All About Dogecoin
Litecoin Proof of Work is the scrypt algorithm, Bitcoin is SHA256
Bitcoin in the algorithm is USSHA-256 algorithm, and Litecoin is different from its use of Scrypt algorithm, scrypt algorithm the biggest feature can not rely on the computational power of the cpu alone, need a lot of memory support, mainly rely on graphics card mining, Wright inventors originally thought that this algorithm can make mining rights scattered in the hands of a large number of retail investors, but contrary to expectations, is now gradually dominated by ASIC integrated mining machine.
This scrypt-janesc I would like to say simply, is that its principle is actually relatively simple, it is mainly through the process of mining will increase the consumption of memory. We all know that in the middle of the ASIC chip, that is to say, it is more difficult to increase memory, and through the scrypt-jane algorithm, it can make it more difficult for miners to mine. This one has something in common with many other scrypt-n algorithms today. At that time we used the scrypt-jane algorithm currency, our dollar coin was a relatively few.
The Litecoin workload proof mechanism uses the scrypt algorithm, and the Bitcoin workload proof mechanism is SHA256. The scrypt algorithm, which takes longer to compute and uses more memory, makes computing power difficult to concentrate, and miners who dig mines are more dispersed than Bitcoin, helping to prevent 51% attacks. It is precisely because Litecoin's scrypt algorithm is different from Bitcoin's algorithm that Bitcoin chip miners cannot use it to dig up Litecoin, which keeps Litecoin safe from attack and keeps it going.
Well, Litecoin's block generation time relative to Bitcoin (10 minutes down to 2.5 minutes), coin availability (from 21 million to 84 million), and hashing algorithm (Scrypt over).
Recently, with the emergence of Bitcoin ASIC professional mining machine, scrypt algorithm is once again sought after, this year's new shanzhai coin has no longer used SHA256 algorithm. Because ASIC mining machine is tailored to dig bitcoins, there is nothing to do but calculate sha256 algorithm, of course, there is no way to dig the scrypt algorithm's shanzhai coins. So when ASIC miners once again left the efficiency of the graphics card far behind, the second batch of old miners eliminated by the technological revolution also threw themsself into the arms of scrypt.
Basic Popularity (72): One minute to understand the Importance of Litecoin Algorithm Scrypt and Memory Dependency.
Because the Scrypt algorithm relies heavily on memory and is designed to fight professional miners, many blockchain mining projects have since used this algorithm, such as dog coins, to make the distribution of digital currencies more decentralized.
Dogecoin is no less popular than the Annual European and American Buzzword "Doge". Based on the Scrypt algorithm 60 seconds of rapid confirmation, a total of 100 billion.
Both coins are based on Tenebrix. Tenebrix is an altcoin launched in 2011, when it used a new PoW algorithm Scrypt
Litecoin uses the scrypt encryption algorithm first proposed by Colin Percival in its workload proof algorithm, which makes it easier to mine Litecoin on a normal computer than Bitcoin.
Dog coin (Dogecoin), some people called "dog money" was born on December 8, 2013, based on the Scrypt algorithm, is currently a commonly used international digital currency, digital currency is a privately sponsored global common currency, does not belong to a country, belongs to all mankind, has the advantages of fast global transfer, such as a few seconds can transfer money from home to the United States, and the cost is low, and the total amount will not be as free as the French currency, the total amount of relative stability.
Litcoin uses a consensus algorithm called the Scrypt algorithm, similar to the SHA-256 algorithm in Bitcoin. The difference between the two is that the Scrypt algorithm has higher requirements for memory (RAM) during mining. During the mining of Bitcoin and Litecoin, the miners were actually doing hash operations several times to find a Nonce that would make the target's Hash Value smaller than a certain set value.
For blockchains that use the PoW consensus mechanism, arithmetic is the guarantee of its security. Unlike Bitcoin's SHA256 mining algorithm, Litecoin was the first cryptocurrencies to use the Scrypt algorithm, and its computational power has historically faced some serious challenges.
It also faces a lot of risks, but in Scrypt algorithm-based mine systems, dogE is still highly likely to persist.
One of Litecoin's most important innovative algorithms is called scrypt. In the Bitcoin algorithm corresponding to the SHA, hash algorithm.
Known as "digital silver," Litecoin was the first online digital currency based on the Scrypt algorithm, with three significant differences compared to Bitcoin.
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