Connect with us

Altcoins

Litecoin surpasses Ethereum [ETH]? LTC finds security in increased hashpower

Anirudh VK

Published

on

Litecoin [LTC] surpasses Ethereum [ETH]? LTC finds security in increased hashpower
Source: Unsplash

According to recent developments, Ethereum [ETH]’s total hashrate for its blockchain has been surpassed by Litecoin [LTC]. This, for all purposes, signifies that Litecoin’s blockchain is more secure than Ethereum’s.

The hashpower of a blockchain represents the amount of power the blockchain needs to continue functioning. Proof of Work algorithms consumes the most hashpower in the process of mining. The hashpower is measured in terms of hash per second and is the output of a hash function.

ETH & LTC hashrate chart

ETH & LTC hashrate chart

Litecoin holds power as the most dominant Scrypt PoW coin in the market today, with a total hashpower of close to 340 TeraHash per second. The coin that uses hashpower second to Litecoin with Scrypt PoW has a hash power of 2 TeraHash per second, which is the reason Litecoin’s Charlie Lee stated that it would not be attacked.

Litecoin surpassed Ethereum’s hashrate on 5th of May, with Ethereum’s hashrate being 270 TeraHash/s and Litecoin’s at 277 TeraHash/s. Currently, Litecoin is hovering around 340 TeraHash/s while Ethereum is staying constant around the 270 TH/s mark.

The hashrate of the blockchain determines how much power is to be utilized while orchestrating a 51% attack on the blockchain. The attacker must be able to generate more than half of the hashpower on the blockchain for a significant impact. 51% of the blockchain’s power gives the attacker the power to reverse transactions, double spend tokens and make protocol changes on specific blockchains.

Ethereum has introduced a proof of staked finality system that might reduce power consumption in the future. Even as it is overlaid on the existing proof of work blockchain, whizkid coder, Vitalik Buterin said that it could take on the form of a hybrid system, with elements of both PoS and PoW.



Even as the bearish market attacked Litecoin, investors maintained hope. User Chip Ramos said:

“All those losing faith in #Litecoin, I just want to say, “Crouching Tiger, Hidden Dragon” Don’t sleep on it. Remember we went to $400-ish. We will see that day again and then some! Eyes on the prize!!! FOCUS!”

User Litecoin Hero said:

“Buying #litecoin right now is a no-brainer”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

Avatar

Published

on

Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending