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0xBitcoin
File:0xbitcoin logo.png
0xBitcoin Logo
Denominations
Code0xBTC
Development
Original author(s)Infernal_Toast
White paperhttps://github.com/0xbitcoin/white-paper
Initial release6 February 2018; 6 years ago (2018-02-06)
Code repositorygithub.com/0xbitcoin/0xbitcoin-token
Development statusActive
Written inSolidity
Source modelOpen source
LicenseMIT License
Ledger
Timestamping schemeProof-of-work
Hash functionSHA-256
Issuance scheduleProof-of-work
Block reward50 0xBitcoin
Block time10 Minutes
Block exploreretherscan.io
Circulating supply2,967,600 0xBTC (25 July 2018)[1]
Supply limit21,000,000 0xBTC [1]
Website
Website0xbitcoin.org

0xBitcoin (0xBTC) is a peer-to-peer cryptocurrency and open source software project built on the Ethereum blockchain.[2] Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority.[3][4] Litecoin was an early bitcoin spinoff or altcoin, starting in October 2011.[5] In technical details is nearly identical to, Bitcoin.

History

Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a Google employee.[6] The Litecoin network went live on October 13, 2011.[7] It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI.[8]

During the month of November 2013, the aggregate value of Litecoin experienced massive growth which included a 100% leap within 24 hours.[9]

Litecoin reached a $1 billion market capitalization in November 2013.[10]

In May 2017, Litecoin became the first of the top 5 (by market cap) cryptocurrencies to adopt Segregated Witness.[11] Later in May of the same year, the first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zürich to San Francisco in under one second.[12]

Differences from Bitcoin

Litecoin is different in some ways from Bitcoin.

  • The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin's 10 minutes. The developers claim that this allows Litecoin to have faster transaction confirmation.[3][13]
  • Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.[14]

Due to Litecoin's use of the scrypt algorithm, FPGA and ASIC devices made for mining Litecoin are more complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256.[15]

See also

References

  1. ^ a b "Cryptocurrency Market Capitalizations: 0xBitcoin - CoinMarketCap". coinmarketcap.com. Retrieved 2018-07-25.
  2. ^ [0xBitcoin.org "0xBitcoin Website"]. Retrieved July 25th, 2018. {{cite web}}: Check |url= value (help); Check date values in: |access-date= (help); Cite has empty unknown parameter: |dead-url= (help)
  3. ^ a b "Litecoin.org". litecoin.org. Retrieved 2014-01-19.
  4. ^ Satoshi, Nakamoto. "Bitcoin: A Peer-to-Peer Electronic Cash System" (PDF). Bitcoin.org. Retrieved 24 April 2013.
  5. ^ "Ex-Googler Gives the World a Better Bitcoin". WIRED. Retrieved 2017-10-25.
  6. ^ "Ex-Googler Gives the World a Better Bitcoin". WIRED. Retrieved 2017-10-25.
  7. ^ "When should Litecoin be launched?". bitcointalk.org. {{cite web}}: |access-date= requires |url= (help); Missing or empty |url= (help)
  8. ^ "Block hashing algorithm".
  9. ^ Charlton, Alistair (2013-11-28). "Litecoin value leaps 100% in a day as market cap passes $1bn". International Business Times, UK Edition. Retrieved 2013-12-16.
  10. ^ Cohen, Reuven (2013-11-28). "Crypto-currency bubble continues: Litecoin surpasses billion dollar market capitalization". Forbes. Retrieved 2014-01-19.
  11. ^ Blockstream [@Blockstream] (10 May 2017). "Blockstream's Christian Decker @Snyke completes first Lightning network payment on Litecoin. See. Blog post soon!" (Tweet) – via Twitter.
  12. ^ Russell, Rusty. "Lightning on Litecoin". Blockstream. Retrieved 12 May 2017.
  13. ^ Steadman, Ian (2013-05-11). "Wary of Bitcoin? A guide to some other cryptocurrencies". Ars Technica. Retrieved 2014-01-19.
  14. ^ Percival, Colin. "Stronger key derivation via sequential memory-hard functions" (PDF). Self-published. Retrieved 2013-04-24.
  15. ^ Coventry, Alex (2012-04-25). "Nooshare: A decentralized ledger of shared computational resources" (PDF). Self-published. Retrieved 2012-09-21. These hash functions can be tuned to require rapid access a very large memory space, making them particularly hard to optimize to specialized massively parallel hardware.
  • 0xBitcoin.org
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