Print Page - What is Litecoin?

Title: What is Litecoin?
Post by: Rogue on May 16, 2013, 05:49:54 AM

Im not new to BTC but im just trying to figure out what LitCoin is and how its different than BTC. I know that the LTC miners run on RAM and not GPU's but is the miner setup the same?

Title: Re: What is Litecoin?
Post by: talexeh on May 16, 2013, 05:57:02 AM

Hope this helps: https://en.bitcoin.it/wiki/Litecoin#Differences_from_Bitcoin

Basically bitcoin uses SHA256 while litecoin runs on scrypt.

And nope, both also runs on GPU. It's just that bitcoin mining has evolved from CPU > GPU > FPGA > ASIC while litecoin is still stuck at the second level (GPU).

Title: Re: What is Litecoin?
Post by: odolvlobo on May 16, 2013, 05:58:58 AM

Litecoin is a cryptocurrency derived from Bitcoin, but it has some important differences:

Blocks are added to the block chain more quickly (24/hour vs. 6/hour).
The hash algorithm is designed to favor a CPU (and now GPU) over an ASIC or FPGA. One result of this is that people with GPUs that are no longer mining bitcoins, are now mining litecoins.
Though it is a distant 2nd place to Bitcoin in terms of total value, it is far ahead of all the other cryptocurrencies.

The Litecoin forum is here: http://forum.litecoin.net/

Title: Re: What is Litecoin?
Post by: jamesgarfield on May 16, 2013, 06:01:33 AM

Google search button does magic

Title: Re: What is Litecoin?
Post by: NWO on May 16, 2013, 11:24:18 AM

Similar to PowerCoin. Both use scrypt.

Bitcoin Forum

Other => Beginners & Help => Topic started by: Rogue on May 16, 2013, 05:49:54 AM