Sentences with phrase «scrypt algorithm»

Due to the presence of Scrypt algorithm, the mining process of Litecoin using ASIC and FPGA is slightly more complicated in case of Litecoin.

The Scrypt algorithm is very memory - consuming and makes it difficult to operate concentrated mining pools.

The original Bitcoin core's algorithm of SHA - 256 was changed to the Scrypt algorithm.

This is currently the hashing algorithm that is being used on the Bitcoin network and is different from the Scrypt algorithm on Litecoin.

With the Scrypt algorithm, calculations are much more serialised which means that it favours large amounts of computer memory over raw processing power.

The other component of using the Scrypt algorithm is that ASIC and FPGA devices made for mining Litecoin tend to be more expensive to produce and more complicated to create than they are for Bitcoin, which uses SHA - 256.

Given that Litecoin uses the Scrypt algorithm, this means that transactions can get completed in a much quicker time period.

Spots (SPT) uses the scrypt algorithm when mining.

Litecoin (LTC), the open - source blockchain based cryptocurrency was launched in the cryptocurrency market in 2011 by its founder Charlie Lee and the rest of the development team.It uses the Scrypt algorithm.

b. Stability and security: Litecoin uses a Scrypt algorithm in lieu of Bitcoin's SHA - 256 algorithm.

However, Bitcoin is based on the SHA - 256 algorithm, while Litecoin uses the Scrypt algorithm, which runs considerably faster, with a target of 2.5 minutes for each new Litecoin block (Bitcoin takes 10 minutes for each new block).

Litecoin uses the scrypt algorithm that integrates the SHA - 256 algorithm (of bitcoin).

Instead of using the Scrypt algorithm that Litecoin uses, it uses SHA - 256, which is more advanced and complex.

First - time miners who lack particularly powerful hardware should look at altcoins over bitcoin - especially currencies based on the scrypt algorithm rather than SHA256.

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.

Pegged as the coin that pays a grand per block, GrandCoin uses Scrypt algorithm to protect the network from hardware brute - force attacks.

The BTC is based on the SHA — 256 algorithm while the dogecoins are based on the Scrypt algorithm.

On the other hand, the Scrypt algorithm will consume both the computer power and the memory.

However, rather than using the traditional SHA — 256, this coin leverages a traditional mining system that is based on the scrypt algorithm — the same one that is used by litecoins.

Thirdly, unlike Bitcoin which uses the SHA - 256 hashing algorithm, Litecoin uses Scrypt algorithm as its proof - of - work consensus mechanism.

The scrypt algorithm is more reliant on memory making CPU mining more effective and was part of the initial appeal of Litecoin.

Not exact matches

Litecoin uses a different encryption algorithm, referred to as scrypt to accomplish this.

Litecoin's design and reliance on a scrypt encryption algorithm means that the specialized hardware developed for Bitcoin is not applicable to Litecoin.

Examples of different mining algorithms are: Scrypt, X11, X13, Lira2RE, Keccak, Quark, Groestl, ets.

Like Bitcoin it uses encryption to process transactions but instead of the SHA - 256 algorithm it uses a scrypt based algorithm.

Bitcoin uses the SHA - 256 hashing algorithm, whereas Litecoin uses Scrypt Proof of Work.

Litecoin's original design was intended to prevent GPU mining and did so by using the memory intensive Scrypt hashing algorithm as opposed to the SHA - 256 algorithm used by Bitcoin.

Key differentiators between Bitcoin and Litecoin have been a decreased block era time (2.5 minutes), an elevated most variety of cash (84 million), a distinct hashing algorithm (utilizing scrypt as a substitute of SHA - 256) and a modified GUI.

It uses the SHA - 256 algorithm for the «mining» process that creates new tokens, unlike Litecoin that uses Scrypt.

Tokcoin is a decentralized currency, developed in a smart contract platform (Intelligent Contracts) with an exclusive Tokchain system that allows you to send encrypted messages, enter contracts, and other documents to keep them 100 % secure, performing P2P transactions with total security (Services the Brazilian Proof - of - Stake (PoS), which pays Tokcoin negotiated, fully corporate Scrypt PoW / PoS Hibrid algorithms for the development of Investment Funds in Crypto - Coins and Assets In the OTC (Over The Counter), taking as Bitcoin Investment Trust, with the creation of Tokcoin Investments Assets Digital (OTCMKTS: TOKIN).

Instead of using the SHA - 256 (from well - known Secure Hash Algorithm family) or scrypt it uses 11 rounds of different hashing functions.

The biggest change was moving to the scrypt hashing algorithm so that it can be GPU mined.

The problem that Namecoin had to face is also a key reason why Litecoin's creator, Charlie Lee, decided to implement the Scrypt mining algorithm in Litecoin, another early altcoin.

Luckily for us at the BlackCoin Pool, there are many other different algorithms for miners to sink their teeth into if Scrypt is not their particular cup of tea.

These ASIC miners were traditionally only built for certain algorithms, such as Bitcoin's SHA - 256 or Litecoin's Scrypt.

Initial coin supply: 10M (10,000,000) distributed via crowdfunding Algorithm: Scrypt — 100 % PoS v2 (Proof of Stake) + PoP (Proof of Play) PoS: 10 % fixed interest annually

The consequences of using scrypt mean that there has not been as much of an «arms race» in litecoin (and other scrypt currencies), because there is (so far) no ASIC technology available for this algorithm.

The most common algorithm is SHA - 256 (used in bitcoin and all its forked coins), but some currencies like Litecoin use scrypt (read: ess - crypt) instead.

Scrypt is a type of mining algorithm used by major cryptocurrencies such as Litecoin and Novacoin.

From a technical perspective, DigiByte has a highly advanced system in which miners can use any of five different mining algorithms including the popular SHA - 256 and Scrypt, which are the algorithms used by Bitcoin and Litecoin respectively among others.

Also, it uses scrypt as its proof - of - work algorithm, which is targeted to make it impervious to ASIC mining, though a number of companies say they are planning to launch scrypt ASIC miners sometime soon.

Litecoin is mined using a different algorithm, called scrypt (pronounced «script») which is much more RAM intensive.

Additionally, Anoncoin (ANC) uses scrypt in its proof of work algorithm and its network will produce 4.2 million ANC, which is much lesser than Bitcoin.

Litecoin uses an algorithm called Scrypt which determines the mining process for new coins.

Litecoin uses Scrypt in its proof of work algorithm, and this algorithm utilizes much less processing power than the Bitcoin SHA256 hashing algorithm.

Scrypt is a sequential memory - hard function requiring asymptotically more memory than an algorithm that isn't memory - hard, which means that you need more memory in your miners compared to blockchains that don't use Scrypt.

Scrypt also allows for a higher degree of parallel processing and is generally more accessible for new miners than a more traditional algorithm.

It uses a Scrypt hashing algorithm and plans on issuing 100 billion coins.

Litecoin also features a larger amount of token and a new mining algorithm (Scrypt).

Litecoin also uses the «Scrypt» hashing algorithm that utilizes much less processing power than the Bitcoin «SHA256» hashing algorithm.