Crypto Academy Week 9 - Homework Post for [@alphafx]

Greetings, Steemians. It's another academic week at the crypto academy, and I had the privilege of learning from Steemit crypto professor @alphafx., who lectured on blockchain. For my submission today, i will be explaining comparison between Litecoin and Ethereum. Before i begin with my post, Lets talk a bit about blockchain technology

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BLOCKCHAIN TECHNOLOGY
To me a blockchain technology is a peer-to-peer network of nodes that stores public transactional records, also known as blocks, in several databases. Blockchain can also be thought of as a digital ledger where transactions are carried out among various computers in the network. Ripple, Ethereum, Tron, EOS, Litecoin are examples.

ETHEREUM AND LITECOIN

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Litecoin

Litecoin (LTC) is a cryptocurrency that was made by Charles "Charlie" Lee in October 2011. Litecoin is a Bitcoin clone (BTC). Litecoin is an open-source that is focused on global payment network that is independent of any central authority.
You have complete leverage over your funds because Litecoin is decentralized. This means you won't have to fill out any paperwork in order to submit your coins!

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There is no single authority to validate a transaction in Litecoin because it is decentralized. Instead, miners, a group of volunteers, use their computing resources to solve extremely complex puzzles. This is how transaction blocks (or containers in our case) are validated.
The miners have solved the puzzle, checked all of the transactions in that block, and my friend now has his funds after 2.5 minutes.

Ethereum

Ethereum is a digital framework that enables the development of a variety of decentralized applications.
Security programs, voting systems,0 and payment methods are examples of these implementations. Ethereum, like bitcoin, functions independently of central institutions such as banks and governments.
Vitalik Buterin came up with the concept to create ethereum. With the support of several co-founders, he released the first version of the platform in 2015. Since then, it has exploded in popularity, prompting the emergence of a slew of new bitcoin competitors.

[source](https://www.investopedia.com/thmb/AYGfu6795eneKUOj0Yaz3F49q6Q=/911x683/smart/filters:no_upscale()

Ethereum is an open-source software framework based on blockchain technology. This blockchain is decentralized since it is hosted on many computers all over the world. Every machine has a copy of the blockchain, and any modifications to the network must be approved by a large number of computers.
The ethereum blockchain is similar to the bitcoin blockchain because it keeps track of all transactions. The ethereum network, on the other hand, enables developers to create and deploy decentralized applications (‘dapps'). These, along with transaction records, are also stored on the blockchain.

Similarity between Litecoin and Ethereum

• Quick transactions are possible with Litecoin and Ethereum. Bitcoin is a sluggish cryptocurrency, yet it is also quicker than many traditional bank transactions. Litecoin and Ethereum both allow for quicker transactions than Bitcoin, but they do so in slightly different ways. Regardless of the technical specifics, a currency's viability is aided by a quicker transaction time.

• On Coinbase, you can buy and sell Litecoin and Ethereum. Coinbase operates similarly to a stock exchange's market manager, buying from sellers and selling to buyers at prices that are close to the real-time trading price. . Bitcoin, Litecoin, and Ethereum are all available on both platforms.

Comparison between Litecoin and Ethereum

How it works

Ethereum is a distributed ledger technology network. The Ethereum blockchain network is responsible for the development of Ether, a cryptocurrency. The versatility of a smart contract is Ethereum's distinguishing characteristic. Litecoin is a cryptocurrency modeled after Bitcoin. However, it outperforms Bitcoin in terms of transaction fees and block time. Litecoin is a peer-to-peer cryptocurrency that allows users to send and receive money without the need for a central authority.

Transaction fees

Ethereum has a higher average transaction cost, about $0.85 per transaction.
Litecoin's average transaction is a pittance, at about $0.04 per transaction.

Limits

Ethereum currently has no cap, implying that there is no “shortage.”
The estimated number of Litecoin coins is 84 million.

Year of Establishment

Ethereum was created in 2015 whereas litecoin was created in 2011

Position on coinmarketcap

Ethereum is 2nd whereas Litecoin is 9th

Key differences between Ethereum and Litecoin

Ethereum is a relatively new cryptocurrency. It was founded in the year 2015. Litecoin, on the other hand, arrived in 2011 after Bitcoin.
Ethereum is a digital asset that functions as a portal. Ether is its cryptocurrency. On the other side, Litecoin is a cryptocurrency. It's based on the blockchain system.

Ethereum's best feature is its smart contracts, which make it easier for Ether transactions to take place naturally. Smart contracts are more intelligent than Litecoin.
There is a cap in the case of Litecoin. The maximum number of tokens is 84 million. It implies that no new Litecoin will be released in the immediate future. Ether, on the other hand, has no bounds. For an unspecified period of time, it will be mined.

Each of these cryptocurrencies has a different block time. The block time for Ether is just 15 seconds. That means you can confirm multiple transactions in under a minute. Litecoin, on the other hand, has a much longer block time than Ether, at 2 minutes 19 seconds. Litecoin, on the other hand, is almost four times faster than Bitcoin.

CONCLUSION

To end my submission on the wonderful lecture i would like to give a few highlights on both, You may be undecided about whether to buy Litecoin or Ethereum based on the above details. Since Litecoin was released earlier than Ethereum, it has a greater payment utility. Ethereum, on the other hand, is more than just a payment system; it also acts as a smart contract network. Thank you for reading and for the wonderful lecture as well.

@alphafx