Litecoins and Ethereums have given their own contributions to the cryptocurrency world. They have excited the finance world. When it comes to ranking, both of them have always appeared in the top 5 coins. They are extremely popular and have rocked most of the lives.
Current price: $168.60
Hashrate: 149 TH/S
HIGHLIGHTS – ETHEREUM
1. In January 2014, Ethereum was announced publically.
- By the time August 2014 arrived, Ethereum hit 18.4 million dollars.
- In 2015 May, Ethereum frontier was released.
Current price: $73.87
Hashrate: 311.281 TH/s
HIGHLIGHTS – LITECOIN
1. In October 2011, Litecoin network went live.
- During November 2013, Litecoin hits a $1 billion market.
LITECOIN VS ETNEREUM
- Differences between the projects carried out.
LITECOIN: The creator of Litecoin is Charlie Lee. He made a statement long ago that if bitcoin is Gold, then Litecoin is silver. While he observed that the bitcoins were slowing down with respect to transactions which took a 10-minute block time, he decided to launch litecoins which were given a block time of 2.5 mins and boosted 56 transactions per second.
ETHEREUM: The founder of Ethereum, Vitalik Buterin believed that blockchains could be used for more than just making a payment. He leveraged the technology and taught the world that, applications can be created THROUGH blockchains.
- Mining differences
LITECOIN: The mining protocal a litecoin uses is ‘Proof-of-work’ or POW. Miners can use their computational powers to solve the puzzles put forward. The miner who can solve the puzzle gets a block reward. Mining pools are powered by the plants known as ASICs. Each litecoin pool can acquire more mining power by gathering more ASICs.
ETHEREUM: Ethereum also uses the ‘Proof-of-work’ or POW but recently they have developed a new protocol called as ‘Proof of stake’ or POS. The miners will no longer be known as miners. They will become validators. The validators lock up a choice amount of coins. Then they will validate blocks. If they feel that a certain block can be added to the blockchain, then they can bet on the particular block. If the block is the right one, then they will be rewarded.
- Transaction fees
LITECOIN: The transaction in this system follows the mempool method. The transactions can be picked up by the mine hunters and place it inside the blocks that have earned them the rewards. When the transaction is inside a block, the block is full. Hence, for every block they fill, they will be charged a certain fee.
Litecoin fee: $0.05 per transaction
ETHEREUM: The developers of ethereum does not imbibe transaction fee over the miners. The effort that computer or the network has taken and will take to further execute the transaction is known as a Gas Unit. These are recorded in the EVM in a coded form. The average fee paid by miners in a day is up to $0.105.
The charges are between: $0.05 – $0.1
Litecoin has a max supply of 84 billion coins. But unlike the Litecoins, Etheruem does not have a cap limit in the markets. It works in a more decentralized manner. Cap supplies do not exist for them which is a plus point for some investors. However, the block reward is low when Ethereum is compared to Litecoins. The total supply of Ethereum will never go out of control.
Litecoin has exceeded the hashrate of 350 TH/S while Ethereum has exceeded 150 TH/S.
Litecoin has more than 20,000 transactions every day while ethereum has exceeded 700,000 transactions in a period of 24 hours.