Comparison and Review: Hedera (HBAR) vs Litecoin (LTC)

Hedera (HBAR)

• Symbol: HBAR
• Name: Hedera
• Asset Platform ID: N/A
• Categories: Protocol, Smart Contract Platform, Layer 1 (L1)
• Market Cap Rank: 31
• Price Change (30 Days): 31%
• Website: https://www.hedera.com/
• Listed Exchanges: DigiFinex, Binance, Bitrue, Coinbase Exchange, and many more

Hedera is a decentralized public network where developers can build secure, fair applications with near real-time consensus. The platform is owned and governed by a council of global innovators including Avery Dennison, Boeing, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.

The Hedera Consensus Service (HCS) acts as a trust layer for any application or permissioned network and allows for the creation of an immutable and verifiable log of messages. Application messages are submitted to the Hedera network for consensus, given a trusted timestamp, and fairly ordered. HCS can be used to track assets across a supply chain, create auditable logs of events in an advertising platform, or even as a decentralized ordering service.

Litecoin (LTC)

• Symbol: LTC
• Name: Litecoin
• Asset Platform ID: N/A
• Categories: N/A
• Market Cap Rank: 14
• Price Change (30 Days): -28.85764%
• Website: http://litecoin.org
• Listed Exchanges: DigiFinex, Binance, Bitrue, Coinbase Exchange, and many more

Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee. It was created based on the Bitcoin protocol but differs in terms of the hashing algorithm used. Litecoin uses the memory intensive Scrypt proof of work mining algorithm, which allows for mining using consumer-grade hardware such as GPUs.

Why Litecoin?

According to Investopedia, Litecoin emerged as an alternative or 'altcoin' to Bitcoin, allowing investors to diversify their digital currency holdings. Litecoin was created by Charlie Lee, a former Google employee and Director of Engineering at Coinbase. One of the key differences between Litecoin and Bitcoin is the time it takes to generate a block. Litecoin takes 2.5 minutes to generate a block, compared to Bitcoin's 10 minutes.

Litecoin's faster block generation time and ability to handle higher volumes of transactions make it a popular choice for users. It offers a decentralized experience as it is less attractive to larger mining conglomerates who cannot easily optimize their profits by switching to another coin. The larger blocks and higher transaction capacity of Litecoin contribute to its affordability and speed when transacting.

Litecoin Technical Details

The transaction confirmation time for Litecoin is approximately 2.5 minutes on average, compared to Bitcoin's 10 minutes. The total supply of Litecoin is capped at 84 million units. Litecoin's Scrypt hashing algorithm prevents ASIC miners from mining the coin, but there are predictions that Scrypt ASICs will enter the mass market in the future.