Sentences with phrase «scrypt algorithm used»

Not exact matches

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

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.

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

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.

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

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

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.

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

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

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

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.

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).

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

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.

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.

Spots (SPT) uses the scrypt algorithm when mining.

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

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

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.

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

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

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.

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

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

BitVault ® uses the encryption algorithm Scrypt on the Blockchain where each application uses an internal Blockchain that is independent to prevent compromise.

Based on the LuckyCoin protocol, a fork of Litecoin, Dogecoin uses the Scrypt encryption algorithm.

bitcoin and Litecoin use different algorithms.bitcoin use of the longstanding SHA - 256 algorithm, where Litecoin use new algorithm known as Scrypt.

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