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

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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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