According to recent developments, Ethereum [ETH]’s total hashrate for its blockchain has been surpassed by Litecoin [LTC]. This, for all purposes, signifies that Litecoin’s blockchain is more secure than Ethereum’s.
The hashpower of a blockchain represents the amount of power the blockchain needs to continue functioning. Proof of Work algorithms consumes the most hashpower in the process of mining. The hashpower is measured in terms of hash per second and is the output of a hash function.
Litecoin holds power as the most dominant Scrypt PoW coin in the market today, with a total hashpower of close to 340 TeraHash per second. The coin that uses hashpower second to Litecoin with Scrypt PoW has a hash power of 2 TeraHash per second, which is the reason Litecoin’s Charlie Lee stated that it would not be attacked.
Litecoin surpassed Ethereum’s hashrate on 5th of May, with Ethereum’s hashrate being 270 TeraHash/s and Litecoin’s at 277 TeraHash/s. Currently, Litecoin is hovering around 340 TeraHash/s while Ethereum is staying constant around the 270 TH/s mark.
The hashrate of the blockchain determines how much power is to be utilized while orchestrating a 51% attack on the blockchain. The attacker must be able to generate more than half of the hashpower on the blockchain for a significant impact. 51% of the blockchain’s power gives the attacker the power to reverse transactions, double spend tokens and make protocol changes on specific blockchains.
Ethereum has introduced a proof of staked finality system that might reduce power consumption in the future. Even as it is overlaid on the existing proof of work blockchain, whizkid coder, Vitalik Buterin said that it could take on the form of a hybrid system, with elements of both PoS and PoW.
Even as the bearish market attacked Litecoin, investors maintained hope. User Chip Ramos said:
“All those losing faith in #Litecoin, I just want to say, “Crouching Tiger, Hidden Dragon” Don’t sleep on it. Remember we went to $400-ish. We will see that day again and then some! Eyes on the prize!!! FOCUS!”
User Litecoin Hero said:
“Buying #litecoin right now is a no-brainer”