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Litecoin was a source code fork of the Bitcoin Core client, originally differing by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), faster difficulty retarget, and a slightly modified GUI.
In cryptography, scrypt (pronounced "ess crypt" [1]) is a password-based key derivation function created by Colin Percival in March 2009, originally for the Tarsnap online backup service. [ 2 ] [ 3 ] The algorithm was specifically designed to make it costly to perform large-scale custom hardware attacks by requiring large amounts of memory.
Litecoin: LTC, Ł Charlie Lee: Scrypt: C++ [10] PoW: One of the first cryptocurrencies to use scrypt as a hashing algorithm. 2011 Namecoin: NMC Vincent Durham [11] [12]
The most widely used proof-of-work schemes are based on SHA-256 and scrypt. [19] Some other hashing algorithms that are used for proof-of-work include CryptoNote, Blake, SHA-3, and X11. Another method is called the proof-of-stake scheme. Proof-of-stake is a method of securing a cryptocurrency network and achieving distributed consensus through ...
As memory cost is platform-independent, [1] MHFs have found use in cryptocurrency mining, such as for Litecoin, which uses scrypt as its hash function. [3] They are also useful in password hashing because they significantly increase the cost of trying many possible passwords against a leaked database of hashed passwords without significantly ...
Markus designed Dogecoin's protocol based on existing cryptocurrencies Luckycoin and Litecoin, [15] which use scrypt technology in their proof-of-work algorithm. [16] The use of scrypt means that miners cannot use SHA-256 bitcoin mining equipment, and instead must use dedicated field-programmable gate array and application-specific integrated ...
He defined memory-hard functions in these terms, and presented scrypt as a specific example, which he used as the key derivation function for Tarsnap. Memory-hard functions have since become an active area of research in cryptography, and scrypt is used as the basis of proof of work in Litecoin [14] and some other cryptocurrencies.
In October 2011, he released Litecoin on Bitcointalk. [7] He had written the blockchain technology based on Bitcoin in his spare time while employed at Google. He released Litecoin to the public after mining only 150 coins. [5] Lee has stated that he did not intend to compete with Bitcoin but meant Litecoin to be used for smaller transactions. [6]