1, workload proof mechanism

The workload proof mechanism of Litecoin adopts scrypt algorithm, and the workload proof mechanism of Bitcoin is SHA256. The scrypt algorithm takes longer to calculate and takes up more memory. This algorithm makes it difficult to concentrate computing power, and the miners are more dispersed than bitcoin, which is beneficial to prevent 5 1% attacks. It is precisely because the scrypt algorithm of Litecoin is different from Bitcoin, so the Bitcoin chip mining machine cannot be used to dig Litecoin, so that Litecoin is not attacked and its normal development is maintained.

2. Block processing speed

Litecoin 2.5 minutes, bitcoin 10 minutes. One disadvantage of bitcoin is that the confirmation of the transaction is very slow. It takes 10 minutes to encapsulate the block, and the whole network node needs to verify after encapsulation. The verification time is longer, and it takes about 40 to 50 minutes to add up twice. Litecoin is packaged in blocks four times faster than Bitcoin. Plus the transaction confirmation time, it can be completed in about 20 minutes.

3. Total ceiling

The total amount of Litecoin is 84 million, the total amount of Bitcoin is 2 1 10,000, and the total amount of Litecoin is four times that of Bitcoin.

4. Safety

In May of 20 13, the computing power of Bitcoin was eight times that of the world's top 500 supercomputers, reaching158 thash/s. However, due to the performance limitation of cPu mining, the computing power of Litecoin was only 15 ghas/s, and Litecoin processed a block every 2.5 minutes, and Bitcoin was/kloc. The process of launching double payment attack on blockchain obeys Poisson distribution, and the probability of successful attack decreases exponentially with the increase of the number of blocks. When the number of blocks is greater than 6, the probability of successful attack will drop to a negligible level, which is also the basis for Bitcoin to suggest 6 confirmation numbers to ensure transaction security. When the processing speed of blocks is increased to four times that of bitcoin, the success probability of attackers creating fake nodes also rises sharply. By calculating the probability density of Poisson distribution, the number of node confirmations required to avoid double payment attacks will also rise to four times that of Bitcoin, that is, vegetable special coins need 24 node confirmations to achieve the security of six node confirmations of Bitcoin.

Tips: The above information is for reference only.

Response time: 2021-12-10. Please refer to the latest business changes announced by Ping An Bank in official website.