Over time, cryptocurrency has been prevailing as a digital asset. It is introduced to work as a medium of exchange in such a way that the coin is stored in a computerized database by using cryptographic systems.
Since then, many cryptocurrencies have come into the limelight, such as Litecoin, Namecoin, Peercoin, Dogecoin, Ripple, Stellar, NEO, Cardano, and you name it.
Key Takeaways
- Litecoin is a cryptocurrency based on the Bitcoin protocol and designed to be a faster and more efficient alternative to Bitcoin. At the same time, Cardano is a decentralized platform designed to be more secure and scalable than other blockchain platforms.
- Litecoin uses a proof-of-work consensus algorithm, while Cardano uses a proof-of-stake consensus algorithm.
- Litecoin has a higher transaction speed than Bitcoin, while Cardano aims to achieve higher interoperability between different cryptocurrencies and blockchain networks.
Litecoin vs Cardano
The difference between Litecoin and Cardano is that Litecoin is a peer-to-peer, aka P2P network, while the latter term, Cardano, is a blockchain system. Having that said, P2P is a decentralized concept connecting peers, while blockchain is a decentralized ledger tracking digital assets on a P2P network.
Litecoin is a P2P cryptocurrency and open-source system by MIT/X11 license. It was started in October 2011 on GitHub by Charlie Lee.
On the other hand, Cardona is a public blockchain platform, an open-source and decentralized system. It can facilitate P2P transactions with its internal cryptocurrency named Ada.
Comparison Table
| Parameters of Comparison | Litecoin | Cardano |
|---|---|---|
| Meaning | It is a peer-to-peer cryptocurrency, where there is no need for any intermediaries or central server. | It is a public blockchain cryptocurrency, which involves a group of academics and developers for peer-reviewed research. |
| History | Charlie Lee is an Engineering Director who created Litecoin on GitHub through an open-source client on October 7th 2011. Later in 2013, the Litecoin industry skipped and enlisted in the list of top 5 cryptocurrencies. | Charles Hoskinson became the founder of Cardano on 27th September 2017. He covets to build a for-profit entity; therefore became the developer of three major organisations in 2021. |
| Function | Litecoin performs a decentralised payment mode which is Government or central-free. The sole activity of Litecoin is the transfer of funds directly between individuals and business. Litecoin is a blockchain that has grouped transactions of Litecoin. | Cardano is a blockchain platform where the exchange of digital currency ADA. On the other hand, Cardano developed a smart contract platform to ensure the stability and security of the cryptocurrency. |
| Hash Algorithm | Litecoin uses Scrypt in its proof-of-work algorithm as an online backup service because of the hefty amounts of memory. | Cardano uses Ouroboros in its proof-of-stake (PoS), which helps to undermine energy while processing blocking. Moreover, it decimates sluggish or massive computer progress resources. |
| Cryptocurrency Blockchain | Litecoin follows Proof of work (PoW) which helps minutiae information into an expatriate form with computational efforts. | Cardano follows Proof of Stake( PoS), which is used as the protocol of consensus mechanisms for blockchains. PoS does not consume much energy and eliminates unwanted data or records. |
What is Litecoin?
As earlier implicated, Litecoin is a type of cryptocurrency that has been operating since 2011. It was founded by Charlie Lee on the 7th of October 2011.
In technical terms, it is similar to Bitcoin but has a decreased block generation time, an increased maximum number of coins, and a modified GUI comparable to that of Bitcoin.
Furthermore, as of now, one Litecoin tantamounts to over 12,916 INR. Also, it is cost-effective and known for its up-tempo transaction service, which is four times faster than Bitcoin’s.
Its objective is to assist consumers in using Litecoin to do some purchases or transactions without any necessary involvement of banks, credit card companies, and other payment processing services.
What is Cardano?
On the contrary, Cardano uses a blockchain platform, an open-source and decentralized system for digital currency projects.
It uses design principles to meet the issues other cryptocurrencies face, such as scalability, interoperability, and regulatory agreement.
Cardona has Ada as the settlement layer, which encompasses track of transaction and computation purposes, eventually enabling smart contracts and applications to run on the platform.
Furthermore, in the market, Cardano is worth 114 INR. It opens blockchain technology among investors to handle real problems altogether.
Main Differences Between Litecoin and Cardano
- Litecoin follows Proof of Work as its cryptocurrency blockchain because the subtle information can be depicted lucidly to the investor.
- Litecoin is a decentralized payment mode, whereas Cardano is a smart contract blockchain platform where a group of academics and developers for peer-viewed research to study the market.
- https://link.springer.com/chapter/10.1007/978-3-319-28151-3_8
- https://tradingstrategyguides.com/cardano-cryptocurrency-strategy/
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