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Litecoin Block Time

Litecoin Explorer

Litecoin Explorer

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The Mystery Behind Blocktime

The Mystery Behind Blocktime

Identity Evangelist, Author, Blogger, Developer, Blockchain Enthusiast, Senior Director of Security Architecture at WSO2, Apache WS Committer, Axis PMC Member Block time defines the time it takes to mine a block. Both in bitcoin blockchain and ethereum blockchain, there is an expected block time, and an average block time. In bitcoin, the expected block time is 10 minutes, while in ethereum it is between 10 to 19 seconds. Both bitcoin and ethereum, at the time of this writing use a proof of work based distributed consensus algorithm (ethereum is planned to move to a proof of stake based algorithm with its serenity release). The expected block time is set at a constant value to make sure, miners cannot impact the security of the network by adding more computational power. The average block time of the network is evaluated after n number of blocks, and if it is great than the expected block time, then the difficulty level of the proof of work algorithm will be reduced, and if it is less than the expected block time then the difficulty level will be increased. Thats the core design principle behind block time, but you will see as we proceed, how bitcoin and ethereum differentiate themselves from each other. The level of difficulty varies with the time, as per the following formula. It tries to evaluate the speed of the mining network and find out how much it deviates from the expected level. The expectation is to mine a block in 10 minutes. For example, if the average speed of mining the last 2016 blocks is 8 minutes then the new difficulty factor will be greater than one, so the current difficulty level will be increased. In case the average is above 10 minutes, then the factor will be less than 1 and the difficulty level will be decreased for the next 2016 blocks. The d Continue reading >>

Litecoin Is Surging After 'litecoin Cash' Forks

Litecoin Is Surging After 'litecoin Cash' Forks

Litecoin is surging after 'litecoin cash' forks Litecoin cash officially split from litecoin on Sunday. Both litecoin and the new cryptocurrency are up Tuesday, but have no relation in anything other than name. You can track the price of litecoin in real-time here>> Litecoin is up more than 9% Tuesday morning after the cryptocurrency's first "hard fork" produced litecoin cash over the weekend. The split officially happenedat litecoin block 1371111, processed at approximately 11 a.m. ET Sunday, at which time litecoin holders had the option to receive 10 of the new cryptocurrency for every 1 litecoin they already held. Since the fork, Litecoin has gained 12%, while the offshoot - which is not associated with the original litecoin in any way - has more than tripled, and was trading at $7.40 at the time of writing . Litecoin creator Charlie Lee has previously warned that any litecoin offshoots could be potential scams. "Any forks that you hear about is [sic] a scam trying to confuse you to think its related to litecoin," he tweeted. "Dont fall of it and definitely dont enter your private keys or seed into their website or client." Still, the team behind litecoin cash maintains the new coin will make several improvements over the original litecoin - and that it is far from a scam. Specifically, the team claims litecoin cashs new algorithm, called DarkGravity, allows the mining difficulty to be adjusted on every cryptographic block. Litecoins mining difficulty can only be adjusted every 2016 blocks. This allows the network to be more flexible to demand for mining power. "While this [naming] convention isn't ideal, it will be instantly understood by most hearing the name that Litecoin Cash is a hard fork of Litecoin," Litecoin Cash foundation's design lead, Michael Wyszynski Continue reading >>

What Is Litecoin? - Blockchain Council | Blockchain-council.org

What Is Litecoin? - Blockchain Council | Blockchain-council.org

Blockchain Council | Blockchain-council.org The year 2017 is all about digital economic revolution and when we are talking about it, then how can we miss to talk about cryptocurrencies. This virtual currency came into existence in 2009, and since then we have seen the upsurge of many other currencies. The first being Bitcoin followed by others including Litecoin. Despite being at a stage of infancy, cryptocurrencies have become a favorite way to raise funds and do the cross-border transactions . Here I will be highlighting on Litecoin which came into existence in the year 2011. Litecoin is a peer-to-peer cryptocurrency . Creation and transfer of Litecoin are based on open source cryptographic protocol and is not managed by the central authority. In simple words, it uses blockchain to maintain a public ledger . It is used to directly transfer the funds between business and individuals without the need of any intermediary like a bank or any payment processing service. Here is a brief overview of the stats of Litecoin- What Makes Litecoin different from other cryptocurrencies? Today, the market is flooded with many cryptocurrencies with many others on their way. Amidst all this, we have Litecoin which has garnered many eyeballs. Here are the three things that make Litecoin different Speed Well, the speed here refers to the speed of transactions . Developed on the same open source code as that of Bitcoin , Litecoin is a bit different from the other coins. Since Litecoin generates blocks four times faster than the Bitcoin , it can confirm the legitimacy of transactions better. Number of Coins Cryptocurrencies are known for their limited supply which means that once the coins come into existence, then you have only that number of coins in the market , it cant go over it at t Continue reading >>

Litecoin - Wikipedia

Litecoin - Wikipedia

Litecoin (LTC or [1] ) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license . [2] Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. [2] [3] While inspired by, and in most regards technically nearly identical to Bitcoin (BTC), Litecoin has some minor technical differences compared to Bitcoin and other major cryptocurrencies. Limited release ( geometric series , rate halves every 4 years reaching a final total of 84 million LTC) Increasing difficulty per every 2016 blocks produced. Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. [4] The Litecoin network went live on October 13, 2011. [5] It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm ( scrypt , instead of SHA-256 ), and a slightly modified GUI . [6] During the month of November 2013, the aggregate value of Litecoin experienced massive growth which included a 100% leap within 24 hours. [7] Litecoin reached a $1 billion market capitalization in November 2013. [8] By late November 2017, its market capitalization was US$4,600,081,733 ($85.18 per coin). [9] [10] In May 2017, Litecoin became the first of the top-5 (by market cap) cryptocurrencies to adopt Segregated Witness . [11] Later in May of the same year, the first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zrich to San Francisco in under one second. [12] Litecoin is different in some ways from Bitcoin . The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin's 10 mi Continue reading >>

First Litecoin Hard Fork Promises To Beat Bitcoin Cash At Forking Game

First Litecoin Hard Fork Promises To Beat Bitcoin Cash At Forking Game

First Litecoin hard fork promises to beat Bitcoin Cash at forking game > First Litecoin hard fork promises to beat Bitcoin Cash at forking game First Litecoin hard fork promises to beat Bitcoin Cash at forking game Litecoin is to get its first hard fork later this month, as Litecoin Cash seeks to shorten transaction times and reduce fees. A new hard fork of Litecoin will launch in February, offering Litecoin holders faster transactions via what developers describe as an SHA256 coin for the real world. According to official release material published Thursday and an earlier post on forum Bitcointalk, Litecoin Cash will debut at block 1371111, crediting original Litecoin chain coin holders with 10 litecoin cash tokens for each litecoin held. There is no fast, cheap SHA256 coin with good difficulty adjustment. SHA256 miners have little practical choice of hashpower destination, and if they do mine blocks theyre being paid in a currency with 10-minute block times, the Bitcointalk post explains. We believe we can offer an excellent SHA256 coin for general usage. We love Litecoin, and wanted to give something to the brave hodler community. With everyone else too busy forking Bitcoin, we decided that the Litecoin blockchain was a perfect means of intial (sic) distribution for our coin. Bitcoin forks have become an increasingly trendy accessory since the advent of Bitcoin Cash in mid 2017.The contention which resulted along with the profits and enthusiasm behind the creation of what has proven to be durable free money produced a slew of imitators with varying degrees of validity. December saw the phenomenon reach satirical heights, with a dedicated tool allowing anyone to create their own hard fork appearing for as little as $90. Litecoin had remained free of such attempts, ho Continue reading >>

Litecoin Cash?: Its Coming, And Its Completely Bizarre

Litecoin Cash?: Its Coming, And Its Completely Bizarre

Litecoin Cash?: Its Coming, and Its Completely Bizarre While people have been forking Bitcoin left and right, and even Ethereum has its own fork, Litecoin is about to receive the same treatment. This time, the fork is calling itself Litecoin Cash. The fork will give all current Litecoin holders a 10 to 1 disbursement of LCC, and Litecoin Cash will revert the algorithm to SHA-256 (the same as bitcoin). According to this announcement which appeared on the bitcointalk forum on February 3, the developers will be created the fork based on a snapshot taken at block height 1,371,111. Anyone holding Litecoin will get ten times that amount of Litecoin Cash. The big question on everyones minds is; why? Bitcoin Cash, the most popular fork of bitcoin in 2017 had a clear reason to exist. It was partly in protest due to the Bitcoin core communitys deadlock in the argument of block sizes. Another fork, Bitcoin Gold , claimed to exist as a decentralizing force that would not rely on massive mining farms of SHA-256 miners as Bitcoin and Bitcoin Cash would. While some could argue that Litecoin mining is becoming centralized due to the presence of Scrypt ASICs, it is still nothing like bitcoin mining is today. Likewise, Litecoin has never faced any issues with its transaction fees or confirmation times, even during the most difficult and congested periods in the history of bitcoin (or Ethereum for that matter). The tagline of the announcements reads: Were forking Litecoin and making it SHA256. Yep! This cryptic statement is followed by a few more details on the motivation for the project. It seems not to have been created to solve a specific problem faced by all users of cryptocurrency and instead seems to be only for miners with SHA-256 mining equipment. In a section labeled Just WHY?, Continue reading >>

Litecoin Cash Is Coming, But There's Some Controversy About Its Legitimacy

Litecoin Cash Is Coming, But There's Some Controversy About Its Legitimacy

Litecoin Cash Is Coming, But There's Some Controversy About Its Legitimacy Bitcoin has recived the lions share of cryptocurrency headlines in the past year, but a handful of popular altcoins have begun to get some major investor support as well. As of Tuesday morning, Litecoin was the sixth largest global cryptocurrency, with a market cap of more than $8.6 billion. The Litecoin Cash Foundation, which is unaffiliated with Litecoin, announced it will be conducting a hard fork in the Litecoin blockchain and creating a brand new cryptocurrency called Litecoin Cash. The Litecoin Cash hard fork will reportedly take place in the Litecoin blockchain at block 1371111. According to a press release from the Litecoin Cash Foundation, Litecoin holders will receive 10 Litecoin Cash for every Litecoin they hold at the time of the fork. A hard fork is a major change in the software of a particular currencies that results in the splitting of its blockchain. Litecoin Cash is designed to improve upon the block speed of the original Litecoin. Litecoin Cash is targeting a 2.5-minute block speed, faster than Litecoin and much faster than the 10-minute block speed of bitcoin and Bitcoin Cash . Litecoin Cash will also use a proof-of-work mining method that will allow it to be mined using older bitcon mining hardware that is no longer powerful enough to mine bitcoin. One of the unique design features of the original Litecoin was that it required less energy to mine than bitcoin. Litecoin Cash also claims it will reduce transaction fees by 90 percent compared to Litecoin. Strangely enough, there seems to be a bit of confusion about the legitimacy of Litecoin Cash . Just days before the fork was announced, Litecoin founder Charlie Lee tweeted that any fork in the Litecoin blockchain is a scam an Continue reading >>

What Is Litecoin? - Invest In Blockchain

What Is Litecoin? - Invest In Blockchain

written by Jacob Bushmaker October 10, 2017 Litecoin has quickly risen from obscurity to become one of the worlds most popular, well known and most valuable cryptocurrencies in the world. According to Litecoins website , the currency is described as: Apeer-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. Simply put, Litecoin is a low cost, decentralized cryptocurrency used to pay for everyday items instantly. Litecoin ranks as one of the top five most valuable cryptocurrency in the world by market cap, behind Bitcoin, Ethereum, Ripple and Bitcoin Cash.As of writing this article, Litecoins market cap is nearly 2.8 billion dollars, with over a 1100% year to date return on investment. Litecoin was developed by Charlie Lee while he was still working for Google and went live on October 7th, 2011. This makes Litecoin one of the oldest cryptocurrencies. The source code itself was a fork off of the Bitcoin Core Client with a few notable changes and improvements such as decreased block generation time, utilizing different hashing algorithms and decreasing the time needed to process payments. More on the differences between Bitcoin and Litecoin can be found later in this article. Charlie left Google in 2013 to work for Coinbase full-time. Coinbase now is one of the largest cryptocurrency exchanges in the world. Charlie has since left Coinbase and now works full-time on Litecoin. In September of 2017, Litecoin hit a record high of nearly $100USD, but has since dropped around 50% after Chinas regulatory changes regarding cryptocurrencies. For further reading on these topics see: China Bans ICOs (Or Do They? ) for more inform Continue reading >>

Litecoin Price Analysis - Retest Of All Time Highs On The Horizon

Litecoin Price Analysis - Retest Of All Time Highs On The Horizon

Litecoin Price Analysis - Retest of all time highs on the horizon Josh Olszewicz , 22 Nov 2017 - Litecoin , Opinion , Price Analysis Litecoin ( LTC ) has remained stable throughout the recent Bitcoin bull run. The cryptocurrency is now seventh by market cap , at US$3.77 billion, with US$230 million in trading volume over the past 24 hours. LTC has risen 111% since the lows in mid September and is up 1488% this year. LTC is a Bitcoin clone created in 2011, with four times the total coin supply, and block times of 2.5 minutes allowing for quicker transaction confirmations. Compared to coins above LTC in market cap, LTC consistently has more transactions per day, which suggests it is undervalued based on utility alone. Hashrate and difficulty have continued to increase throughout the year, suggesting sustained interest from miners even though other coins are more profitable. The Litecoin block reward is due to decrease from 25 to 12.5 coins around August 2019. The Litecoin Rich List , suggests that most addresses hold less than 100 LTC, with very few addresses holding a majority of the coins. This suggests some degree of centralization of holdings, but also suggests a majority of users are minimally holding LTC. As these addresses shift towards more users buying and holding more coins, prices should theoretically increase. Its also possible that many users see LTC more of a coin to spend and less of a coin with store of value potential. This is admittedly not the best metric because a user can store 100 coins in 100 wallets or 1 addresses with no easy way of differentiating between the two. The largest addresses also tend to represent exchange cold storage. LTC trading volume has been led by the US Dollar (USD) and Bitcoin (BTC) pairs on GDAX and Poloniex respectively. GD Continue reading >>

Litecoin Cash Vs Bitcoin Cash: What To Know About Cryptocurrency Forks | Inverse

Litecoin Cash Vs Bitcoin Cash: What To Know About Cryptocurrency Forks | Inverse

Litecoin is on the verge of a major split. Litecoin Cash, expected to fork from the original project on Sunday, has caused a stir in the cryptocurrency community as insiders fear confusion around the new token. In many ways, the split bears similarities to that of the Bitcoin Cash split that occurred in August 2017, but there are some key differences between the two projects goals. Litecoin Cash is a hard fork, which means the project is breaking away from the cryptocurrency and making some big changes on the existing code. The split will occur at block 1371111, currently estimated for Sunday evening. When it happens, anyone holding Litecoin will receive 10 Litecoin Cash tokens for every Litecoin token in their wallet. Its a process all to familiar to the Bitcoin Cash team, which split away and has now become the worlds fourth-largest cryptocurrency. The token enjoyed an impressive surge in value on Friday , jumping 11.3 percent over the 24-hour period to reach a value of $1,510.22 per token and a market cap of $25.6 billion. This was in part due to news about BitPay adoption and SBI Group mining. Cryptocurrencies like bitcoin depend on consensus for change. Miners run software to interact with the token blockchain . If these miners are running differing versions of software , and the changes made in those versions arent backward compatible with older versions, it means ending up in a situation where miners are creating blocks for two entirely different chains. Agreement is key, but if a change cant bring forth an agreement, some members of the community can decide to push ahead with a fork anyway. The big incentive to avoid a hard fork is that a new cryptocurrency will have a different marketplace valuation, so a fork requires belief in the new system to rally the pri Continue reading >>

The Creator Of Litecoin Sends A Warning About Litecoin Cash

The Creator Of Litecoin Sends A Warning About Litecoin Cash

The Creator Of Litecoin Sends A Warning About Litecoin Cash {{article.article.images.featured.caption}} Opinions expressed by Forbes Contributors are their own. The author is a Forbes contributor. The opinions expressed are those of the writer. This story appears in the {{article.article.magazine.pretty_date}} issue of {{article.article.magazine.pubName}}. {{article.article.magazine.subscription_text}} A coin representing Litecoin cryptocurrency sits on a computer circuit board. Photographer: Chris Ratcliffe/Bloomberg A fork in the Litecoin blockchain this month created a new cryptocurrencycalled Litecoin Cash, trading under symbol LCC. Charlie Lee, a former Google employee and the creator of Litecoin , tweeted out a warning ,however, denying any involvement andcalling Litecoin forks"a scam." Lee believes Litecoin Cash creators are trying to capitalize on Litecoin's nameand replicate the success of Bitcoin Cash, the controversial cryptocurrency created from the hard fork that took place last year from the Bitcoin blockchain. In an interview with CoinDesk , Lee said"It confuses people into thinking Litecoin is splitting. The Litecoin community has no interest in splitting. It's just some people trying to make a quick buck. And calling it Litecoin gives them some legitimacy." The fork occurred on February 18, and according to the official Litecoin Cash website , Litecoin Cash has a "target block time of 2.5 minutes which gives 4 times the transaction bandwidth of Bitcoin, while transactions are 90% cheaper than Litecoin." All holders of Litecoinat the time of the fork were entitled to 10 LCC, news of which caused the price of Litecoin to jump after buyers rushed in to take advantage of the offer. Confusion then reigned among Coinbase customers holding Litecoin, who tweet Continue reading >>

4 Cryptocurrencies With Much Faster Block Times Than Bitcoin

4 Cryptocurrencies With Much Faster Block Times Than Bitcoin

4 Cryptocurrencies With Much Faster Block Times Than Bitcoin 4 Cryptocurrencies With Much Faster Block Times Than Bitcoin JP Buntinx February 19, 2017 Featured , Viral One thing a lot of people do not like about bitcoin is how it takes an average of 10 minutes before a transaction receives a network confirmation. Various other cryptocurrencies, also known as altcoins, try to improve this block time by quite a margin. Some projects focusing on faster block times are more successful than others, though. Litecoin is often referred to as the silver to bitcoins gold. Albeit not everyone may see it that way, Litecoin brings some very intriguing developments in the world of cryptocurrency, that much is certain. Compared to bitcoins block time, Litecoin generates network blocks 4 times as fast on the network. It takes an average of 2.5 minutes for this process to complete, which is quite an improvement. For a cryptocurrency that offers privacy and anonymity features, Monero has proven to be quite a quick altcoin when it comes to generating new blocks on the network. With an average block time of just two minutes, Monero succeeds in providing users with anonymity features at 1/5th of the time bitcoin generates a block, which does not include any anonymity features. It is interesting to note Monero used to have an even faster block time at one point in time. The developers decreased the block time to 60 seconds when Monero was first launched, yet they reverted it back to 120 seconds once the network started to settle. While 60 second block times may sound more preferable, 120 seconds does the job just fine for Monero. Many people believe Ethereum is the worlds fastest cryptocurrency in terms of block generation time, but that is not the case It has to be said, Ethereum is somewh Continue reading >>

Litecoin Fork: What Is Litecoin Cash And When Will The Crypto Token Split?

Litecoin Fork: What Is Litecoin Cash And When Will The Crypto Token Split?

Litecoin fork: What is Litecoin Cash and when will the crypto token split? THE price of Litecoin was up by 30 percent on Wednesday ahead of its hard fork launch, but what is Litecoin Cash and when will the crypto token spilt? What is Litecoin Cash and when will the crypto token spilt? Litecoin Cash is the hard fork of the fifth largest cryptocurrency on the market. The new cryptocurrency is promising new tokens to existing holders at block 1,371,111 when it launches on Sunday February 18. Litecoin Cash will spilt from the Litecoin blockchain at around 5pm ET (11pm GMT) on Sunday and will give every Litecoin holder 10 new coins for every one Litecoin they own. The new coin, LCC, will use bitcoins SHA-256 algorithm for the mining purposes that creates new tokens, whereas the original Litecoin uses Scrypt which verifies transactions. Litecoin: Could Litecoin reach the same high as Bitcoin? The company does not claim to be affiliated with Litecoin in any way. The Litecoin Cash foundation website states: Were using the Litecoin Cash name simply because it has become customary in recent months for a coin which forks a blockchain to prefix its name with the name of the coin being forked. This practice has become a widely understood convention. Were not associated or affiliated with Charlie Lee or any of the Litecoin team in any way; we are big fans though. The announcement of Litecoin Cash was made on February 3, and was quickly denounced by Litecoin founder Charlie Lee. PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin. Don't fall for it and definitely don't enter your private keys or seed into their website or client. Be careful out there! Charlie Lee [LTC] (@SatoshiLite) 4 Continue reading >>

Litecoin Difficulty And Hashrate Chart - Bitcoinwisdom

Litecoin Difficulty And Hashrate Chart - Bitcoinwisdom

Average block generation time of 1008 blocks. If grey line less than blue line, The generation time is decreasing. The more grey line is lower than blue line, the faster generation time is decreasing. After 2016 blocks generated, Litecoin will adjust difficulty to estimated difficulty in order to keep the block generation time at 150 seconds. Continue reading >>

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