Sentences with phrase «uses scrypt»

The original uses Scrypt to verify transactions.

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

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

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

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.

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 (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).

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

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

Bitcoin uses SHA - 256 while Litecoin uses Scrypt.

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

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

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

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

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

Exploiting Verge's unique multi-algorithm PoW consensus, the hacker tricked the network to allow him / her to mine a block per second using Scrypt.

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.

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

The use of Scrypt was an interesting choice, because the purpose of using Scrypt was to allow miners to mine both Litecoin and Bitcoin at the same time.

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.

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.

While Proof of Work SHA2 runs bitcoin, different altcoins use scrypt or other solutions to solve this problem.

Not exact matches

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

I'm using HashFlare from spring 2017 buying ETH, Scrypt and BTC contracts.

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.

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

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.

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.

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.

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.

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

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

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

This payment network uses «scrypt» as a proof of work that can only be decoded with the assistance of CPUs of consumer grade.

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.

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

So far in 2017, cryptocurrency miners have taken over the market for consumer graphics processing units (GPUs), using the devices to solve the cryptographic puzzles required by ethereum (and other «scrypt» - based cryptocurrency protocols) and claim their lucrative rewards.

Using a version of Scrypt «specifically designed to mimic the value curve and rarity of precious metal commodities», Maplecoin will have absolutely no premine and reflects its country's fortune - seeking and pioneering history with this «klondike - style» distribution.

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