Sentences with phrase «scrypt which»

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

There are also ASIC's for scrypt which specifically solves the mathematical code in relation to altcoins such as Litecoin.

Not exact matches

Scrypt relies on substantial amounts of memory, so is considered a «memory hard problem» — differing from SHA - 256, which is raw processing power intensive.

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

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.

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).

Scrypt (which is used by altcoins like litecoin), was designed to be more friendly to CPUs (and unfriendly to ASIC miners), so that a core elite of powerful ASIC users didn't get an unfair advantage.

There is an even stronger connection to many of the «alternative cryptocoins», since many make use of the scrypt key derivation function which I developed for securing Tarsnap's passphrase - protected key files.

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

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).

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.

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.

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

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.