What is the difference between Litecoin and Dash?
First you have to know that both of the coins are cryptocurrency.
Do you know what cryptocurrency? A short briefing about cryptocurrency: a cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions to control the creation of additional units, and to verify the transfer of assets, cryptocurrencies are classified as a subset of digital currencies and they're also classified as a subset of alternative currencies and virtual currencies.
Now let's get back to our main topic the difference between Litecoin and Dash. Litecoin was founded by Charles Lee and Dash founded by Evan Duffield and Kyle Hagen. Litecoin was released on October 7 2011, Dash released on January 18 2014.
Litecoin was released as an open source client on github and Dash released on X Coin (XCO). Litecoin Sambol: "LTC" and Dash Sambol: "DASH". Litecoin (LTC) is a peer-to-peer cryptocurrency and open source software project released under the MIT x11 license and DASH is open source peer-to-peer crypotcurrency that offers instant transactions.
For that you have to know what is HASH algorithm and HASH function? I want to know which HASH algoritham are they using? I want to know blockchain too! Okay I will tell you about that.
A cryptographic HASH function is a HASH function which takes an input (or 'Message') and returns a fixed-sized alphanumeric string. The string is called the hash value. It is extremly easy to calculate a hash for any given data. Blockchain is a decentralized technology. A global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. That is Bitcoin is managed by its network, and not any one central authority.
Litecoin uses scrypt. In cryptography, scrypt is a password-based key derivation functions for the tar snap online backup service. The algorithm was specifically designed to make it costly to perform large-scale custom hardware attacks by requiring large amount of memory.
Dash uses X11. X11 is the name of a changed hashing algorithm, which is used for the proof-of-work calculations which secure the network of some cryptocurrencies. It is known as a chained algorithm because it uses 11 different algorithms which are chained togther.
Litecoin: A proof-of-work (POW) is an economic measure to the third denial of service attacks and other service abuses such as spam on a network by requiring some work from the service requester, usually meaning processing them by a computer.
Dash: Proof-of-service (POW) via masternodes containing 1,000 DASH held as collateral for "proof of service" through an automated voting mechanism. One masternode is selected per block and receives 45% of mining rewards.
Litecoin: During the month of November 2013, the aggregate value of litecoin experienced massive growth which included a 100% leap within 24 hours.
Dash: Within the first two days of launch 1.9 million coins were mined which is approximately 10% of the total supply that will ever be issued.
Litecoin: In May 2017, Litecoin became the first of the top-5 cryptocurrencies.
Dash: Dash has become the most active Altcoin community on bitcoin talk reaching more than 6400 pages, 133K replies, 7.9M reads.
Litecoin: 84 million
Dash: Apporx 19 million
That means other altcoins have taken away some of Litecoins market share but it still has an early mover advantage and some strong network effects. The innovations behind are interesting and could help to make the coin more consumer friendly than other alternatives.