Kinds of Cryptocurrency – II
In 2011 a programmer named Vitalik Buterin from Toronto first
grew interest on Bitcoin. Buterin, 19-year-old at that time have co- dounded the online news website Bitcoin Magazine, and wrote hundreds of articles about cryptocurrency world. In the year 2013 Buterin have released the white paper. Which describes an alternative platform designed for any decentralized application a developer wants to build. The system was then called Ethereum, just like Bitcoin, Ethereum is also a distributed public blockchain network. Though there are some
technical differences between the two cryptocurrency, because
in Ethereum,miners work to earn Ether instead of mining. Ether is
a piece of code that allows the program or application to run – no
one owns Ethereum, but its system supporting its function isn’t free.
Unlike Bitcoin, Etherdoesn’t have a cap limit, in fact, 13 million Ether
are mined per year. In order to buy an Ether, you need to find online
or a person who has it and at the same time wants to trade it for cash.
There is also another option if you want to have an Ether on hand,
some try to purchase a bitcoin first from trusted bitcoin exchangers
then tradeit for Ethereum.
This cryptocurrency is also generated by mining; it was created by
Google’s former engineer Charles Lee in October 2011. Litecoin is created to enhance the speed of mining from the opposed time 10 minutes to 2.5 minutes when generating a block. The said online currency has faster transaction than bitcoin because it uses “scrypt algorithm”, which favors large amount of high-speed RAM that’s why scrypt is being called as the ‘memory hard problem’. Just like Bitcoin, the Litecoin has also its limit of 84 million coins and a market cap of $540, 274,528.26.
Litecoin can handle high volume of transactions
Reduces double-spending attack
Fast confirmation especially for merchants