![“[Blockchain] is to Bitcoin, what the internet is to email. A big electronic
system, on top of which you can build applications. Currency is just one.” —
Sally Davies, FT Technology Reporter
Courtesy Financial Times.
WHAT IS A BLOCKCHAIN.](https://image.slidesharecdn.com/litecoinbootcamp-170701014846/85/Litecoin-Crypto-Currency-Bootcamp-17-320.jpg)
Litecoin Crypto Currency Bootcamp
- 1. Joseph Holbrook, Cloud Consulting Architect and Technical Trainer Cryptocurrency Enthusiast and Trader, Certified Bitcoin Professional Cloudbursting Corp(AWS Partner) in Jacksonville, FL. 06/19/2017 LITECOIN CRYPTOCURRENCY BOOTCAMP 'SILVER' TO BITCOIN'S 'GOLD
- 2. • Intro • Pre Quiz • Litecoin 101 • Litecoin Founder • What is Litecoin • History of Litecoin • Blockchain • How to compare cryptocurrency COURSE CONTENT
- 3. • Litecoin History • Litecoin Block Explorer • Litecoin Wallets • How to buy Litecoin • Development in Litecoin (Core) • Litecoin Mining • Demos • Post Quiz ABOUT THE COURSE
- 5. • Joe Holbrook, owner of Cloudbursting Corp in Jacksonville, FL. • Cloud Consulting Architect & Technical Trainer who has been consulting in the Cloud Computing and Data Storage areas for over 15 years. • I am also a Cryptocurrency consultant, Active Crypto Currency investor, and technical trainer. • Certified Bitcoin Professional with (C4) and fluid in IT Security mainly around Cryptography and secure communications for Federal Gov. • Military Communications background with numerous IT security certifications. • Focused on Dash, LiteCoin, Ethereum, Ripple and Bitcoin. ABOUT YOUR INSTRUCTOR
- 6. • I am a cryptocurrency investor. However, I don’t have a stake in any crypto currency nor being paid by any organization. • Note this is my opinion only and any resource used I give credit to. • I am not giving investment advice… • I want everyone that does get into this area to be very successful. DISCLOSURE
- 8. • Charles Lee is the creator of Litecoin. • He went to M.I.T and completed a MS in C.S. • He worked at Google as a Software Engineer • He worked at Coinbase as the Director of Engineering • He lives in the San Fran Bay area. • He left Coinbase and is now working full time on Litecoin. CHARLES LEE
- 10. • Litecoin Genesis Date - October 7, 2011 • Founder Charlie Lee, a former Google and Coinbase employee. • Litecoin reached a $1 billion marketcap in November 2013.[ • In May 2017, Litecoin became the first of the top-5 (by market cap) cryptocurrencies to adopt Segregated Witness . • Later in May of the same year, the first Lightning Network transaction was completed through litecoin, transferring 0.00000001 LTC from Zurich to San Francisco in under one second. LITECOIN HISTORY
- 11. LITECOIN 101
- 12. Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. (Algos) LITECOIN 101
- 13. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin. Litecoin is to Bitcoin as Gold is to Silver. LITECOIN 101
- 14. 1. Litecoin is built on the same blockchain as BTC 2. Litecoin is faster than BTC because of Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin's 10 minute 3. Litecoin has lower payment costs than BTC 4. Litecoin has more coins minted (4X) 5. Litecoin uses scrypt in its proof-of-work algorithm LITECOIN 101
- 15. BLOCKCHAIN 101
- 16. • A blockchain is a globally shared data structure, transactional backend database.(In Bitcoin/Litecoin it’s generally called a ledger) This means that everyone can read entries in the database just by participating in the network. If you want to change something in the database, you have to create a so-called transaction which has to be accepted by all others. The word transaction implies that the change you want to make (assume you want to change two values at the same time) is either not done at all or completely applied. • Furthermore, while your transaction is applied to the database, no other transaction can alter it. Aka--Non- Reputable • Time stamped and full history WHAT IS A BLOCKCHAIN.
- 17. “[Blockchain] is to Bitcoin, what the internet is to email. A big electronic system, on top of which you can build applications. Currency is just one.” — Sally Davies, FT Technology Reporter Courtesy Financial Times. WHAT IS A BLOCKCHAIN.
- 18. “A blockchain is a magic computer that anyone can upload programs to and leave the programs to self-execute, where the current and all previous states of every program are always publicly visible, and which carries a very strong crypto economically secured guarantee that programs running on the chain will continue to execute in exactly the way that the blockchain protocol specifies.” —Vitalik Buterin WHAT IS A BLOCKCHAIN.
- 19. • Blockchain’s decentralized, open & cryptographic nature allow people to trust each other and transact peer to peer, making the need for intermediaries obsolete • Disruptive technology especially around services that required intermediaries. WHAT IS A BLOCKCHAIN.
- 20. Blockchain is not easily hackable since its NOT a central intermediary. Hacking attacks that commonly hack on large centralized intermediaries like banks would be virtually impossible to be successful on the blockchain. For example — if someone wanted to hack into a specific block in a blockchain, the hacker would not only need to hack into: -- That specific block, but all of the proceeding blocks going back the entire history of that blockchain. - They would need to do it on every ledger in the network, which could be millions, simultaneously. Not exactly an easy task. WHAT IS A BLOCKCHAIN.
- 21. BLOCKCHAIN 102 – SEGWIT
- 22. SEGWIT Segregated Witness is a solution created by the Bitcoin Core developers. Aka Soft fork. The general high-level idea of segwit is that the signatures in a transaction (also called the witness data) are skipped when calculating the transaction id. So Essentially, SegWit is the process by which blocks on a blockchain are made smaller by removing signature data from Bitcoin transactions. SegWit could potentially pave the way for technologies that expand the value proposition of cryptocurrencies. SEGWIT so whats the big deal? WHAT IS SEGWIT?
- 23. Unlike Bitcoin, Litecoin is not running out of transaction space so why did LTC go Segwit. 75% of blocks over a two-week period feature a snippet of code flagging support for SegWit. The move to SEGWIT was strategic as to enhance capabilities of the blockchain such as going towards the Lightning network and perhaps more confidential transactions… Litecoin was activated on May 10, 2017 since it was coded into LTC WHY DID LTC GO SEGWIT
- 24. BLOCKCHAIN 103 - DISTRIBUTED LEDGER
- 25. • A Distributed ledger is a database held and updated independently by each node in a large network. The distribution is unique: records are not communicated to various nodes by a central authority, but are instead independently constructed and held by every node. That is, every single node on the network processes every transaction, coming to its own conclusions and then voting on those conclusions to make certain the majority agree with the conclusions. • Once there is this consensus, the distributed ledger has been updated, and all nodes maintain their own identical copy of the ledger. • So simply put it’s a non reputable database. WHAT IS A DISTRIBUTED LEDGER?
- 26. MINING REWARDS
- 27. Miners are currently awarded with 25 new litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks). The Litecoin network is therefore scheduled to produce 84 million litecoins, which is 4 times as many currency units as Bitcoin. MINING REWARDS
- 28. LITECOIN WALLETS
- 29. There are several types of Wallets. Paper --- The safest way to store your precious Litecoins outside of a computer or electronic device witch can be stolen or hacked. A paper wallet is actually just a piece of paper with the Wallet hash and the private key printed on it. Hardware wallet --- is a special type of bitcoin wallet which stores the user's private keys in a secure hardware device. They have major advantages over standard software wallets: private keys are often stored in a protected area of a microcontroller, and cannot be transferred out of the device in plaintext (Ledger, Trezor, Keepkey) WALLETS
- 30. Desktop -- As would expect this is kept on your desktop. Used for relaying transactions on the network, this software also enables you to create a LTC address for sending and receiving the virtual currency, and to store the private key for it. Mobile Wallets -- Used on you phone. Usually lightweight and does not keep a full blockchain. Used to send transaction Online -- Web-based wallets store your private keys online, on a computer controlled by someone else and connected to the Internet. WALLETS
- 33. • One of the routine questions I receive is “What is the difference between Bitcoin and LTC?” Mining Differences Bitcoin uses an SHA-256 Algo while LTC uses the Scypt Algo. The main differences for miners is that the difficulty with the algo increases exponentially with BTC (Parrallel Processing) and thus has created increased mining competition, increased difficultly and this less nodes participating. Litecoin does not have this challenge since its still possible to mine LTC with PC Processors whereas with BTC you would need ASICS. Bitcoin mining is more centralized unlike with Litecoin that can still be mined with smaller computers. BITCOIN VS LITECOIN
- 34. • Transactions In LTC transactions are a faster. This is due to the block processing that is more efficient. The key difference for end-users being the 2.5 minute time to generate a block, as opposed to bitcoin's 10 minutes. The faster block time of Litecoin reduces the risk of double spending attacks in the case of both networks having the same hashing power. Litecoin can handle a higher volume of transactions thanks to its faster block generation. If bitcoin were to try to match this, it would require significant updates to the code that everyone on the bitcoin network is currently running. BITCOIN VS LITECOIN
- 35. LITECOIN CORE
- 36. • Litecoin Core is the name of the open source software which enables the use of this currency. Mainly written in Python. • Node-litecoin is a simple Node.js wrapper for the Litecoin client's JSON-RPC API. • Find general information as well as a list of services and exchanges that support Litecoin at the Litecoin Wiki. • Up-to-date network statistics can be found at Litecoin Block Explorer Charts. • Source code for Litecoin Core and related projects are available on GitHub. LITECOIN CORE
- 38. • Litecoin is looked at as Bitcoins “Red Headed Step Child” because LTC is an offshoot of BTC. • LTC is consider Silver and BTC is considered Gold. • Acceptance of LTC for purchases still limited • Litecoin coinage is limited to 84 Million, this is 4x of BTC so its likely not going to be appreciating because its less limited status. • Litecoin mining is essentially unprofitable due to the increasing due to the requirement of specialized mining. • Litecoin does a higher probability of orphaned blocks. CHALLENGES FROM MY POV
- 40. • Litecoin is an open source software project released under the MIT/X11 license which gives you the power to run, modify, and copy the software and to distribute, at your option, modified copies of the software. • The software is released in a transparent process that allows for independent verification of binaries and their corresponding source code. • Hosted on Github https://github.com/litecoin-project OPEN SOURCE
- 42. THANK YOU FOR ATTENDING
- 43. Joseph Holbrook Linkedin.com https://www.linkedin.com/me/profile-views/ Youtube.com https://www.youtube.com/channel/UCLcRBsiL_BIgDdn7P6uZbnQ Web www.switchsanguru.com Email. jholbrook2015@switchsanguru.com CONTACT INFO