Litecoin-Wiki.com: Litecoin transactions

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LITECOIN TRANSACTIONS


A peer to peer network just like Bitcoin handles the transaction for Litecoins, issues and balances the transactions via scrypt, proof of work scheme. Litecoins are issued after detecting small hash value, where block point can be created, the procedures for locating the hashes and creation of blocks is known as mining. Geometric series if formed from the issuing rate, and halves in every 4 years, to balance the total of 84 million Litecoins. Litecoins are recently in trading activities primarily for cryptocurrencies and fiat currencies on exchanges online. To prevent chargebacks, like creditcards, must not be used to purchase Litecoins as the transactions may be reversed.

SCRYPT

Litecoin makes use of the following values for scrypt call:

• N= 1024;
• r= 1;
• p=1;
• Salt = 80 bytes as input
• Output= 256bits (32bytes)

When Litecoins are generated, a block header is hashed and changed several times. The results are quite different each time of iteration. The block header comprises of Version, hashPrevBlock, hashMerklRoot, Time, Bits, and Nonce. The block body comprises of transactions, they are hashed indirectly via Merkleroot. The transaction are not directly hashed, therefore if a block is hashed with one transaction it results in the same amount of effort just like hashing 10,000 transaction blocks. The Bits field represents current target, making use of special floating point encoding. The encoding makes use of 3 bytes for the mantissa, and the head byte as a base exponent of -256. The Nonce begins from zero and increases per hash. The extraNonce of the generated transaction increases when it overflows and thereby changing the Merkle root.

Fields given, people would generate the exact sequence of hashes frequently as the same and the quickest miner takes the reward. It might not be possible for two results to be generated by two people to have the same Merkleroot, because the previous transaction in blocks is a generation forwarded to a unique Litecoin address. Different hashes would be produced since the blocks are quite different, each hash calculated has the same winning chance as every other calculated hash by the network.

Scrypt Hashing: The source code in C++ for scrypt hashing function: github: scrypt.cpp
Impementation of the scrypt by Java: github: SCrypt.java



Example of Dbdump block 29255

./dbdump.py --datadir=/home/mining/.litecoin/ --block 29255
Block height: 29255
BLOCK adf6e56df92822f5e506404a05d67cccd64bc90f57f65b46805e9a54b
Next Block: 0000000000000000000000000000000000000000000000000000000000000000
Time: wed Nov 9 16:15:52 2011 Nonce: 3562614017
nBits: 0x0x1d018ea7
hashMerkleRoot: 0x066b2a758399d5f19b5c6073d09b500d925982adc4b3edd352efe14667a8ca9f
Previous block: 279f6330ccbbb9103b9e3a5350765052081ddbae898f1ef6b8c64f3bcef715f6
1 transaction
1 tx in, 1 out
TxIn: COIN GENERATED coinbase: 04b2344hh4bon33
TxOut: value: 50.000000 pubkey: 1HXG8MWvUFNU3pLpQUJueSC4kHcrNepuwC Script: 65:0448...b8cd CHECKSIG
Raw block header: 01000000f615f7ce3b4fc6b8f61e8f89aedb1d0852507650533a9e3b10b9bbcc30639f279fcaa86746e1ef

ADDRESSES

Payments in Litecoins network are made to addresses on the basis of digital signatures. They are 33 string numbers and L usually starts the letters.

HYBRID MODELS

This is the combination of peer to peer and clients server models. A general hybrid model is to have a central server that locates each peers, an example is Spotify. There are many hybrid models, and all of them make tradeoff between the centralized function that is offered by a structured network and the unstructured network of P2P affords the nodes equally.

BLOCK CHAIN

The block chain for Litecoins has the able power to handle higher transactions with volume that is larger than the counterparts known as Bitcoin. Because blocks are generated frequently, more transaction is supported by the network without modifying the software later on. Merchants confirmation times becomes faster, and can still wait for more confirmations when large items of tickets are sold.

WALLET ENCRYPTION

Wallet encryption gives room for people to secure wallets, so as transactions and account balance can be viewed, but you are required to enter your password before being able to spend Litecoins. This means offers security for your wallet and prevent stealing viruses and Trojans and ensure sanity before forwarding payments.

MINING REWARD

Miners are now rewarded with 50 new Litecoins for every Litecoins per block, the amounts get halved about 4 years interval per 840,000 blocks. The network for Litecoins is scheduled to deliver 84 million Litecoins, which is far higher than other cryptocurrency like Bitcoins.


If you find this information helpful, please don't hesitate to donate:
Bitcoin address: 199qweKqSzryPJsVi5n3iazuM8nLDFXBvo
Dogecoin adres: D5cFbKHSJwmL3V7TVM84dL2EAf35SAV7Di
Litecoin adres: LcXzbhN88EUAc44b8YYt5gD6Q3PPf2buxQ

or donate directly




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