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Current Competitive Review of Litecoin Vs Bitcoin

Crypto patronizers, Today we are going to talk about Litecoin. What is it, where did it come from, and is it better than Bitcoin?

Bitcoin Vs Litecoin

Bitcoin was unleashed upon the world over a decade ago and within a couple of years of its release, it started to inspire individuals to launch similar projects. Charlie Lee, a former Google engineer who created a fork or a split from Bitcoin and called it Litecoin.

Litecoin is similar to Bitcoin, but with a few key differences. So, let’s dive in and see what sets these two crypto giants apart.

When it comes to speed Litecoin wins the race against Bitcoin by a mile, on average, it takes about 10 minutes to confirm a Bitcoin block. Litecoin confirmations come in four times faster confirming at two and a half minutes on average.

So, Litecoin is faster to spend but maybe that Amazon Prime style delivery service comes at a cost. based on today’s prices Litecoin’s median transaction fee is much less than one set, and this is a mouthful. It costs, $0.0024 USD per transaction opposed to Bitcoin which has a median transaction fee of about $0.68 USD.

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You have to keep in mind though, that these USD estimates shift all the time depending on the underlying value of the asset and other network characteristics. So, while the price in USD may shift the takeaway here is Litecoin is much cheaper to send than Bitcoin.

A key improvement that Charlie Lee wanted to emphasize with the release of Litecoin was a resistance to ASIC mining centralization, ASIC miners are basically supercomputers that are really expensive, they consume a lot of energy and are out of reach for most people to operate profitably. This leads to big players taking a larger piece of the pie with the little guy left out. While script, which is Litecoin’s mining algorithm did fend off ASIC for quite some time. It eventually fell victim to ASIC mining as manufacturers were able to figure out a way to manufacture script ASICs. Ironically, this has led to Litecoin mining becoming more centralized than Bitcoin mining. With just five mining pools, accounting for about 70% of Litecoin’s hash rate while bitcoins hash rate distribution isn’t some decentralized utopia.    it’s still a bit more decentralized than Litecoin with the top five mining pools making up around 60% of bitcoins total hash rate.

So, while the case can be made that Bitcoin and Litecoin, both have pretty centralized mining processes, Bitcoin is slightly less centralized. But again, one of the main reasons for Litecoin’s creation was to prevent mining centralization, do what you will with that info and then let us know what you think in the comments below.

Before we proceed you may want to check out; Wallet of Satoshi, Betting with Bitcoin

Bitcoin & Litecoin Network Hash Rate

The next point of comparison for Litecoin versus bitcoin is network hash rate or the total mining power allocated to the network by miners.

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The significance here of network hash rate is that the higher the hash rate is, the more secure the network. This is because if a network has a high hash rate, it’s more resistant to a 51% attack any would be attacker would need enough computing power to control more than 50% of the hash rate to even stand a chance, which is no easy feat.

When your money is on the line, the security of the network is paramount and bitcoins hash rate is orders of magnitude higher than Litecoin. Bitcoin is the more secure network.

What other differences are there between these two leading crypto assets and which is better in your opinion, if bitcoin can find a scaling solution to help lower transaction fees, such as the Lightning Network, is it going to make Litecoin obsolete? Well time will tell we will keep watching out.

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TikTok Star Addison Rae’s Account Reinstated After Being ‘Permanently Banned’

On Thursday, Addison Rae, one of TikTok’s biggest and highest-paid stars, was notified her account had been “permanently banned” from the social media site, but it has since been reinstated – a decision that has many wondering why the app would quiet one of its most popular traffic attractions.

Quick Facts

  • Rae, who has over 85 million TikTok followers, posted screenshots of a message from the video-sharing app on Twitter late Thursday night, saying her account had been “permanently banned due to multiple violations of our Community Guidelines,” but did not elaborate or speculate on how she violated the terms.
  • Rae’s account “was momentarily offline yesterday night then restored within an hour,” according to TikTok representatives.
  • Rae’s reps and TikTok declined to comment on why Rae’s account was suspended.

Crucial Quote

“Well, it’s time to find a job,” the 21-year-old said alongside the screenshots on Twitter.

Background Information

Rae’s true name is Addison Rae Easterling, and she was last seen on TikTok on Thursday. She joined the platform in 2019 and soon rose to become one of the app’s most popular characters. Rae defeated Charli D’Amelio, the most-followed person on TikTok, to the top of Forbes’ list of the highest-paid TikTok producers in 2020. Rae became famous after releasing brief dancing and lip-syncing videos on YouTube. Outside of the digital realm, the former LSU student has had a lot of success. She featured in Netflix’s “He’s All That” earlier this year. In September, she attended the Met Gala. She became good friends with Kourtney Kardashian and made an appearance on “Keeping Up With the Kardashians.” “Obsessed,” a song by Rae, was also published. Item, her cosmetics line, is sold at stores such as Sephora.

Big Number

5% of the total According to TechCrunch, that’s how many videos on TikTok were pulled down by the automatic function for breaching standards but were eventually reinstated.

Tangent

TikTok’s community standards are inconsistently implemented, owing to an algorithm that frequently leaves creators in the dust. Users are not allowed to transmit violent extremism, hate speech, illegal actions, violent and graphic content, suicide, self-harm, and dangerous acts, nudity or sexual activity, harassment, or bullying, according to the standards. Videos are also scrutinized for kids’ safety and authenticity, as well as for disseminating false information, artificially increasing interaction, or impersonating someone else. According to TechCrunch, Black artists have raised concerns about the automated takedown tool, claiming that their films are labeled as improper but comparable footage from white users are not.

Credit: Forbes

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Snapchat Is Down; The Latest In A Long Line Of Technology Outages

Snapchat users reported widespread disruptions Wednesday morning, the latest in a series of significant social media outages that began nine days ago with Facebook, Instagram, and WhatsApp going dark for six hours.

  • Beginning at about 7 a.m., tens of thousands of users reported that Snapchat was down and they were unable to send or receive messages, according to Downdetector, a website dedicated to tracking outages.
  • The outage lasted more than three hours, and the company’s official support account tweeted that the issue was resolved at 10:31 a.m.
  • There is no reported cause for the interruption of service, and a Snapchat spokesperson wouldn’t comment on the cause, but told Forbes that “the issue has been resolved.”
  • Snapchat tweeted Wednesday morning during the outage: “We’re aware that some Snapchatters are having issues using the app right now – hang tight, we’re looking into it!”

Last week, Snapchat competitor Facebook faced a huge outage, with Facebook and its Instagram, WhatsApp, and Messenger applications going black for six hours, costing Facebook an estimated $65 million in revenue. Snapchat usage increased by 23 percent during the Facebook outage, according to analytics firm Sensory Tower.

Credit: Forbes

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Twitch source code and creator payouts part of massive leak

Twitch appears to have been hacked, leaking source code for the company’s streaming service, an unreleased Steam competitor from Amazon Game Studios, and details of creator payouts. An anonymous poster on the 4chan messaging board has released a 125GB torrent, which they claim includes the entirety of Twitch and its commit history.

The poster claims the leak is designed to “foster more disruption and competition in the online video streaming space.” The Verge is able to confirm that the leak is legitimate, and includes code that is as recent as this week. Video Games Chronicle first reported details on the leak earlier today.

Twitch has confirmed it has suffered a data breach, and the company says it’s “working with urgency to understand the extent of this.”

The leak includes the following:

  • 3 years worth of details regarding creator payouts on Twitch.
  • The entirety of twitch.tv, “with commit history going back to its early beginnings.”
  • Source code for the mobile, desktop, and video game console Twitch clients.
  • Code related to proprietary SDKs and internal AWS services used by Twitch.
  • An unreleased Steam competitor from Amazon Game Studios.
  • Data on other Twitch properties like IGDB and CurseForge.
  • Twitch’s internal security tools.

The leak is labelled as “part one,” suggesting there could be more to come. Video Games Chronicle reports that Twitch is aware of the breach, but the company has not yet informed its userbase.

The leak doesn’t appear to include password or address information on Twitch users, but that doesn’t mean this information hasn’t been obtained as part of this breach. In fact, the leaker seems to have focused on sharing Twitch’s own company tools and information, rather than code that would include personal accounts.

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While Twitch has confirmed a data breach, it’s still unclear exactly how much data has been stolen. We’d recommend changing your Twitch password and enabling two-factor authentication on your account if you haven’t done so already.

Twitch has been struggling to contain ongoing hate and harassment recently. After weeks of hate raids, some Twitch streamers took a day off in August to protest against the company’s lack of action. Twitch has responded to the #DoBetterTwitch movement, and it’s a hashtag that the anonymous poster has used today to promote this leak.

Update, 7:35AM ET: The Verge can confirm leak is legitimate, and we have included more details on the data within the leak.

Update, 11:25AM ET: Twitch has now confirmed it has suffered a data breach.

Source: theverge

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