Experienced cryptocurrency researcher Lucas Nuzzi explains why the Dogecoin (DOGE) craze will threaten Litecoin (LTC). And it tells how the two different platforms can withstand attacks.
Although both cryptocurrencies are rising from time to time, I think it is necessary to be careful when investing in the period when bitcoin is extremely high.
Jokingly Created Coin Has No Miners
According to Nuzzi, the miner shortage in the Dogecoin network in 2014 left the platform vulnerable to a 51% attack. Auxiliary Proof of Work (AuxPoW) implemented by the developers enabled Dogecoin mining to match similar networks.
The proposed solution has been disputed from day one: Dogecoin mining depended on the control of major miners. Today, 95% of Litecoin mining is done by miners within the platform. The current choice has made the fun years that have passed since its discovery into a serious problem due to the unprecedented recovery.
The 1200% increase in the Dogecoin price increased the hash level by 15%. As a result, Litecoin and Dogecoin have become much more vulnerable to cyber attacks.
Litecoin Advantages
There are over two thousand sub-coins in the Bitcoin market. Litecoin is the first and last ranked sub coin that is the most successful. Litecoin technology is more advanced than bitcoin. Since it has better quality software, it can perform fast transfers.
While it is claimed that Bitcoin has a deficit, litecoin software comes up with a quite different algorithm from bitcoin. Therefore, it is considered that the firewall cannot be broken.
Litecoin, which is the first sub-coin, currently has a market value of over $ 1 billion. It has emerged with the aim of transferring money at very low costs. It offers more storage possibilities than other cryptocurrencies.
Unlike the Bitcoin blockchain, the Litecoin blockchain creates blocks faster. Block generation speed enables Litecoin to be faster in confirming transactions.
What are the Disadvantages of Dogecoin?
Details about Dogecoin cons are as follows:
- Weak use for investment purposes,
- Inability to offer high profits in the long term,
- Lack of updates,
- Being behind other coins in terms of security,
- Although it uses the PoW mechanism, it does not affect the miner income due to the low price,
- Providing unstable price charts,