In the past few months, Ethereum has climbed up the ranks to become the second largest cryptocurrency.Ethereum efficiently displaced Litecoin which has been holding that position for a very long time to take its place on the list.Litecoin is an altcoin created by Charles Lee.It was released on October 7, 2011.The cryptocurrency was developed to overcome certain mining challenges posed by bitcoin due to the adoption of high-performance processing equipment by select masses.One of the advantages of Litecoin against bitcoin was the reduced mining time and the increased number of maximum cryptocoins that can be mined over the network.While bitcoin is capped at a maximum of 21 million tokens, Litecoin is set for a maximum of 84 million crypto tokens.Litecoin was created using scrypt proof of work algorithm, which was slated to be ASIC mining resistant, but it was made redundant over time as powerful Litecoin miners surfaced.The altcoin currently holds the distinction of being the third largest cryptocurrency after Bitcoin and Ethereum.

Comparing Ethereum with Litecoin is like comparing apples to oranges.Except for them both being fruits, they are completely different from each other.Similarly, Ethereum and Litecoin are worlds apart.The whole idea behind creating Ethereum was to serve a much larger purpose that.bitcoin ethical issuesLitecoin which is just another wannabe bitcoin.ethereum gpu mining comparisonThe intention of creating Ethereum is to enable Blockchain 2.0 applications and the futuristic Blockchain 3.0 as well.litecoin storageThe main purpose of Ether, the crypto token on Ethereum platform is to facilitate an exchange of value for the services rendered on the platform.bitcoin wallet zip

The Ethereum platform functions as one giant decentralized computing device powered by a network of computers, similar to bitcoin miners.These computers on the network contribute to the processing power required to host, manage and maintain the blockchain applications on the platform.bitcoin trader ponziThe core founding and development team of Ethereum have the necessary steps to prevent people from misusing the platform just for the sake of creating more tokens like they do on Bitcoin and Litecoin platforms.bitcoin pool scriptUnlike Litecoin, Ethereum is built over proof of stake algorithm.For the platform that is built to support applications on its blockchain, it makes a lot of sense.The proof of stake algorithm prevents anyone from monopolizing the platform and at the same time, there is a limitation set to the functions performed on the platform which is related to the amount of ether possessed by the users.

In a nutshell, Ethereum is a computational platform and ether is the currency needed to make use of the processing power and memory possessed by the protocol.Those contributing the processing power will receive ether, which they can use to host their own apps or trade for other cryptocurrencies.Litecoin was created as a monetary platform which is faster and more efficient than bitcoin.The platform lost its ground when the use of Litecoin mining ASICs was introduced which in turn led to an increase in the mining difficulty locking out many people who were using PCs and GPUs to mine Litecoin till then.Ethereum has done its homework and has got it right so far while focusing on its main purpose.READ MORE: The Death of Litecoin: Boom, Bust and Self-DestructionLitecoin Price Today in US Dollars The Kitco Litecoin price Index provides the latest Litecoin price in US Dollars using an average from the world's leading exchanges.LTCUSD charts and quotes by Litecoin in Various Currencies Market Quotes by Litecoin vs Other Cryptocurrencies Market Quotes by Litecoin Basics WHAT IS LITECOIN?

Litecoin is a decentralized digital currency, with all transactions recorded on the public blockchain.It is an open source software project, similar to Bitcoin, often said to be the ‘silver’ to Bitcoin’s ‘gold’.WHEN WAS LITECOIN CREATED?Litecoin was created in October 2011 by former Google engineer, Charles Lee.It was mainly created in order to improve upon Bitcoin, to which it differs slightly.WHAT IS THE DIFFERENCE BETWEEN LITECOIN AND BITCOIN?In comparison to Bitcoin’s 21 million coin limit, Litecoin has a coin limit of 84 million.Also, they refer to different algorithms, as Litecoin uses Scrypt while Bitcoin uses SHA-256.The main difference, however, involves the processing block time.The mean block time for Bitcoin is 10 minutes, while for Litecoin it is 2.5 minutes.HOW DO I BUY LITECOIN?Like Bitcoin, you can buy Litecoins for fiat on a number of exchanges.You are also able to exchange bitcoins for Litecoins.WHERE CAN I STORE MY LITECOIN?As opposed to Bitcoin, the choice of Litecoin wallets is limited and could be problematic.

For longer-term storage, it is suggested to setup a Litecoin paper wallet.The term ‘altcoins’ is short for alternative coins.Given that Bitcoin was the first cryptocurrency to surface in the market, the other digital currencies that emerged are referred to as altcoins.A blockchain is a digital ledger recording cryptocurrency transactions, maintaining records referred to as ‘blocks’ in a linear, chronological order.WHY USE A BLOCKCHAIN?Using a blockchain ensures security and manages digital relationships as part of a system of record.WHAT IS DISTRIBUTED LEDGER?A distributed ledger is a database, digitally recording transaction information using cryptography, making it secure and unforgeable.WHAT IS THE DIFFERENCE BETWEEN A BLOCKCHAIN AND A DATABASE?There are several differences between a blockchain and a database, including the level of control.Blockchains are under a decentralized control, whereas a centralized database creates a dependent relationship between users and administrators.