Read the success stories of crypto entrepreneurs.

Discussions are fun when we are part of a community.
Login Free Registration

Get 10 AltcoinN Points just by registering on this forums.


Litecoin vs Ethereum: The 8 Differences that You Should Know

SourceOriginal
#1
Litecoin and Ethereum have proven to be among the most fundamental digital assets in the crypto space. According to the CoinMarketCap, Ethereum is ranked  the second most popular cryptocurrency after Bitcoin, whereas Litecoin is ranked seventh as shown below:

Despite their popularity, their intentions are entirely different. It, therefore, becomes crucial to comprehend their unique aspects. 
What is Litecoin?
Litecoin was created in 2011 by Charlie Lee, a former engineering director at Coinbase, and it emulated Bitcoin. Notably, Litecoin is a hard fork of the primary Bitcoin protocol. A fork is a divergence of existing open-source code to begin a related or new project. 
Lee had the notion that if Bitcoin was gold, then Litecoin was silver. Litecoin was developed to serve as a decentralized store of value and mode of payment. We can view Litecoin at a glance as shown below:
Ticker
LTC
Current Price
$70.76
Market Cap
$4,528,071,047
Market Rank
#7
24-hour Volume
$5,850,817,599
Circulating Supply
63,990,197 LTC
Total Supply
63,990,197 LTC
Max Supply
84,000,000 LTC
All Time High
$375.29
 
(Dec 19, 2017)
All Time Low
$1.11 USD
 
(Jan 14, 2015)

Litecoin was created to counter some of the problems that Bitcoin has, such as slow transaction speed. As a result, Litecoin was incorporated with a block time of 2.5 minutes, and this was instrumental in propelling its throughput to 56 transactions per second. Expressly, this is approximately 8X Bitcoin’s throughput. Additionally, it can be mined up to 4 times faster than Bitcoin. 
Mining of Litecoin entails solving mathematical problems, whereby 25LTCs are awarded for every verified block. Tyler Winklevoss, the co-founder of Gemini Crypto Exchange, noted , “We have elected to put our money and faith in a mathematical framework that is free of politics and human error.”
Litecoin also utilizes SegWit (Segregated Witness), a technology that permits more transactions within a block. As a result, the processing of each transaction is hastened.
Additionally, Litecoin has a finite supply of 84 million coins as compared to Bitcoin’s 21 million. 
What is Ethereum?
Ethereum is an open-ended blockchain platform that functions based on numerous systematic algorithm computations where Ether, the functional currency, is generated. Expressly, Ethereum is viewed as a decentralized platform, whereas Ether a cryptocurrency. 
Ethereum’s brainchild is Vitalik Buterin, a Bitcoin enthusiast and Toronto programmer. Notably, he released a white paper in 2013 detailing the alternative usage of blockchain technology. He had the idea that Ethereum could serve both as a mode of payment (financial instrument) and decentralized platform for developers to create applications. In August 2014, Ethereum ended its ICO and raised $18.4 million.  
By 2015, Ethereum was fully functional as a cryptocurrency. We can view Ethereum at a glance as shown below:
Ticker
ETH
Current Price
$187.47
Market Cap
$20,533,980,530
Market Rank
#2
24-hour Volume
$12,624,703,321
Circulating Supply
109,530,682 ETH
Total Supply
109,530,682 ETH
Max Supply
No Limit
All Time High
$1,432.88
 
(Jan 13, 2018)
All Time Low
$0.420897
 
(Oct 21, 2015)

Ethereum comprises of smart contracts, computer codes running on top of a blockchain and containing a set of rules, that act as blueprints enabling developers to build decentralized applications (DApps). In the mining process, 5 ether are awarded for every verified block.
Reply