Lightcoin 51% attack

1. What is a Leyte coin? To put it simply, litecoin (LTC)
was released on October 7, 2011. It is currently the highest market value counterfeit coin, about 1% of BTC's market value, or US $1000W. Compared with BTC, LTC is faster, with an average of 2.5 minutes and 6 confirmations per block in 15 minutes. In addition, the number of LTCs is four times that of BTCs, with a total of 8400w. At present, LTC uses scrypt algorithm, which needs a lot of memory support. The professional mining machine on the market can not be used for LTC mining, only the graphics card
what is the difference between lightcoin and bitcoin
1. Transaction: easier to use, larger volume and greater appreciation potential. The block confirmation time is shorter, which is four times faster than bitcoin. For example, pizza owners are more willing to accept LTC payment to save transaction time< Mining:

special algorithm creates the unique charm of LTC, which is also the key to stand out from Shanzhai coins. Scrypt algorithm uses sha256 as its subroutine, and scrypt itself needs a lot of memory, each hash is used as the input seed, and then needs a lot of memory to store another seed pseudo-random sequence, Generate pseudo-random points of sequence and output hash value. The key is that scrypt algorithm needs a lot of memory while sha256 algorithm does not. So in this era when BTC mining of graphics card is coming to an end, LTC mining is about to usher in a golden period of development. Because of the high cost of memory, any ASIC or FPGA has no advantage over graphics card mining. LTC has advantages, at least in the foreseeable future
3. The biggest threat of bitcoin is 51% attack:
some shanzhais are killed by 51% attack. To be honest, LTC is a worry for the development of LTC and BTC, of course. However, the specific problems they face are different: BTC can avoid 51% attack through technology upgrading (such as end block reconstruction, careful node upgrading, and calculation difficulty), However, there is no way to evade LTC technology. However, e to the scattered computing power of graphics card mining and the increasing difficulty, this problem needs to be paid attention to, but don't worry too much. With the use of ASIC in BTC, the risk of 51% attack is increasing. I hope BTC development team can solve this problem as soon as possible.

2.

Litecoin (LTC, currency symbol: 321;) It is a kind of network currency based on "peer-to-peer" technology. It is also an open source software project under MIT / X11 license. It can help users make instant payments to anyone in the world< better use of digital currency trading platform coin exchange

data expansion:

lightcoin is inspired by bitcoin (BTC), and has the same implementation principle in technology. The creation and transfer of lightcoin is based on an open source encryption protocol, and is not managed by any central organization. Lightcoin aims to improve bitcoin. Compared with bitcoin, lightcoin has three significant differences. First, the lightcoin network can process a block every 2.5 minutes (instead of 10 minutes), so it can provide faster transaction confirmation. Second, the lightcoin network is expected to proce 84 million lightcoins, four times the amount of money issued by bitcoin network. Thirdly, the scrypt encryption algorithm first proposed by Colin Percival is used in lightcoin's workload proof algorithm, which makes it easier to mine lightcoin on ordinary computer than bitcoin. Each Leyte is divided into 100000000 smaller units, defined by eight decimal places

3. Lightcoin, foreign name is litecoin, referred to as LTC. In fact, this is another kind of virtual digital currency after the emergence of bitcoin. Lightcoin is a kind of "peer-to-peer" internet currency, which can help users pay to anyone in the world

in technology, lightcoin has almost the same implementation principle as bitcoin. It is based on an open source encryption protocol in the process of creation and transfer. Like bitcoin, lightcoin is also not managed by the central authorities

as we all know, bitcoin is proced through mining machine. The Leyte coin is also proced by "mining". In the whole mining process of Leyte coin, the computer graphics card will carry out the relevant hash operation. When our "miner" calculates the "burst value", you can get 50 Leyte coins. However, with the continuous growth of the computing power of Wright coin, it is not possible to use a few "mining machines" to dig Wright coin. Therefore, it can only be added to the "ore pool", so that all the calculation power can be collected, and the "ore burst value" can be calculated more easily

the expected total number of online currencies for lightcoin is 84 million, which is four times the amount of online currencies issued by bitcoin. We can use Leyte currency to exchange legal currency and bitcoin. In general, it is through online trading platform. Since the transaction of Leyte coin is irreversible, the revocable transaction cannot be carried out, because it will bring the risk of refund.

4. Litecoin, abbreviated as LTC, currency symbol: 321;; It is a kind of network currency based on "peer-to-peer" technology. It is also an open source software project under MIT / X11 license. It can help users make instant payments to anyone in the world
lightcoin is inspired by bitcoin (BTC) and has the same implementation principle in technology. The creation and transfer of lightcoin is based on an open source encryption protocol and is not managed by any central organization. Lightcoin aims to improve bitcoin. Compared with bitcoin, lightcoin has three significant differences. First, the lightcoin network can process a block every 2.5 minutes (instead of 10 minutes), so it can provide faster transaction confirmation. Second, the lightcoin network is expected to proce 84 million lightcoins, four times the amount of money issued by bitcoin network. Thirdly, the scrypt encryption algorithm first proposed by Colin
Percival is used in lightcoin's workload proof algorithm, which makes it easier to mine lightcoin on ordinary computer than bitcoin. Each Leyte is divided into 100000000 smaller units, defined by eight decimal places.

5. Litecoin (LTC, currency symbol: 321;) It is a kind of network currency based on "peer-to-peer" technology. It is also an open source software project under MIT / X11 license. It can help users make instant payments to anyone in the world< What's the difference between lightcoin and bitcoin:
1. Transaction:
it's easier to use, larger in volume and greater in appreciation potential. The block confirmation time is shorter, which is four times faster than bitcoin. For example, pizza owners are more willing to accept LTC payment to save transaction time< Mining:
special algorithm creates the unique charm of LTC, which is also the key to stand out from Shanzhai coins. Scrypt algorithm uses sha256 as its subroutine, and scrypt itself needs a lot of memory, each hash is used as the input seed, and then needs a lot of memory to store another seed pseudo-random sequence, Generate pseudo-random points of sequence and output hash value. The key is that scrypt algorithm needs a lot of memory while sha256 algorithm does not. So in this era when BTC mining of graphics card is coming to an end, LTC mining is about to usher in a golden period of development. Because of the high cost of memory, any ASIC or FPGA has no advantage over graphics card mining. LTC has advantages, at least in the foreseeable future
3. The biggest threat of bitcoin is 51% attack:
some shanzhais are killed by 51% attack. To be honest, LTC is a worry for the development of LTC and BTC, of course. However, the specific problems they face are different: BTC can avoid 51% attack through technology upgrading (such as end block reconstruction, careful node upgrading, and calculation difficulty), However, there is no way to evade LTC technology. However, e to the scattered computing power of graphics card mining and the increasing difficulty, this problem needs to be paid attention to, but don't worry too much. With the use of ASIC in BTC, the risk of 51% attack is increasing. I hope BTC development team can solve this problem as soon as possible.

6. Lightcoin is a kind of digital virtual currency, which is similar to but different from bitcoin. These virtual digital currencies are calculated by mathematical algorithm program to get a series of numbers and letters. In order to understand the market of Leyte currency, we need to go to the professional Leyte currency trading platform for detailed and further understanding. At present, the domestic Leyte currency trading platform is more professional and formal

http://tieba..com/safecheck/index?url=x+Z5mMbGPAsY/M/Q/ +0F9cuoglZ0mWgPSsR2lbVfu3pr+xI3k4IPor+8Mx4Aubb13aBkT/9itqayQJ2Pah4egTNMg==

7. At present, one view of lightcoin is that it will eventually survive and become an auxiliary currency other than bitcoin. There is a famous slogan on the official website of lightcoin: "bitcoin is gold, lightcoin is silver." Another point of view demonstrates that Leyte coin and other counterfeit coins can not succeed from a logical point of view: if the counterfeit coin succeeds, there will be more counterfeit coins, and the proliferation of counterfeit coins will lead to the collapse of value, and people finally find that bitcoin is the best way to maintain its value; If Shanzhai coin is not successful, there will be no imitators, and the failed Shanzhai coin will eventually disappear. The author tends to think that cryptography currency will eventually become an important member of the world's mainstream currency, and bitcoin is not necessarily the only one, just like the coexistence of US dollar, euro, yen and RMB in real life. There will not be only one kind of cryptocurrency, but there will not be innumerable kinds in the world. In the end, only bitcoin and the other 2-3 counterfeit currencies will survive. In fact, the key to the survival of an open source currency is the public's confidence in it, which comes from its long-term and stable use. In the two years since the invention of Leyte coin, public confidence in it has been graally established. Whether this confidence can be maintained or not, there are still many unstable factors. One of them is that lightcoin is more vulnerable to 51% attacks than bitcoin. Previously, FTC (feather coin), which uses the same algorithm as Wright coin, has been attacked by 51% and led to the collapse of public confidence. In fact, FTC is graally withdrawing from the stage of history. Whether it can resist 51% attacks and survive is a problem that lightcoin must solve. As for whether Leyte can replace bitcoin, we should go a step further: is there a counterfeit coin that can eventually replace bitcoin? The answer is simple: No. In the future, there will probably be a variety of cryptography currencies in the world, but any kind of counterfeit currency can not replace the mainstream position of bitcoin, no matter how excellent its algorithm is compared with bitcoin. We have to admit that bitcoin is not perfect compared with many counterfeit currencies. Its confirmation time is as long as 10 minutes, which is really time-consuming for transactions; 51% attack the sword of Damocles, which is always hanging overhead; From the perspective of environmental protection, the energy consumed by mining is almost wasted. Therefore, many new counterfeit currencies claim that their advantage lies in making up for the defects of bitcoin. But some of the flaws in bitcoin itself are not real. In other words, these defects are deliberately preserved by its inventors after weighing the pros and cons. For example, the 51% attack is rooted in the distributed mining characteristics of bitcoin, a P2P currency. While ripple's XRP currency doesn't need to worry about 51% attacks, and it doesn't need to spend a lot of energy on mining. However, its mode of relying on trust gateway for transaction and centralized currency issuance means that it is very easy to be controlled by government agencies. In addition, even if the design of some counterfeit coins is more ingenious, we should also understand the fact that no matter how excellent the indicators of a proct are, it can not guarantee that it can beat its competitors and achieve success.

8.

Bitcoin is a kind of electronic currency / network virtual currency

bitcoin: also known as "bitcoin", is a kind of network virtual currency. Internet users can use bitcoin to buy some virtual goods, such as clothes, hats, equipment, etc. in online games. Internet users can also use bitcoin to buy real goods

on February 26, 2014, Joe Manchin, a Democratic senator from West Virginia, issued an open letter to a number of regulatory authorities of the US federal government, hoping that the relevant authorities would pay attention to the status quo of bitcoin's encouraging illegal activities and disrupting the financial order, and demanded that actions be taken as soon as possible to completely ban the electronic currency

from 12:00 noon on January 24, 2017, China's three major bitcoin platforms officially began to collect transaction fees

extended data:

currency features:

1, decentralization: bitcoin is the first distributed virtual currency, the whole network is composed of users, and there is no central bank. Decentralization is the guarantee of bitcoin's security and freedom

2, global circulation: bitcoin can be managed on any computer connected to the Internet. No matter where you are, anyone can dig, buy, sell or collect bitcoin

3, exclusive ownership: private key is needed to control bitcoin, which can be stored in any storage medium in isolation. No one can get it except the user himself

4, low transaction cost: bitcoin can be remitted free of charge, but a transaction fee of about 1 bitfen will be charged for each transaction to ensure faster transaction execution

5, no hidden cost: as a means of payment from a to B, bitcoin has no cumbersome limit of quota and proceres. If you know the other party's bitcoin address, you can pay

6, cross platform Mining: users can explore the computing power of different hardware on many platforms

advantages of bitcoin:

1, it is completely decentralized, without issuing institutions, it is impossible to manipulate the number of issues. Its distribution and circulation are realized through open-source P2P algorithm

2, anonymity, tax exemption and supervision free

3, robustness. Bitcoin is completely dependent on P2P network and has no distribution center, so it cannot be shut down externally. Bitcoin price may fluctuate and collapse, and many governments may declare it illegal, but bitcoin and its huge P2P network will not disappear

4, borderless and cross-border. Cross border remittance will go through layers of exchange control agencies, and the transaction records will be recorded by many parties. But if you trade with bitcoin, enter the digital address directly, click the mouse and wait for the P2P network to confirm the transaction, a lot of money will pass. It does not go through any regulatory agencies and will not leave any cross-border transaction records

5, Shanzhai people are difficult to survive. Because bitcoin algorithm is completely open source, anyone can download the source code, modify some parameters, recompile, and create a new P2P currency

but these counterfeit currencies are very fragile and vulnerable to 51% attacks. Any indivial or organization, as long as it controls 51% of the computing power of a P2P currency network, can manipulate transactions and currency value at will, which will be a devastating blow to P2P currency

many counterfeit coins die in this link. The bitcoin network is robust enough. If you want to control 51% of the computing power of the bitcoin network, the number of CPUs / GPUs required will be astronomical

the weakness of bitcoin

1, the fragility of trading platform. The bitcoin network is robust, but the bitcoin trading platform is fragile. Trading platform is usually a website, which will be attacked by hackers or shut down by competent authorities

2, the transaction confirmation time is long. When bitcoin wallet is first installed, it will consume a lot of time to download historical transaction data blocks. While bitcoin transaction, in order to confirm the accuracy of data, it will take some time to interact with P2P network, and the transaction will be completed only after the whole network is confirmed

3, the price fluctuates greatly. Due to the intervention of a large number of speculators, the price of bitcoin for cash fluctuates like a roller coaster. Making bitcoin more suitable for speculation rather than anonymous trading

4, the public did not understand the principle, and the traditional financial practitioners resisted. Active netizens understand the principle of P2P network and know that bitcoin has no legal person to manipulate and control

but the public doesn't understand, and many people can't even distinguish between bitcoin and q-coin“ "No issuer" is the advantage of bitcoin, but in the view of traditional financial practitioners, "no issuer" currency is worthless

9. Compared with bitcoin mining, lightcoin mining is relatively easy. Because the difficulty of mining is relatively low. But at present, lightcoin mining has graally entered the era of ASIC miner competition. The computing power is constantly rising, and the computing power of large mines is approaching 51%. If you want to carry out lightcoin mining, you must buy professional ASIC lightcoin miner. However, the price of lightcoin miner is generally too high, and there will be more ASIC lightcoin miner with high computing power in the future, Computing power is not constantly pushing up. This is the same as the era of bitcoin ASIC miner last year. Last year, Avalon miner was born, which completely subverted the bitcoin mining instry. With the help of roast cat, the computing power suddenly increased, and the graphics card mining completely went out of people's sight. Although there are many bitcoin ASIC mining machines, Avalon mining machine has always been unique and constantly launched its own new procts.

10. At present, the price of lightcoin is about 72 yuan according to the quotation of domestic bitcoin China, okcoin and fire coin. However, judging from the price trend of bitcoin, the price trend of lightcoin continued to weaken. It may be that a large number of ASIC mining machines for lightcoin have been put into use recently, resulting in a surge of computing power. The large mining pool was once close to 51%. Players' expectations for lightcoin have been reced and their confidence is insufficient. Of course, the mining of lightcoin and bitcoin is no longer a very simple thing. Mining needs professional ASIC miner, and also needs to join the mine pool. For example, lightcoin mining needs to buy KNC, A2 and other mining machines, while bitcoin mining needs professional Avalon, KNC and other mining machines.