Ethereum is not an institution, but an underlying system that can implement smart contracts and open source on the blockchain. From the birth of Ethereum to May 2017, in just three and a half years, there are 200 in the world. Multiple Ethereum applications were born. Ethereum is a platform and a programming language that enables developers to build and publish next-generation distributed applications. Ethereum can be used to program, distribute, guarantee and trade anything: voting, domain names, financial exchanges, crowdfunding, corporate management, contracts and most agreements, intellectual property, and smart assets that benefit from hardware integration.
Second, the introduction of LitecoinLitecoin Lite (in short: LTC, currency symbol: Å) is a network currency based on "peer-to-peer" technology and an open source software project under the MIT/X11 license. It helps users pay instantly to anyone in the world.
The Litecoin is inspired by Bitcoin (BTC) and technically has the same implementation principle. The creation and transfer of Litecoin is based on an open source encryption protocol that is not managed by any central authority. Litecoin aims to improve Bitcoin, compared to the Litecoin, which has three significant differences. First, the Litecoin network can process one block every 2.5 minutes (rather than 10 minutes), thus providing faster transaction confirmation. Second, the Litecoin network is expected to produce 84 million Litecoins, which is four times the amount of money issued by the Bitcoin network. Third, Litecoin uses the scrypt encryption algorithm first proposed by ColinPercival in its workload proof algorithm, which makes it easier to drill Litecoin on a regular computer compared to Bitcoin. Each Litecoin is divided into 100,000,000 smaller units, defined by eight decimals.
Ethereum was founded in 2013 by Batlin. It was with the outstanding achievements of the design and development of Ethereum that Batlin defeated Facebook founder Mark Zuckerberg and others and won the 2014 IT Software World Technology Award. Since its birth, Ethereum has experienced rapid growth. By May 2017, in less than four years, more than 200 Ethereum applications have been born worldwide. In February 2017, more than 30 companies including JP Morgan Chase, BP, Microsoft and Intel formed the Ethereum Alliance to enhance the privacy, security and scalability of the Ethereum blockchain, making it more suitable for enterprise applications.
In this context, the price of Ethereum has also risen rapidly. According to statistics, Bitcoin is currently the largest virtual currency with a market capitalization of US$43 billion, accounting for 40.4% of the virtual currency market. Ethereum is followed by a market capitalization of US$35 billion and a market share of 32.4%. According to the current development trend, Ethereum is expected to surpass Bitcoin to become the largest virtual currency by the end of 2018.
So, what exactly is Ethereum? This has to start with bitcoin and blockchain. Blockchain is the underlying technology and infrastructure of Bitcoin. It is a chained data structure that combines data blocks in sequential order in a chronological order. It is cryptographically guaranteed and cannot be falsified and unforgeable. Distributed ledger. Bitcoin is a digital currency based on blockchain technology. Since the blockchain is first derived from bitcoin, bitcoin is naturally associated with the blockchain.
However, Bitcoin's blockchain network has the drawback of insufficient scalability. As Bitcoin attracts the attention of more and more developers and technicians, some users try to use the Bitcoin network for other digital currencies or other applications. However, since the development of the Internet, it has become more difficult to independently develop blockchain applications. Users need to master a lot of software and hardware development capabilities and encryption algorithms, which makes the application of blockchains not so easy for some users.
The emergence of Ethereum is to help users more easily use blockchain technology for application design. According to Batlin, the purpose of Ethereum is to create a more general blockchain platform that allows users to easily create blockchain-based applications, avoiding the need for users to create a new application. Create a blockchain. In layman's terms, the previous blockchain (such as Bitcoin) is just a single tool or a multi-functional tool combination, while Ethereum is a blockchain smartphone that users can use to build what they need. Any "App". Therefore, Butlin said that the application of the blockchain is not limited to cryptocurrencies. It has great potential and can be applied to all walks of life, bringing significant benefits to enterprises and organizations of all sizes.
By providing such a highly generalized platform, Ethereum allows users to build a wide range of applications without having to create their own blockchain. Ethereum's vision has become a “world computerâ€: users are as simple and quick to build blockchain-based applications as they do with computers, enjoying the decentralization and security benefits of blockchain. This makes the application of Ethereum broad. In theory, Ethereum is a universal platform that can be used for a wide variety of applications, but most of the applications so far have been related to finance. However, in addition to financial applications, any environment that requires trust, security, and permanent storage can be greatly influenced by the Ethereum platform, such as asset registration, elections, government management, and the Internet of Things.
Compared with Bitcoin, Ethereum emphasizes the application of blockchain technology, which makes countries more enthusiastic about Ethereum. In fact, all countries are now strengthening the attention and application of blockchain technology, which provides a broad prospect for the subsequent development of Ethereum. For example, in December 2015, NASDAQ announced the first use of blockchain technology to complete and record private securities transactions, becoming a leader in the application of blockchain technology. In 2016, New York-based blockchain startup R3CEV used Ethereum and Microsoft Azure's Blockchain as a Service (BaaS) to release the first distributed ledger experiment, with 11 member banks passing token assets on distributed ledgers. Conduct a simulated transaction to demonstrate the applicability of distributed ledgers in financial markets.
The United Nations is also actively using the Ethereum blockchain for refugee assistance. At the end of May 2017, the United Nations World Food Program announced the use of the Ethereum blockchain to provide food distribution to 10,000 Syrian refugees in Jordan. The World Food Program says that the use of blockchain technology will help reduce payment costs, better protect beneficiary information, control financial risk, and respond faster in emergencies. The use of blockchains also helps to improve the loopholes in traditional forms of refugee assistance and ensure that food reaches the refugees.
The establishment of Ethereum provides conditions for the large-scale application of blockchain technology, but while the blockchain brings huge technological innovation, the security of blockchain is also receiving more and more attention. In addition to allowing self-improvement of technology and self-regulation of the market, government departments also need to strengthen research on blockchain security issues and formulate relevant safety norms and standards to promote the healthy development of the blockchain industry.
Bitcoin is the earliest and most expensive virtual currency in the world. It was proposed by Nakamoto to rely on a specific algorithm and generate a lot of calculations. The currency is distributed in open source software and the P2P network built on it to create a decentralized payment system.
Litecoin (LTC) is the most promising altcoin after Bitcoin. Miners say that btc is gold and ltc is silver. Inspired by Bitcoin, Litecoin has the same technical implementation. Litecoin's creation and transfer is based on an open source encryption protocol that is not managed by any central authority. LTC was released on October 7, 2011 and is currently the highest market capital of the altcoin. Compared with Bitcoin, Litecoin is more speedy.
Both Litecoin and Bitcoin will reach a cap value
The essence of Bitcoin and Litecoin is a special solution generated by a bunch of complex algorithms. The process of mining is to seek the special solution of this equation group through a huge amount of calculation. For Bitcoin, this equation group is designed to have only 21 million special solutions, so the upper limit of Bitcoin is 21 million.
One bitcoin confirmation is about 10 minutes, 6 confirmations are considered successful, a transaction takes about an hour, and Litecoin is optimized based on Bitcoin's algorithm. The confirmation time is only 2.5 minutes, and the total amount is 4 for Bitcoin. Double, so the total amount of Litecoin is 84 million.
Litecoin is less difficult to add than Bitcoin
For the ordinary computer of Litecoin, mining can be carried out, and Bitcoin requires a dedicated mining machine or supercomputer. The upper limit of Bitcoin is 21 million, while the upper limit of Litecoin is 84 million. The total amount of Litecoin is much larger than that of Bitcoin. Therefore, the new difficulty of Litecoin is obviously less bitcoin. This means that the miners get lower profits in each block.
The appreciation potential of Litecoin is growing
When Bitcoin broke through $5,587, the Litecoin also struggled upwards, rising from 2017, and broke through $55 today, with great potential for appreciation. In addition, the Chinese market is more enthusiastic about Bitcoin than the international market. Litecoin follows the footsteps of Bitcoin and has a strong alternative. If you are optimistic about Bitcoin, Litecoin is also worth investing.
51% threat of attack
In the face of 51% of attacks, Bitcoin and Litecoin have certain concerns. BTC can upgrade through technology, such as final block reconstruction, attention to node upgrades, and avoid 51% attacks by calculating difficulty. However, LTC's technical avoidance has no method at present, due to the dispersion of computing power of graphics mining. The difficulty is improved, which is all about concern.
The space for the improvement of Litecoin is very large.
Bitcoin transactions are currently available on the website of the Litecoin transaction, but most sites with bitcoin transactions do not have Litecoin transactions. The total market value of Litecoin is not much bitcoin, it is easy to be controlled by the platform and the dealer, the price fluctuation may be relatively large, and there is no bitcoin in commercial applications.
All in all, digital currency is a market with rapidly changing styles. The short-term skyrocketing is always unpredictable, and the rich returns are always accompanied by unpredictable risks. In order to keep your money from shrinking, you must recognize the situation and be cautious.
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