefore over circulation of the Litecoin, also has its pro side, which is more whole number litcoins being used for transactions, unlike multidecimal bitcoin which is usually used.
- Market Capitalization: Bitcoin still standing as number one on coin market capital, has a market capitalization of $1,171,506,402,527 as shown on coin market capital [link](https://coinmarketcap.com/) Litecoin on the other hand stands on the Ninth Position with a market capital of $17,576,690,244 as shown on coin market capital.[link](https://coinmarketcap.com/).
Similarities Between Litecoin and Bitcoin:
Halving:
Every crypto coin team aims to reduce over-circulation of its coin, which can bring about inflation and devaluation of its coin.
Halving is a method used by both Bitcoin and Litecoin to curb over circulation of its coins.
The bitcoin which experiences halving after every 240,000 blocks, and the Litecoin blockchain experiences halving after every 840,000 blocks.
Both coins have a halving similarity of a halving rate of 4 years.
Intent:
Charles lee who founded Litecoin was a former developer for google though a bitcoin enthusiast, on his creation of Litecoin he involved the bitcoin community, with his Litecoin team stating “they wanted to create a silver to Bitcoin's gold” link
With the intent of Litecoin to be like Bitcoin, I once again call Litecoin a son of bitcoin.
Conclusion:
Cryto currencies are the future of financing, with new coins coming daily on ICOs (Initial Coin Offering) and IEOs (Initial Exchange Offering). with volatility and fast expected return on investment, one should be careful on investing in these altcoins and do a proper research before putting his money.
Litecoin is a great coin, and stands Ninth on Coinmarket capital. it is an improvement on Bitcoin and shows much promise.
Thanks.
Cc
@yohan2on
@steemcurator02
@steemcurator01
How you use shuttertock image with source? You can use creative common images.
@masumrbd the image shows how frustrating it is to wait sometimes even hours for transaction confirmation of the bitcoin.
thanks for taking note.
No, I am talking that we don't have right to use shuttertock image like that. We have to use creative common or royalty free images. I hope you understand.
I think you should do your research. Thanks for commenting.
Ok. Best of luck.
Hello @ebiis,
Thank you for participating in the 1st Week Crypto Course in its second season and for your efforts to complete the suggested tasks, you deserve a 6/10 rating, according to the following scale:
My review :
An article containing acceptable content, in which you tried to explain the Litecoin cryptocurrency by relying on a comparison with Bitcoin, which restricted your ideas and made it go in one direction. Which suggested to me that it is not possible to talk about one coin without mentioning the other. You could have talked about several other topics related to Litecoin only such as how to trade them and explain the reasons for choosing them.
As for the image, you shoudn't use watermarked one. So Please change it.
Thanks again for your effort, and we look forward to reading more of your work.
Sincerely,@kouba01
Thanks for the great review professor.