July 26, 2022

Litecoin (LTC) vs Ethereum (ETH) - Ultimate Debate of 2022

7 minutes

There are a significant amount of similarities and differences between LTC and ETH that make it hard to determine which one you should be involved in.

Similarities between Litecoin and Ethereum

Both have a faster transaction time than Bitcoin.

Both use the proof-of-work (POW) consensus mechanism. Ethereum uses Ethash, whereas Litecoin Scrypt. The idea behind POW is for miners to utilize their computational power to tackle cryptographically difficult puzzles. As a result, the miner who solves the problem by adding a new block to the blockchain is rewarded for the same.

Both can be traded on many crypto exchanges.

Both support smart contracts.

Differences between Litecoin and Ethereum

Litecoin is mainly seen as a mode of payment or currency as it serves as an alternative to Bitcoin. Expressly, it is Bitcoin’s fork. Conversely, Ethereum is primarily viewed as a smart contract platform needed in developing decentralized applications (DApps).

The block time for Ethereum is 15 seconds, whereas that of Litecoin is 2.5 minutes.

Ethereum is regarded for its long-term applications compared to Litecoin’s short-term. This is founded on its capability to transfer value, store data, and develop many features.

Litecoin was launched in 2011, whereas Ethereum in 2015.

Ethereum has the capability of crowdsourcing funds for new projects, but this is not possible with Litecoin.

Litecoin has a cap on the number of coins released because once it is reached, no new coin flow into the system. Ethereum has a different model as the same number of coins are released into the system every year.

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By Mubarak Shah, CPA

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