The Scrypt algorithm calls for that the calculations for the act of mining are carried out sequentially, relatively than allowing them to be carried out in parallel, like with Bitcoin. This successfully prevents ASICs (Application-Specific Integrated Circuits) from monopolising the mining process. The prohibition of ASICs use was supposed to permit larger participation for mining LTC amongst those who nonetheless depend on GPUs (Graphics Processing Items) to handle the task. It needs to be famous nevertheless that it could be very sluggish and should still use a substantial quantity of power.
What is outstanding though, more than these technical differences, one could say the true genius of Charlie, was that he decided not to compete with Bitcoin and market itself as a alternative, but to be a companion to it. It’s the place the Silver to Gold analogy was born and something which has proven to be certainly one of the best decisions made that many solely realise now after 7 years the brilliance behind this choice.
Then again, some countries have embraced it, resembling El Salvador that made it authorized tender. That is in significant half as a result of El Salvador is very reliant on remittance payments, and it’s almost free to ship remittance funds by way of the Lightning community that runs on high of the my bitcoin wallet network, since all of it’s open source and retains getting more developed over time. Numerous other nations that have beforehand banned or had been about to ban it have stepped again their bans.