litecoin Concepts

Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond: The Innovative Investor's Guide to Bitcoin and Beyond

by Chris Burniske and Jack Tatar · 19 Oct 2017 · 416pp · 106,532 words

cryptoassets floating on globally connected and ever-on markets. At the end of 2016, a list of the top 50 included:12 Bitcoin, Ethereum, Ripple, Litecoin, Monero, Ethereum Classic, Dash, MaidSafeCoin, NEM, Augur, Steem, Iconomi, Dogecoin, Factom, Waves, Stellar Lumens, DigixDAO, Zcash, Lisk, Xenixcoin, E-Dinar Coin, Swiscoin, GameCredits, Ardor, BitShares

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unleashed a tidal wave of disruption and rethinking of global financial and technological systems. Countless derivations of Bitcoin have been created—systems such as Ethereum, Litecoin, Monero, and Zcash—all of which rely on blockchain technology, Satoshi’s gift to the world. At the same time, many financial and technological incumbents

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hardware to take part in building Bitcoin’s blockchain if they feel they can make money doing so. Other examples of public blockchains include Ethereum, Litecoin, Monero, Zcash, and so on, which will be discussed in more detail in Chapters 4 and 5. Private systems, on the other hand, employ a

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example, the native asset of Bitcoin’s blockchain is bitcoin, the native asset of Ethereum’s blockchain is ether, the native asset of Litecoin’s blockchain is litecoin, etc. Many public blockchains are markedly different from one another. Some members of the early Bitcoin community feel the definition of what makes something

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help provision these digital resources in a distributed and market-based manner. In this chapter, we focus on the most important cryptocurrencies today, including bitcoin, litecoin, ripple, monero, dash, and zcash. The next chapter covers the world of cryptocommodities and cryptotokens, the development of which has been accelerated by the launch

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speed. To gain a .bit site, one must have namecoin to do so, thus the need for the native asset. Litecoin While a handful of altcoins were released through 2011, Litecoin was the first that would retain significant value to this day. The cryptocurrency was developed by Charlie Lee, an MIT graduate

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trying to create his own variants. After the unsuccessful launch of Fairbrix in September 2011, Lee tried again with Litecoin in October.18 Litecoin aimed to improve upon Bitcoin in two ways. For one, Litecoin’s block times were 2.5 minutes, four times faster than Bitcoin’s, which would be important for

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merchants needing faster confirmation of consumer’s payments. Second, Litecoin used a different hash function in the proof-of-work process—also known as a block hashing algorithm—which tried to make the mining process

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wanted a coin that retained its peer-to-peer roots and allowed users to be miners without the need for specialized and expensive mining units. Litecoin accomplished this by using a block hashing algorithm called scrypt, which is memory intensive and harder for specialized chips like ASICs to gain a significant

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edge upon. Other than these two tweaks, much of Litecoin remained similar to Bitcoin. The innovative investor will have realized, however, that if blocks are issued four times as fast as bitcoin, then the total

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amount of litecoin released will be four times greater than that of bitcoin. This is exactly the case, as litecoin will converge upon a fixed 84 million units, whereas bitcoin will converge upon a quarter of that

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characteristics, too, so that a halving occurs at 840,000 blocks, as opposed to bitcoin’s 210,000. As Figure 4.3 shows, this puts litecoin on a similar yet larger supply trajectory than bitcoin. Notably, the annual rates of supply inflation are exactly the same for the number of years

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the cryptocurrency is from launch. Figure 4.3 The comparative supply schedules of Litecoin and Bitcoin It’s important to realize that if bitcoin and litecoin are both being used in similar size markets and therefore have the same size network values, a unit of

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litecoin will be one-fourth as valuable as a unit of bitcoin because there are four times as many units outstanding. This is an important lesson,

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price of each cryptoasset should not be compared if trying to ascertain the appreciation potential of the asset. Litecoin’s network is often used as a testing ground for Bitcoin software updates, given that Litecoin is nimbler than Bitcoin because it stores a fraction of the monetary value. It has also been

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used as the basis for other cryptoassets. At the start of 2017, litecoin was the fourth largest cryptoasset in terms of network value.20 Ripple Ripple is a cryptocurrency created in 2004 by Ryan Fugger, a web developer

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, ‘This is so funny.’ Then I said, ‘I should just make this coin.’”34 Markus used Litecoin’s code to derive Dogecoin, thereby making it one more degree of separation removed from Bitcoin. If Litecoin was a child of Bitcoin, then Dogecoin was a grandchild of Bitcoin. A notable variation was that

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Dogecoin planned to issue a much larger amount of dogecoin than bitcoin or even litecoin. The plan was to have 100 billion dogecoin in circulation after 1.5 years.35 That would equal nearly 5,000 times more coins than

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later chose to issue roughly 5 billion coins each year, and this created a vastly different supply schedule from those of the deflationary bitcoin and litecoin. Dogecoin mostly gained traction amongst Internet tippers. The supply schedule has kept the value of a single dogecoin to a fraction of a cent, which

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: ICELAND’S NATIONAL CRYPTOCURRENCY? Much like the anonymous Satoshi, Auroracoin’s creator also had a fictitious name: Baldur Friggjar Óðinsson. Baldur created Auroracoin based on Litecoin’s code and decided to “air-drop” the cryptocurrency to Icelanders with the intent of providing 50 percent of all auroracoin in existence to residents

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Auroracoin may have interesting times ahead if its developer team can figure out a way forward. THE RACE FOR PRIVACY: DASH, MONERO, AND ZCASH While Litecoin, Ripple, and Dogecoin all added elements to the mix of what it meant to be a cryptocurrency, they did not provide the privacy that many

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Monero is a descendent of a lesser-known cryptocurrency called Bytecoin. Bytecoin was crafted quite differently from Bitcoin, using technology known as CryptoNote. Similar to Litecoin’s scrypt, CryptoNote’s block hashing algorithm aims to avoid the specialization and therefore centralization of the miners supporting the network by requiring an order

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problem that Monero does not have to deal with. Monero’s supply schedule is a hybrid of Litecoin and Dogecoin. For monero, a new block is appended to its blockchain every 2 minutes, similar to Litecoin’s 2.5 minutes. Like Dogecoin, however, it will have a small degree of inflation for

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800 cryptoassets in a market that totaled over $17 billion. At that time, the top assets in order of network value were: Bitcoin, Ethereum, Ripple, Litecoin, Monero, Ethereum Classic, and Dash. The innovative investor may note from this list that Ethereum follows Bitcoin. Its story is one that includes brilliant developers

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years at that point, and no major alternative was in existence. It would not be until October of that year that Charlie Lee would release Litecoin. It wasn’t long before Buterin fell down the Bitcoin rabbit hole. He quickly became one of the first well-known journalists pioneering the world

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there is diversity in equities, with analysts segmenting companies depending on their market capitalization, sector, or geography, so too is there diversity in cryptoassets. Bitcoin, litecoin, monero, dash, and zcash fulfill the three definitions of a currency: serving as a means of exchange, store of value, and unit of account. However

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begin there. Then for comparison, we’ll pull in relevant examples from other top cryptoassets by market cap, such as ether, dash, ripple, monero, and litecoin. BITCOIN’S LIQUIDITY AND TRADING VOLUME PROFILE Bitcoin’s liquidity has improved dramatically over time, and exchanges have grown from just Mt. Gox in July

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9.3 shows monero’s historic trading volume. Figure 9.3 Monero’s trading volume history Data sourced from CryptoCompare To varying degrees, ether, dash, litecoin, ripple, and other cryptoassets have shown similar increases in trading volume as they have matured. Many cryptoassets will enjoy significant boosts in trading volumes upon

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to the decision on the Winklevoss bitcoin ETF on March 10, 2017, bitcoin became increasingly correlated with ether and monero, and increasingly negatively correlated with litecoin (see Figure 9.14). Since litecoin is such a close derivative of bitcoin, investors likely became concerned that people would rotate out of

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litecoin and move into bitcoin if the bitcoin ETF was approved. Ether and monero, on the other hand, are significantly different cryptoassets and therefore are held

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to become knowledgeable about these assets’ specific characteristics and recognize where correlations may or may not occur. Figure 9.14 Bitcoin’s correlation with ether, litecoin, and monero, leading up to the SEC’s rejection of the Winklevoss ETF Data sourced from CryptoCompare We expect to see more of this correlation

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use a blockchain.’”3 A number of cryptoasset-based projects focus on social networks, such as Steemit4 and Yours,5 the latter of which uses litecoin. While we admire these projects, we also ask: Will these networks and their associated assets gain traction with competitors like Reddit and Facebook? Similarly, a

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of a cryptoasset’s ongoing health is the support of the underlying security system. For proof-of-work based systems, such as Bitcoin, Ethereum,1 Litecoin, Monero, and many more, security is a function of the number of miners and their combined compute (or hashing) power. Since miners are the ones

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risk must be considered and avoided. Figures 13.3, 13.4, and 13.5 are charts showing the hash rate distribution among miners for Ethereum, Litecoin, and Bitcoin as of March 2017. Figure 13.3 Ethereum’s hash rate distribution Data sourced from Etherscan.io Figure 13.4

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Litecoin’s hash rate distribution Data sourced from https://www.litecoinpool.org/pools Figure 13.5 Bitcoin’s hash rate distribution Data sourced from https://blockchain.

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info/pools It’s apparent that Litecoin is the most centralized, while Bitcoin is the most decentralized. A way to quantify the decentralization is the Herfindahl-Hirschman Index (HHI), which is a

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a 51 percent attack. Figure 13.6 shows that both Bitcoin and Ethereum qualify as competitive marketplaces, while Litecoin is a moderately concentrated marketplace.7 Figure 13.6 The health of Bitcoin, Ethereum, and Litecoin’s mining ecosystems based on the HHI Data sourced from Etherscan.io, litecoinpool.org, and Blockchain.info

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Bitcoin’s HHI over time Data sourced from Andrew Geyl At times, Bitcoin has been a moderately concentrated marketplace, just as Litecoin mining is currently a moderately concentrated marketplace. Litecoin recognizes the impact that large mining pools can have on the health of its ecosystem and the quality of its coin. To

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that point, Litecoin developers have instituted an awareness campaign called “Spread the Hashes” for those mining litecoin to consider spreading out their mining activities

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.8 The campaign recommends that litecoin computers mine with a variety of mining pools rather than concentrating solely in

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good thing. It refers to a situation where new developers forked the code of the cryptoasset to experiment with it. Recall that this is how Litecoin, Dash, and Zcash were created from Bitcoin: developers forked Bitcoin’s code, modified it, and then re-released the software with different functionality. Subscribers refer

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Mining is one of the largest cloud-based bitcoin mining pool services.13 It’s been in business since 2013 and offers mining in bitcoin, litecoin, zcash, and ether.14 On its website it shows photos and videos of its data centers; many are in Iceland where electricity costs are low

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. 15. https://namecoin.org/. 16. https://bit.namecoin.org/. 17. https://bitcointalk.org/index.php?topic=1790.0. 18. https://litecoin.info/History_of_cryptocurrency. 19. https://litecoin.info/Comparison_between_Litecoin_and_Bitcoin/Alternative_work_in_progress_version. 20. https://coinmarketcap.com/historical/20170101/. 21. http://ryanfugger.com/. 22. https://www.americanbanker

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are mining pools that are actually composed of many entities. Therefore, the decentralization is actually much greater than registers through such network analysis. 8. https://litecoin.info/Spread_the_Hashes. 9. https://www.thebalance.com/bitcoin-mining-in-the-beauty-of-iceland-4026143. 10. Nodes are not the same as miners

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Dash and, 167 IPO and, 250 markets and, 92, 94 pools of, 242 profile of, 111 regulations and, 126–128, 297n10 of shares, 142–143 Litecoin, 39–41, 134 hash rate for, 190 mining of, 193 Logarithmic scales, 86 London School of Economics and Political Science, 12 Looking Backward (Bellamy), xxi

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and, 189–193 developers and, 112 of Ethereum, 55 geography and, 193–194 users as, 40 Mining cryptoassets and, 211–229 history of, 211–212 Litecoin and, 193 Mining Pools, 215 Mississippi Company, 160–162 Mitsui Sumitomo Insurance, 221 Models for business, xv ICO as, 257–258 for investors, 76, 79

The Bitcoin Guidebook: How to Obtain, Invest, and Spend the World's First Decentralized Cryptocurrency

by Ian Demartino · 2 Feb 2016 · 296pp · 86,610 words

that a message came from someone holding its related private key without revealing the specifics of that private key. Scrypt: The computer algorithm used by Litecoin and many other alternative cryptocurrencies to secure their networks. It was designed to be more resistant to ASICs. SHA256: The computer algorithm that Bitcoin and

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even other fiat currencies. In the case of Uphold, 27 different fiat currencies and precious metals are supported in addition to four digital currencies (Bitcoin, Litecoin, Ether, and Uphold’s own Voxelus). Uphold opens up investment opportunities that would otherwise be unavailable to the average consumer without enough disposable income to

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first attempt at heading off GPU mining rigs (i.e., mining rigs with multiple, powerful graphics processing units) and ASICs, and it is used by Litecoin and dozens of other currencies. Despite its best attempts, Scrypt ASICs have still managed to hit the market. X11, along with its offshoots X5, X6

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the useful altcoins out there. It is simply my honest attempt to portray the general landscape of the altcoin market as concisely as is practical. Litecoin Algorithm: Scrypt Mining Type: Proof-of-Work Block Time: 2.5 minutes Difficulty Re-target: 2016 blocks Block Reward (current): 25 LTC Reward Curve: Halves

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every 840,000 blocks Total Number of LTC: 84 million Litecoin is arguably the second most popular cryptocurrency after Bitcoin, judging by its level of acceptance and brand recognition. Created by Charlie Lee, it is technically

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a fork of the first Scrypt coin Tenebrix, which had a horrible distribution. Initially marketed as “silver to Bitcoin’s gold,” Litecoin was an attempt to head off the growing hardware and ASIC race of Bitcoin, in which miners are building mining equipment that is continually getting

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a CPU-minded algorithm with the intention of bringing mining back to home computers and away from specifically designed hardware. For a while, it worked. Litecoin was and remains a more viable mining option for those looking to mine at home. It has, however, run into the same problems as Bitcoin

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mining at home is not recommended, though it remains far more feasible than mining Bitcoin. ASICs designed to mine Scrypt were eventually released and as Litecoin became more popular, its difficulty followed a curve similar to that of Bitcoin. Even with its price dropping over the past few years

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, Litecoin’s difficulty has continued to rise, and mining profitability is razor-thin even with cutting-edge hardware. Mining on a home computer is more likely

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to damage your hardware than net you any Litecoin. That said, if one has free or extremely cheap electricity, some home mining is possible. It is certainly more feasible than home mining Bitcoin but

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it is still not recommended for the average user. Today, Litecoin is used much the same way that it was intended to be: just as Bitcoin, only cheaper. As I write, a

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Litecoin is worth $2.93. It is the most common trading pair (i.e., currency other cryptocurrencies are traded against) outside of Bitcoin and fiat currencies.

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number of merchants, either through popular merchant processing companies such as Coin Merchants or independently on a merchant-by-merchant basis. Charlie Lee, who started Litecoin, was also an early investor in Coinbase, perhaps the most popular US-based on-ramp to Bitcoin. His involvement with Coinbase has led to near

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-constant speculation that Coinbase will accept Litecoin at some point. Given the status of Coinbase as a payment processor and a bridge to the fiat world, adoption by Coinbase would be extremely

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beneficial to Litecoin. Other than the Charlie Lee connection, however, there are currently no indications that Coinbase will ever accept Litecoin. From a technical standpoint, Litecoin is faster than Bitcoin. With the same block size as Bitcoin and a much

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’s block size isn’t set in stone and there is an ongoing debate over changing the size of the blocks, but for now, Litecoin remains faster. Recently, Litecoin started merge mining (i.e., mining two coins with the same algorithm at the same time) with Dogecoin. Both coins use Scrypt, so

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hashrates can be put toward both coins simultaneously. There was no downside for Litecoin miners and the merge helped secure the Dogecoin network by bringing Litecoin miners onto it. Dogecoin Algorithm: Scrypt with AuxPoW Mining Type: Proof-of-Work Block Time: 1 minute Difficulty Re

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-target: Digishield (variable) Block Reward (current): 10k Doge Reward Curve: Halves every 840,000 blocks Total Number of Doge: 100 billion [goal, variable] If Litecoin is the most popular serious cryptocurrency, Dogecoin—pronounced either “Doggy Coin” or “Douje-Coin” depending on whom you ask—is the most “viral.” Originally intended

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gained a large overall market cap and with its hashrate quickly dropping, a 51% attack became a real possibility. The solution came by way of Litecoin. After much discussion in both communities, Litecoin decided to enable merged mining with Dogecoin. Despite the exceedingly small rewards available on the Dogecoin network

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, Litecoin miners still benefited from this decision. Since they use the same algorithm, both coins can be mined simultaneously without a decrease in mining of either.

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5 What this did was enable Dogecoin’s network to be secured by Litecoin’s miners, and anyone looking to force a double-spend through a 51% attack would have to match both the

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Litecoin network’s hashrate and that of Dogecoin. Afterward, merge mining became a popular feature in a lot of smaller cryptocurrencies. Dogecoin isn’t the future

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-02-04/jamaican-bobsledders-ride-dogecoin-into-olympics. 5 Higgins, Stan. “Dogecoin Community Celebrates as Merge Mining with Litecoin Begins.” CoinDesk. September 11, 2014. Accessed June 22, 2015. http://www.coindesk.com/dogecoin-celebrates-litecoin-merge-mining/. 6 Buterin, Vitalik. “Introducing Ripple.” Bitcoin Magazine. February 26, 2013. Accessed June 22, 2015. https

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-bitcoin-could-change-how-we-interact-with-sports. Index A Alternative Cryptocurrencies: Arscoin, 283 Blackcoin, 309 Bytecoin, 304 Dash/Dark, 294 Dogecoin, 289 Ethereum, 311 Litecoin, 287 LTBCoin, 318 Monero, 304 Namecoin, 68, 305 NuBits, 296 NXT, 297 Paycoin, 148 Peercoin, 303 Ripple, 234, 291 Stellar, 291 Voxel, 320 Amir Taaki

Mastering Blockchain, Second Edition

by Imran Bashir · 28 Mar 2018

Block rewards Reward halving rate Block size and transaction size Interest rate Coinage Total supply of coins Namecoin Trading Namecoins Obtaining Namecoins Generating Namecoin records Litecoin Primecoin Trading Primecoin Mining guide Zcash Trading Zcash Mining guide Address generation GPU mining Downloading and compiling nheqminer Initial Coin Offerings (ICOs) ERC20 tokens Summary

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relies on proof that adequate computational resources have been spent before proposing a value for acceptance by the network. This scheme is used in Bitcoin, Litecoin, and other cryptocurrency blockchains. Currently, it is the only algorithm that has proven to be astonishingly successful against any collusion attacks on a blockchain network

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,951.83 Ethereum $68,472,253,587 $697.94 Ripple $31,340,920,806 $0.801723 Bitcoin Cash $17,182,167,856 $1,010.08 Litecoin $9,952,905,688 $179.11 NEO $5,638,100,000 $86.74 Cardano $5,450,310,987 $0.210217 Stellar $5,438,720,268

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puzzle solving requires a large amount of memory, it is not feasible to be implemented on ASIC-based systems. This technique was initially used in Litecoin and Tenebrix where the Scrypt hash function was used as an ASIC-resistant PoW scheme. Even though this scheme was initially advertised as ASIC resistant

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, recently Scrypt ASICs have now become available, disproving the original claim by Litecoin. This happened because Scrypt is a memory intensive mechanism and initially it was thought that building ASICs with large memories is difficult due to technical

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possible. Inter-block time This is the time elapsed between the generation of each block. For bitcoin the blocks are generated every 10 minutes, for litecoin it's 2.5 minutes. Any value can be used but an appropriate value is usually between a few minutes; if the generation time is

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wallet: domain name configuration As shown in the following screenshot, masteringblockchain will register as masteringblockchain.bit on the Namecoin blockchain: Namecoin wallet: showing registered name Litecoin Litecoin is a fork of the bitcoin source code released in 2011. It uses Scrypt as PoW, originally introduced in the Tenebrix coin

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. Litecoin allows for faster transactions as compared to bitcoin due to its faster block generation time of 2.5 minutes. Also, difficulty readjustment is achieved every

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the PBKDF2 function again in order to produce a derived key. This process is shown in the following diagram: Scrypt algorithm Scrypt is used in Litecoin mining with specific parameters where N= 1024, R = 1, P=1, and S = random 80 bytes producing a 256-bit output. It appears that, due

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to the selection of these parameters, the development of ASICs for Scrypt for Litecoin mining turned out to be not very difficult. In an ASIC for Litecoin mining, a sequential logic can be developed that takes the data and nonce as input and applies the PBKDF2

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again until a hash is found that is lower than the difficulty target. Scrypt ASIC design simplified flowchart Trading litecoin: As with other coins, trading litecoin is easily carried out on various online exchanges. The current market cap of litecoin is $10,448,974,615. The current price (as of March, 2018) of

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litecoin is $188.04/LTC. Mining: Litecoin mining can be carried out solo or in pools. At the moment, ASICs for Scrypt are available that are commonly

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used to mine Litecoin. Litecoin mining on a CPU is no longer profitable as is the case with many other digital currencies now. There are online cloud mining providers and

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ASIC miners available that can be used to mine Litecoin. Litecoin mining started from the CPU, progressed through GPU mining rigs, and eventually now has reached a point where specialized ASIC miners, such as ASIC Scrypt

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hashing rate of 2 Gh/s for Scrypt algorithms. Software source code and wallet: The source code for litecoin is available at https://github.com/litecoin-project/litecoin. The Litecoin wallet can be downloaded from https://litecoin.org/ and can be used just like the Bitcoin core client software. Primecoin Primecoin is the first digital

Mastering Blockchain: Unlocking the Power of Cryptocurrencies and Smart Contracts

by Lorne Lantz and Daniel Cawrey · 8 Dec 2020 · 434pp · 77,974 words

Consensus Stakeholders Brokerages Exchanges Custody Analytics Information Summary 3. Forks and Altchains Bitcoin Improvement Proposals Understanding Forks Contentious Hard Forks The Bitcoin Cash Fork Altcoins Litecoin More Altcoin Experiments “2.0” Chains NXT Counterparty Privacy-Focused Cryptocurrencies Dash Monero Zcash Ripple and Stellar Ripple Stellar Scaling Blockchains SegWit Lightning Other Altchain

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different types of proof-of-work have been devised. For cryptocurrencies, a few are used. Bitcoin uses the SHA-256 hash algorithm, for example, while Litecoin uses a more memory-intensive cryptographic Scrypt algorithm. Figure 2-16. History of the hash rate for the Bitcoin network Block discovery About every 10

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proof-of-work with a use beyond just confirming transactions, with the work focusing on searching for chains of prime numbers. Litecoin The best-known altcoin from the early era is Litecoin. In 2011, Charlie Lee, a developer at Google, began spending time playing around with the Bitcoin code. He had observed

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wanted to create its silver complement. He also wanted to make his project “lite” so block times would be faster. Lee ultimately decided to give Litecoin four times the supply of coins of Bitcoin. In addition, the block time was set to be four times faster than Bitcoin’s. Lee also

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task very well. Scrypt is another proof-of-work algorithm, similar to Bitcoin’s SHA-256 with some different properties.) With Litecoin using Scrypt, people could mine both bitcoin and litecoin at the same time on their computers. But eventually Scrypt would restrict bitcoin miners who wanted to use ASICs to profit

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from Litecoin because the algorithm was different. Developing Litecoin took Lee one week of planning and four hours of coding. It is still one of the top 10 cryptocurrencies by market capitalization

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many hoops. PotCoin, released in 2014, was the first attempt to create a cryptocurrency for the cannabis industry. Initially it was just a copy of Litecoin, but the project eventually moved to proof-of-stake velocity, which encourages staking, where a cryptocurrency holder profits from just holding it, and regular signing

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is an open source tool by the Austrian Institute of Technology that enables cross-ledger analytics on blockchain flows, with support for Bitcoin, Bitcoin Cash, Litecoin, Zcash, and more. Whale Alert offers a free basic API to track many different cryptocurrencies, including the top 100 ERC-20 tokens. It also has

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, The Future of Blockchain airdrops, disbursement of cryptocurrencies via, Airdrops airgapped computers, Counterparty Risk altchains, Understanding Forks altcoins, Understanding Forks, Altcoins-Counterpartyearlier, sample of, Altcoins Litecoin, Litecoin other, More Altcoin Experiments Amazon Quantum Ledger, Blockchain as a Service analysis, Analysis-Hunting for Bartanalytics services for cryptocurrency blockchains, Analytics fundamental cryptocurrency analysis, Fundamental

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(ABI), Interacting with a smart contract application-based blockchain transactions, Ether and Gas application-specific integrated circuits (ASICs), Mining Is About IncentivesASIC-resistant Scrypt algorithm, Litecoin deterring use for mining, Altcoins X11 ASIC-resistant proof-of-work, Dash arbitrage, Jurisdiction, Arbitrage, Arbitrage Trading-Float Configuration 3basic, Arbitrage Trading basic mistakes in

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off-chain transactions, Off-chain transactions solving scalability issues on Blockchain, Lightning Liquid multisignature wallet, Liquid liquidity, Arbitrageor depth in a market, Hunting for Bart Litecoin, Litecoin longest chain rule, The mining process lottery-based consensus, Alternative methods M MaidSafe, Understanding Omni LayerICO for, Use Cases: ICOs Maker project's DAI, DAIsavings

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implementation of sidechains, Other Altchain Solutions Ponzi schemes in cryptocurrency, Skirting the Laws PotCoin, More Altcoin Experiments precompilation of zk-SNARKs, zk-SNARKs preminingissues with, Litecoin premined altcoin, Ixcoin, Altcoins prices (gas), Gas and Pricing Primecoin, Altcoins privacyand censorship resistance with dapps, Use Cases Ethereum-based privacy implementations, Ethereum-Based Privacy

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, Sidechains STARKs, STARKs Schnorr algorithm, Privacy Scott, Mark, Skirting the Laws SCP consensus protocol, Stellar scripted money, Improving Bitcoin’s Limited Functionality Scrypt mining, Altcoins, Litecoin Secret Network, Privacy securitiestokens proposed in ICOs, Different Token Types unregistered securities offerings, Skirting the Laws Securities and Exchange Commission (SEC), FinCEN Guidance and the

Kings of Crypto: One Startup's Quest to Take Cryptocurrency Out of Silicon Valley and Onto Wall Street

by Jeff John Roberts · 15 Dec 2020 · 226pp · 65,516 words

had used his “20% time” at Google—a renowned perk that let employees spend a fifth of their work hours on personal projects—to create Litecoin, an early alternative to bitcoin. Charlie’s entire life had been shaped by his extraordinary proficiency at math. This included his first day of elementary

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just bitcoin flourishing. Other cryptocurrencies had emerged with fan bases of their own and, like bitcoin, could be exchanged for real-world money. These included Litecoin, the offshoot of bitcoin created by Coinbase’s Charlie Lee, but also off-the-wall creations like Dogecoin—a novelty currency inspired by a feel

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in bitcoin and Ethereum. On loosely regulated overseas exchanges, traders speculated on a galaxy of other cryptocurrencies that began to double and triple in price. Litecoin fans, for instance, likened the currency to bitcoin’s little brother and pointed out that its network had been up and running before Ethereum’s

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fifth employee, had a new home and a family who had grown tired of his long hours at Coinbase. Charlie also owned a hoard of Litecoin. He had created the lighter version of bitcoin while at Google in 2011, and the digital currency had since become worth billions, its value trailing

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only bitcoin and Ethereum. Litecoin’s value would soar still further, Charlie suspected, if more people could buy it. And the best way to make that happen would be to

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sell it on Coinbase. A popular story in crypto circles tells of Charlie secretly building Litecoin capacity into Coinbase’s code and, late one night, pushing the code live with no warning, only to be fired the next day. It’s

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a good story, but it’s not true. A programming feat like adding Litecoin support to Coinbase would take a much longer time to build and numerous hours to launch. It can’t be done overnight. Also, Coinbase uses

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what employees call an “eye of Sauron” to ensure no one can unilaterally mess with its code without tripping alarms. Coinbase did launch Litecoin in the spring of 2017—with Brian’s full approval—and the price shot up 25 percent. The press pronounced the bounce was due to

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bowl of noodles—a kind of brick-and-mortar version of Coinbase’s user-friendly strategy. By mid-2017, crypto stalwarts like bitcoin, Ethereum, and Litecoin were joined by a galaxy of new tokens that had flooded into the market through ICOs, with names like Qash or QuarkChain. No matter how

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had begun the year worth half a penny and now sold for $3. Altcoins, shitcoins, anything plausibly related to blockchain soared in value. As for Litecoin, Charlie Lee’s creation had popped after it was listed on Coinbase that summer, and by mid-December it cracked $350—up from $4 at

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was making waves with venture capitalists. It was also making money—lots of it. The company was processing millions of transactions of bitcoin, Ethereum, and Litecoin, and it took a cut of each one. The company’s margins were huge. While Coinbase had to spend a lot on engineers, the actual

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currency—dollars, euros, yen—for crypto and offer only crypto-to-crypto trades. This meant customers could swap bitcoin for Ethereum, or Ethereum for Litecoin, or Litecoin for dozens of other cryptocurrencies. For CZ, the crypto-to-crypto arrangement offered an obvious advantage: it meant Binance didn’t need to touch the

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dithered as Binance grew into a powerhouse by offering dozens of new cryptocurrencies. Meanwhile, Coinbase had plodded along with the same four coins: bitcoin, Ethereum, Litecoin, and—as of late December 2017, after its hiccup of a debut—Bitcoin Cash. Coinbase’s foot-dragging made some sense. The SEC was on

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of a plan to use crypto to help impoverished communities. Employee number three, Charlie Lee, had given himself over to creating new privacy features for Litecoin, the bitcoin rival he had created a decade before. Olaf Carlson-Wee, who had arrived to join Coinbase with lumberjack sap on his clothes and

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, 127 Lee, Bobby, 82 Lee, Charlie, 39–40, 54, 80–81, 88 in Beijing, 81–83 departure of from Coinbase, 117–118 on infrastructure, 156 Litecoin and, 223 on Mt. Gox, 57 Lempres, Mike, 130–131, 150 on Binance, 181 pushed out of Coinbase, 194–195 LendingClub, 33 LHV bank, 156

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–157 Libra, 205–207 Litecoin, 54, 106, 117–118, 152, 223 Long Blockchain Corp., 154 Lutnick, Howard, 102–103 Lydian, 144–145 Magic: The Gathering, 56 Malka, Micky, 36–37

The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order

by Paul Vigna and Michael J. Casey · 27 Jan 2015 · 457pp · 128,838 words

digital coins exist, most too small to be worth mentioning, but a few with sizable followings. They all fall well short of bitcoin in ranks. Litecoin, the oldest and largest of the altcoins, had a market cap of about $150 million at the time of writing. Bitcoin’s was around $6

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someone else to a picture of a Shiba Inu dog that appeared to be smiling. For its software, dogecoin borrowed some of the ideas of litecoin’s founder, Charlie Lee, who had tweaked the mining system for his coins so that miners weren’t so incentivized to build up energy-hungry

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out to be a relatively legitimate cryptocurrency. When GoCoin decided that it would start offering payment-processing services in dogecoin as well as bitcoin and litecoin, Chairman Brock Pierce explained that it was driven by the power of its community. “Community is everything for a currency,” he said. The question is

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are bringing an edgy and potentially constructive force of competition to bear in the whole cryptocurrency arena. Of these altcoins, litecoin, invented by Charlie Lee, is to date the most successful. Litecoin’s secret sauce is its use of a different algorithm in the hashing process that miners use to package transactions

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gain an advantage by constantly building up brute computational power. The result is that mining power remains somewhat more evenly spread and more democratic with litecoin. Miners still have an incentive to chase coin rewards, but the arms race and the electricity usage aren’t as intense. It also makes for

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system’s wait for the final confirmation of transactions by customers and merchants isn’t as long. Litecoin’s main weakness is the corollary of its strength: because it’s cheaper to mine litecoins and because scrypt-based rigs can be used to mine other scrypt-based altcoins such as dogecoin, miners

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mining is more insecure, with a less rigorous proof of work, in theory allowing false transactions to get through with incorrect confirmations. Thus far, however, litecoin has avoided major breakdowns. In time it could prove to be a more environmentally friendly, democratic contender to bitcoin. Scrypt mining is not the only

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forms one big square. Tapestries are on the walls, and black-light fluorescent tubes on the ceiling. Each hallway has its own street sign, too: Litecoin Lane, for example. Dogecoin Drive. Most doors are covered in posters and pictures as if in a college dorm. A couple dozen bikes hang on

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out of the economy, they will just cut it down, whereas if the only way for you to enrich yourself is by trading bitcoins for litecoins and dogecoins, you are going to become an expert in that … you will become the best trader in Pakistan.” Rulli prefers to focus on another

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all the while, the bitcoin price went up, up, and up: Prices taken from CoinDesk’s Bitcoin Price Index chart, http://www.coindesk.com/price/. Litecoin, the oldest and largest of the altcoins: Market-capitalization data taken from CoinMarketCap Web site, http://coinmarketcap.com/. altcoin that started out as a joke

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Garzik, Bitcoin in Space,” Bitcoin Magazine, June 17, 2014, http://bitcoinmagazine.com/14069/interview-jeff-garzik-bitcoin-space/. Of these altcoins, litecoin: Litecoin explanations taken from various sources, including https://litecoin.org/. In the case of nextcoin: Nextcoin explanations taken from various sources, including http://nxt.org. “financial weapons of mass destruction,” as

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Afghanistan Africa A-Grade Investments Ahmadi, Parisa AIG Airbnb Akimbo Alamgir, Nadia Alcoholics Anonymous Aleph Alibaba Alipay Alisie, Mihai Allaire, Jeremy al-Qaeda altcoins dogecoin litecoin Realcoin Alyattes, King Alydian Amazon Amazon Cloud American Express AME Ventures Amidi, Saeed Andolfatto, David Andreessen, Marc Andreessen Horowitz Andresen, Gavin Android angel investors anonymity

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Lehman Brothers Lending Club Lerner, Sergio Levine, John Lewis, Taariq LibraTax Liew, Jeremy Life, the Universe and Everything (Adams) Lightspeed Venture Partners Li Ka-shing litecoin literacy Liu, Kent Locke, John Loizos, Connie London Los Angeles Times Lowy, David Luria, Gil Lyft Maastricht Treaty Mad Men Magic: The Gathering Mahboob, Roya

The Industries of the Future

by Alec Ross · 2 Feb 2016 · 364pp · 99,897 words

the competition. In June 2015, it had a total valuation of $3.2 billion. Its two nearest competitors were Ripple (total value $256 million) and Litecoin ($71 million). Many of Bitcoin’s competitors seek to correct perceived shortcomings in Bitcoin itself, including its limited (and thus potentially deflationary) supply; its “irreversibility

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decided to build his mine in Reykjanesbaer, Iceland, so his computers can run on geothermal and hydroelectric energy while being cooled by the arctic air. Litecoin markets itself as being more abundant and faster to mine than bitcoins. Charlie Lee, a former Google software engineer, designed

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Litecoin in his spare time and launched it in 2011 to complement Bitcoin. Lee said, “People like choices. You want to diversify your cryptocurrency investments.” He has described Litecoin as “silver to Bitcoin’s gold,” and he designed the

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Litecoin software to produce 84 million litecoins in comparison to Satoshi Nakamoto’s design for 21 million bitcoins. Lee also decided to use scrypt cryptography

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Mines,” New York Times, December 21, 2013, http://dealbook.nytimes.com/2013/12/21/into-the-bitcoin-mines/. Charlie Lee, a former Google: Danny Bradbury, “Litecoin Founder Charles Lee on the Origins and Potential of the World’s Second Largest Cryptocurrency,” CoinDesk, July 23, 2013, http://www.coindesk.com

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/litecoin-founder-charles-lee-on-the-origins-and-potential-of-the-worlds-second-largest-cryptocurrency/. “People like choices”: Nathaniel Popper, “In Bitcoin’s Orbit: Rival Virtual

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,” New York Times, November 24, 2013, http://dealbook.nytimes.com/2013/11/24/in-bitcoins-orbit-rival-virtual-currencies-vie-for-acceptance/. he designed the Litecoin: Robert McMillan, “Ex-Googler Gives the World a Better Bitcoin,” Wired, August 30, 2013, http://www.wired.com/2013/08

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/litecoin/. Lee also chose this: “What Is the Difference between Litecoin and Bitcoin?” CoinDesk, April 2, 2014, http://www.coindesk.com/information/comparing-litecoin-bitcoin/. Ripple markets itself as: Ripple, https://ripple.com/. It has been compared to

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laser technology, 3, 43 Leeds Equity, 106 leukemia, 34, 44–45. See also cancer Levandowski, Andrew, 28–29 LinkedIn, 110, 180, 201 liquid biopsy, 49 Litecoin, 118 Lloyds, 170 Lutwak, Todd, 105–6 Lycos, 119 Lysenko, Trofim, 68–69 Ma, Jack, 228. See also Alibaba Mandela, Nelson, 4 Mao Zedong, 227

Blockchain: Blueprint for a New Economy

by Melanie Swan · 22 Jan 2014 · 271pp · 52,814 words

’ computers, and continuously viewable on the Internet. Bitcoin is the first and largest decentralized cryptocurrency. There are hundreds of other “altcoin” (alternative coin) cryptocurrencies, like Litecoin and Dogecoin, but Bitcoin comprises 90 percent of the market capitalization of all cryptocurrencies and is the de facto standard. Bitcoin is pseudonymous (not anonymous

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as BTC or Btc when traded in transactions or exchanges. There are hundreds of cryptocurrencies, of which Bitcoin is the first and largest. Others include Litecoin, Dogecoin, Ripple, NXT, and Peercoin; the major alt-currencies can be tracked at http://coinmarketcap.com/. Table 1-1. Layers in the technology stack of

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the Bitcoin blockchain Cryptocurrency: Bitcoin (BTC), Litecoin, Dogecoin Bitcoin protocol and client: Software programs that conduct transactions Bitcoin blockchain: Underlying decentralized ledger The key point is that these three layers are the

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and a protocol, and it may have its own blockchain or may run on the Bitcoin blockchain. For example, the Litecoin currency runs on the Litecoin protocol, which runs on the Litecoin blockchain. (Litecoin is very slightly adapted from Bitcoin to improve on a few features.) A separate blockchain means that the coin has

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blockchain. Any tweets mentioning certain prespecified keywords (like Ukraine or ebola) are encoded into the Alexandria blockchain using Florincoin, a cryptocurrency based on Bitcoin and Litecoin with quick transaction processing (40 seconds) and a longer memo annotation field (conceptually: Memocoin). This method captures tweets that might be censored out later by

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airline miles; one estimate is that there are 4,000 such altcurrencies.174 Now there is also a multiplicity of blockchain-based cryptocurrencies like Bitcoin, Litecoin, and Dogecoin. Beyond monetary currencies, there is currency multiplicity in nonmonetary currencies too (as just discussed), such as reputation, intention, and attention.175 Market principles

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databases of transactions, and then periodically synchronize a summary of the transactions with the blockchain—an idea borrowed from the banking industry. Alternative hashing algorithms Litecoin and other cryptocurrencies use scrypt, which is at least slightly faster than Bitcoin, and other hashing algorithms could be innovated. Alternatives to proof of work

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-Scandals and Public Perception technical challenges, Technical Challenges-Technical Challenges Liquid Democracy system, Liquid Democracy and Random-Sample Elections-Liquid Democracy and Random-Sample Elections Litecoin, Technology Stack: Blockchain, Protocol, Currency, Technology Stack: Blockchain, Protocol, Currency, Freedom of Speech/Anti-Censorship Applications: Alexandria and Ostel, Currency Multiplicity: Monetary and Nonmonetary Currencies

Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money

by Nathaniel Popper · 18 May 2015 · 387pp · 112,868 words

, Charlie Lee, the California-based Google engineer who had been involved in Bitcoin since 2011 and who was perhaps best known as the creator of Litecoin, one of the most successful alternative virtual currencies. It was Charlie who had pushed Bobby, and the rest of his family, to first look at

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a day after the company announced the $25 million investment from Andreessen Horowitz. Charlie Lee didn’t need to work another day of his life. Litecoin, his alternative cryptocurrency, which was a slightly faster, lightweight version of Bitcoin, had now become the second-most-popular cryptocurrency in what was becoming an

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increasingly crowded field of Bitcoin knockoffs. In part because of Charlie’s transparency in launching Litecoin, people trusted it and were betting that it would be, as Charlie had intended, the silver to Bitcoin’s gold. In November the value of

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all the outstanding Litecoins had briefly surpassed $1 billion. The particular computer chips that were good for mining Litecoins were sold out at nearly every online electronics retailer. Charlie had been mining Litecoins since the beginning, so he owned a sizable number of the

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sustaining its value as new and better-designed cryptocurrencies came along and drew users away from it. Some people were, indeed, already choosing to hold Litecoin, Charlie Lee’s creation, and a hip, younger cryptocurrency, Dogecoin. But a deeper strain lurking beneath these critiques was an awareness that one of the

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of mining companies, 294–295, 328–329 formation of mining pools, 192–194 GPU technology, 42, 56, 189–191 growth in China, 259–261, 329 Litecoin mining, 283 more users increased difficulty, 53 role in securing system, 100 Satoshi Nakamoto patterns, 324 specialized computers/computing power, 105, 170, 190, 233, 324

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, John, 24–25 Liberty Reserve (online currency), 218 Liew, Jeremy, 300–301 Lilla, Mark, 111 Ling Kang, 268, 274–275 LinkedIn (networking site), 291–292 Litecoin, 256, 283, 286 Luria, Gil, 271–272 MagicalTux (screen name). See Karpeles, Mark Magic: The Gathering Online Exchange. See Mt. Gox (Bitcoin exchange) Magic: The

Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts

by David Gerard · 23 Jul 2017 · 309pp · 54,839 words

bubble How to get bitcoins From the first bubble to the second Bitfinex: the hack, the bank block and the second bubble Chapter 9: Altcoins Litecoin Dogecoin Ethereum Buterin’s quantum quest ICOs: magic beans and bubble machines Chapter 10: Smart contracts, stupid humans Dr. Strangelove, but on the blockchain So

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machinery, mining chip foundries, fast Internet and electricity presumably being absolutely assured in the grim meathook Mad Max petrolpunk future. (And we can use colloidal Litecoin for antibiotics.48) Even lesser crises get them all excited. Nick Szabo wrote up how to fix the Greek financial crisis of 2015 with Bitcoin

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. If you want to compare interest and activity in crypto assets, you need to compare trading volumes, if you can find good numbers for those. Litecoin Litecoin is the “me too” coin. It hasn’t many interesting stories, but it was the most prominent altcoin before the first Bitcoin bubble burst; for

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a few years, sites like the Pirate Bay that accepted Bitcoin donations often also accepted Litecoin donations. It was marketed as “the silver to Bitcoin’s gold.” The main difference from Bitcoin is a different hash designed to be resistant to

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GPU mining (though ASICs eventually came out) and a shorter block time. Litecoin’s price went up with Bitcoin’s until 2013, the price crashed with Bitcoin’s, and during 2014 it declined from its peak of $42

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Ledger Labs Inc 86 Lestak, Robert 76 Levine, Matt 104, 117, 141 Li, Xiaolai 99 libertarianism 17 Liberty Reserve 18, 72 Lightning Network 28, 70 Litecoin 32, 92 LocalBitcoins 32, 81, 93 log.txt 51 London Review of Books 64 Lubin, Joseph 136 LulzSec 62 M-Pesa 29 MacGregor, Robert 63