Sentences with phrase «scrypt hashing»

Litecoin's scrypt hashing algorithm is another huge advantage for newcomers to the cryptocurrency market as it makes it easier for miners to access the system.

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

Mining is performed by proof - of - work using the scrypt hashing function.

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

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.

Not exact matches

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

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.

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

Finally, Scrypt will then use the same data for generating the hash.

In October 2011, Litecoin was released and became the first successful cryptocurrency to use scrypt as its hash function rather than 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.

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.

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