Etherium vs litecoin

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Both Ethereum and Litecoin are prosperous but from different aspects. Whatever you choose, that will be your call but make sure you are fully ready to deal with the market crypto market risks. Is there anything related to Litecoin vs Ethereum that we have left to cover?

Let us know in the comment area below right now! Keep an eye out on our page to get a similar comparative analysis of Ethereum vs Bitcoin. Saili Ganguly is a content developer both by passion and profession. She loves to travel, read extensively and observe whatever happening all around. She is an expert in creating SEO friendly content as well. At present she is working with a firm as a content executive.

Save my name, email, and website in this browser for the next time I comment. Back in the year , Programmer Vitalik Buterin conceived Ethereum. Next, in On , 30th July , the network went live. Ethereum is that platform that allows deploying unchangeable and decentralized apps where users can interact with one another. In the global crypto market, Ethereum is that currency after Bitcoin in terms of market capitalization.

The present price of 1 Ethereum is 4, Here is a background idea of Litecoin that you must know before selecting one between Litecoin Vs Ethereum: In October , Charlie Lee created Litecoin with a vision of developing a cheaper, faster, and better version of bitcoin.

It is a peer-to-peer internet cryptocurrency, and also a global, open-source, entirely decentralized, payment network. The market limit of Litecoin is 84 million , which means that only 84 million will be created. Also, Litecoin generates blocks at a 4 times faster rate than Bitcoin. For example, per 2. This speed is literally unbelievable. Litecoin follows the mechanism of Bitcoin. It is a peer-to-peer cryptocurrency.

It is much higher. It is also called Smart Contracts. Litecoin is devoid of such features Limit There is no limit or restriction on Ethereum numbers in the market. Can Ethereum Hit k? Does Litecoin Have A Future? Saili Ganguly Saili Ganguly is a content developer both by passion and profession. Share 0. Follow Us. Popular Posts. Contact About Us. Point Of Difference. Ethereum arrived in the market in Ethereum operates on a blockchain platform.

Ethereum is smarter than Litecoin. Litecoin is devoid of such features. There is no limit or restriction on Ethereum numbers in the market. They can be used to remove the middlemen from many different types of transactions. One example is the sale of a house…. Typically, when the deeds to a property change hands, expensive legal departments are needed to make sure that the contract is followed. Using smart contracts, there is no need to involve lawyers in the process. Of course, this saves all the people involved both time and money.

After all, layers are not known for being cheap! The idea of Ethereum dates back to A young cryptocurrency expert and coder called Vitalik Buterin thought that Bitcoin needed more functions than just a secure digital money system. He argued that adding a programming language to Bitcoin would let applications be built on it. The Bitcoin community largely disagreed. This led Buterin to create his own blockchain. In early , the Ethereum project was announced.

This early version of the Ethereum team began working on the idea throughout through a company called Ethereum Switzerland GmbH. They also created the non-profit organization — the Ethereum Foundation. The project was launched in July This was one of the first examples of an ICO Those who wanted to invest would send BTC to the foundation and receive a set amount of the new Ether coins in return.

Ethereum is a software platform that is constantly changing. The early versions of the software were buggy and unstable. The first version that was considered stable appeared in March ! Homestead was followed by the current version of the Ethereum software platform in October This is called Metropolis. Rather than using large amounts of computing power and electricity, in a Proof-of-Stake system, users who hold large amounts of Ether check transactions instead. This makes sure the rules are followed.

During , the excitement began to grow around Ethereum. The EEA is made up of many different companies. Many of them are household names. These companies were included in the alliance because they were interested in looking at how the Ethereum software platform could benefit their industries. Understandably, having the likes of Toyota, Samsung, Microsoft, JP Morgan, Intel, and Deloitte saying that were interested in the project increased demand for Ether token.

As you can see from the below pictures, there are some very impressive names on the Enterprise Ethereum website. Litecoin is very different from Ethereum. It has much more in common with Bitcoin than Ethereum does. Litecoin is a digital currency in its truest sense. Unlike with the Ethereum software platform, there is no second layer for application development on Litecoin. So, its sole purpose is to be used as a currency.

Like Bitcoin and Ethereum, Litecoin is a peer-to-peer and completely open source. This means that anyone can download the software code, join the network and mine Litecoin. Litecoin was launched in October by former Google employee Charlie Lee.

The similarities with Bitcoin are because it is actually a fork of Bitcoin. A fork is what happens when the miners of a Proof-of-Work blockchain disagree on an update. When there is no agreement, the update becomes a fork. This means that the blockchain has now split. This is how Litecoin was created — Charlie Lee issued a Bitcoin update, but not enough of the miners downloaded the update.

Lee had been involved in an earlier altcoin called Fairbrix. This was designed to be a fairer version of another early altcoin called Tenebrix. However, many in the community complained that the anonymous Tenebrix founders had mined millions of coins for themselves before the software was released! The idea was that this would create even more decentralization than Bitcoin because anyone who owns a computer has a CPU and can, therefore, become a cryptocurrency miner.

However, there were problems with the programming code. These issues destroyed the Fairbrix coin before it was even launched. Lee was still convinced he could make a fairer and more usable version of Bitcoin though. From the beginning, Litecoin was designed to be a fairer, faster, and cheaper version of Bitcoin.

Using a different proof-of-work system meant that it was easier to mine Litecoin using CPUs for longer than Bitcoin. However, it soon became obvious that more advanced systems could also mine the currency. In May of , Litecoin implemented a software upgrade known as Segregated Witness. The idea behind Segregated Witness, or SegWit for short, was to split the data about transactions. Only the data that was necessary would be stored on the blockchain. This made it possible to fit more transactions into each block and increased the number of transactions that the network could complete every second.

The idea was that even faster transactions would make Litecoin more suitable for smaller payments than Bitcoin that had become expensive to transact with. SegWit would later be activated on the Bitcoin blockchain too. The first ever Lightning Network transaction and atomic swap were also on Litecoin too.

Lightning Network is a software upgrade that will allow small transactions to happen off the blockchain. Although less secure than on chain transactions, Lightning Network transactions will make blockchains suitable for small payments such as buying a cup of coffee. Atomic swaps are thought to reduce the need to use exchanges that are often hacked, causing users to lose their cryptocurrency. These two upgrades will bring even more functionality to both Litecoin and eventually Bitcoin too.

Today, Lee sees Bitcoin and Litecoin as working together rather than against each other. In this way, Litecoin acts as something of a test network for its bigger, more established brother. Looking for more in-depth information on related topics? We have gathered similar articles for you to spare your time.

Take a look! Anonymous Bitcoin Wallet: learn how to store and get Bitcoins anonymously. Learn to keep your privacy and get an anonymous Bitcoin wallet today. Find out how to use the Binance P2P marketplace in order to safeguard your cryptocurrencies and tokens! Get all your best Altcoin mining choices in this complete best coin to mine guide. Litecoin and Ethereum are very different blockchain projects. Meanwhile, Ethereum is a decentralized computer system with its own programming language.

This allows developers to create decentralized applications using smart contracts. Both Litecoin and Ethereum have faster transaction times than Bitcoin. On the Litecoin network, new blocks are formed every 2. Ethereum has a much faster blockchain and new blocks are formed every 10 to 20 seconds. This is because the total amount of money invested in each is different. Not only that, but the number of units of each currency is also different.

The prices are worked out by taking the total money in the market or market capitalization and dividing it by the number of units that are currently available. This will result in a different price per unit. This is because there are many more Ether coins available than Litecoins. These figures will change over time as new coins are unlocked through mining.

Since it has a much faster block generation time, it seems like Ethereum is a faster means of payment than Litecoin. Since Ethereum is a much more complicated system with many more transactions occurring per second, the network can get filled up more easily. Take the example of CryptoKitties , a popular Ethereum-based trading game that appeared late in It was so popular that transactions of digital cats filled up all the space on the chain. Since the Litecoin blockchain only stores data about payments, users are much less likely to experience delays when making transactions.

However, it will be slower than Ethereum if neither blockchain is being used heavily that day. That said, it makes sense to use Litecoin for payments since Ethereum is being used to develop potentially world-changing applications. Keeping the network free for developers to experiment on is, therefore, a good idea.