Infotech-Response

Discussion 1: Cryptocurrency is a Digital Currency where the money is used as a form of digital files. It contains method cryptography in order to secure the transactions and also for transferring the coins. Nowadays, we have different types of cryptocurrencies. For example, there are Stellar, Bitcoin, Neo, Cordano, Ether by Ethereum, and moreover. Each and every Cryptocurrency is a Blockchain. BITCOIN: If we consider, Bitcoin. It is the most used cryptocurrency in these days. It has a currency in the form of digital files. Using this Bitcoin, people can transfer the money to anybody, all over the world using the internet. All the transactions that took place in this Bitcoin are verified and also it does not require any central authority. ETHER: On the other hand, there is also another cryptocurrency Ether. Ether has been raised by the Ethereum Platform. This has been used for a computation performance as a reward for the mining nodes. While during the payment of the currency, Ether is the currency used in the form of the payment in the transaction fees. The above two cryptocurrencies are similar to each other in a few things like they both are Cryptocurrency. Blockchain has been used by both of them. There is no central authority for both of the cryptocurrency. There are also few differences among the Bitcoin and the Ether as well. There is a difference in the block time, where the bit coil has only 10 min and the Eher has only the least time of 12 seconds. Bitcoins are been more mined with 65% more than the Ether, which has been mined with only 50%. References: BitDegree. (2020, January 02). Various Types of Cryptocurrency: How Many Cryptocurrencies are There? Retrieved July 08, 2020, from https://www.bitdegree.org/tutorials/types-of-cryptocurrency/ PricewaterhouseCoopers. (n.d.). Making sense of bitcoin, cryptocurrency, and blockchain. Retrieved July 08, 2020, from https://www.pwc.com/us/en/industries/financial-services/fintech/bitcoin-blockchain-cryptocurrency.html Discussion 2: There are different types of cryptocurrencies. Litecoin is one of them. Litecoin was founded on October 2011 by Charles Lee to solve the existing challenges of bitcoin. It is an opensource cryptocurrency that allows people all over the world to make transactions to anyone at any time (Bhosale & Mavale, 2018). The main purpose of designing litecoin was to process smaller value fast. It also uses scrypt encryption. This is because the processing time of scrypt is fast. The processing of mining for bitcoin require heavy processing and fast computing. Litecoin mining is easier since it can be mined by a computer with lesser processing power. Another example of cryptocurrency is Ether. It is generated on Ethereum platform. The platform runs applications that are run exactly as programmed without any possibility of downtime, censorship or third party interference (Vujicic, Jagodic, & Randic, 2018). It is public platform that has open source based on cloud computing. Both Ether and Litecoin are similar in that they have fast transaction time. The new blocks in litecoin are formed after every two and a half minutes, while those of Ether are formed after approximately twenty seconds (Vujicic, et al., 2018). They are also similar in that they can be traded on many crypto exchanges by anyone at any place. There also exists differences between Ether and litecoin. Litecoin is specific to currencies and can be used as a means of payment whereas Ether is not all about validating money transactions. It can be used by developers to execute codes that can be used on different areas, from the internal programming language (Bhosale & Mavale, 2018). The software development related to Ethereum can also be funded by online crowdsale, which is different from litecoin. References Bhosale, J., Mavale, S. (2018). Volatility of Select Crypto-Currencies: A Comparison of Bitcoin, Ethereum and Litecoin. Annual Research Journal of Symbiosis Centre for Management Studies, 6, 132-141. Vujicic, D., Jagodic, D., & Randic, S. (2018). Blockchain Technology, Bitcoin, and Ethereum: A Brief Overview. IEEE, 17, 1-6.