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Inspired by bitcoin, litecoin was the second cryptocurrency starting in october 2011 To address bitcoin's increasing reliance on specialized hardware, proof of work evolved further with the introduction of litecoin in 2011, which adopted the scrypt algorithm. [4][5] in technical details, the litecoin main chain shares a slightly modified bitcoin codebase.
Litecoin uses scrypt proof of work (pow), with parameters n=1024, r=1 and p=1 Litecoin is an open source, global payment network that is fully decentralized without any central authorities. The salt is the same 80 bytes as the input
The output is 256bits (32 bytes)
The scrypt implementation in c++ used by litecoin core is adapted from colin perseval's tarsnap, and can be found in src/crypto/scrypt.cpp. Litecoin uses scrypt proof of work (pow), with parameters `n=1024`, `r=1` and `p=1` The `salt` is the same 80 bytes as the input The scrypt implementation in c++ used by litecoin core is adapted from colin perseval's tarsnap, and can be found in `src/crypto/scrypt.cpp`
Scrypt during mining $ litecoind getwork { Proof of work (pow) is a consensus mechanism used by cryptocurrencies like bitcoin to validate transactions and secure the blockchain Mining in pow requires significant computational power to. The debate between ethereum and litecoin's approach to pow reflects the broader dilemma of balancing efficiency, security, and sustainability in the evolution of cryptocurrencies.
Cryptocurrencies like litecoin, and bitcoin are currently using pow
Ethereum was using pow mechanism, but now shifted to proof of stake (pos) A solution that is difficult to find but is easy to verify. The first valid proof earns the right to propose the next block (and a reward), while everyone else can verify the proof instantly Pow is a lottery where each hash is a ticket
The lower the target, the fewer tickets are winners → the harder it is to find one.
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