HOMEWORK 1 FOR @alphafx|| COMPARE BETWEEN BITCOIN NETWORK AND LITECOIN NETWORK

Thank you @alphafx for your lecture and congratulation as the new professor from our dear country Nigeria.

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For the homework this week, I will be writing on the comparison between Bitcoin and the Litecoin network. As the are two different blockchains, I will be talking on what blockchain is all about, then drive out the difference and similarities of the two networks.
What is Blockchain Technology
Blockchain technology is a structure that stores transactional records in the form of blocks, for the public in several databases, in a network connected through peer-to-peer nodes.
Every transaction in this ledger is authorized by the digital identity of the owner, which autorize the transaction and safeguards it from been tampered. Hence, the transaction in this technology is highly secure.
on this note, let move on to compare Bitcoin and the Litecoin network.

BITCOIN AND LITECOIN NETWORK

BITCOIN NETWORK (BTC)
Bitcoin is a decentralized digital currency that you can buy, sell, and exchange directly, without intermediary like a bank transaction.is a decentralized cryptocurrency that uses P2P technology for instant payments between people or businesses. It can be bought and used as a currency and also is a type of investment.
LITECOIN NETWORK
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities.
In order to have a better understanding on the comparison, we explain the following fields with the goal of getting the differences between the two networks:
(a). Market Capitalization
(b). Distribution
(c). Transaction Speed
(d). Algorithms

ON MARKET CAPITALIZATION
One area in which Bitcoin and Litecoin differ significantly is in their market capitalization, the total dollar market value of all the outstanding coins.

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As of March 2021, the total value of all bitcoins in circulation is around $1 trillion, making its market cap more than 70 times larger than Litecoin, which has a total value of $13.7 billion.
Bitcoin as a network still lead all other digital currencies. Its closest competitor is Ethereum, the second-largest cryptocurrency, which has a market cap of nearly $212 billion.
on that note, it comcluded that Bitcoin has more market cap than the Litecoin currency.
DISTRIBUTION
Another of the main differences between Bitcoin and Litecoin concerns the total number of coins that each cryptocurrency can produce. This is where Litecoin has upper hand itself. The Bitcoin network can never exceed 21 million coins, whereas Litecoin can accommodate up to 84 million coins. This is because both Bitcoin and Litecoin are divisible into nearly infinitesimal amounts. In fact, the minimum quantity of transferable Bitcoin is one hundred millionth of a bitcoin (0.00000001 bitcoins).
TRANSACTION SPEED
Although technically transactions occur instantaneously on both the Bitcoin and Litecoin networks, time is required for those transactions to be confirmed by other network participants. Litecoin was founded with the goal of prioritizing transaction speed, and that has proven an advantage as it has grown in popularity.

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According to data from Blockchain.com, the Bitcoin network’s average transaction confirmation time is currently just under nine minutes per transaction, though this can vary widely when traffic is high.The equivalent figure for Litecoin is roughly 2.5 minutes. In principle, this difference in confirmation time could make Litecoin more attractive for merchants.
ALGORITHMS
The difference between Bitcoin and Litecoin are the different cryptographic algorithms that they employ. Bitcoin makes use of the longstanding SHA-256 algorithm, whereas Litecoin makes use of a comparatively new algorithm known as Scrypt.

CONCLUSION
Blockchain technology makes the crypto world more unique when performing transactions. It is an exciting that currency like Bitcoin is been bought and used as a currency and also a type of investment.
we should this on our minds that no network is better than the another, because their are unique to it development.
Thank you for reading.

Reference:
Cc: @alphafx
@steemcurator01
@steemcurator02
@steemitblog