This time, we’ll see how dramatically Core DAO Network differs from Litecoin one of the first cryptocurrencies to ever emerge and closely follow Bitcoin and Ethereum.
In 2011, the cryptocurrency Litecoin (LTC) was created by a fork in the Bitcoin network. It was initially developed to satisfy the developers’ concerns that the mining process for Bitcoin was becoming more centralized and to make it more difficult for a few major mining organizations to control the market. The cryptocurrency has now developed into a mineable coin and a peer-to-peer payment system, despite the fact that it finally failed to prevent commercial miners from controlling the majority of Litecoin mining.
CORE DAO and Litecoin have the following key similarities and distinctions:
1. Litecoin uses the proof-of-work consensus mechanism while Core DAO uses an adaptation of the Satoshi Plus Consensus.
2. A former Google programmer named Charlie Lee founded Litecoin in 2011, two years after Bitcoin, whereas Core DAO’s development team remained unknown to the public.
3. Due to the use of proof-of-work consensus, you can only mine Litecoin using a computer (solo mining) or in a group with other miners (a mining pool). CoreDAO has an advantage over Litecoin in that it can be mined on smartphones, meaning it is mobile friendly.
4. Litecoin and Core DAO are both cryptocurrency mining projects.
5. One further significant distinction is that, Core DAO (CORE) is currently in development while Litecoin (LTC) is already traded on exchanges.
What is Core DAO?
Core DAO is the official decentralized organization developing the Satoshi Plus ecosystem. It represents an opportunity for miners to access new revenue streams by contributing hash power to the chain. Inspired by the principles of both blockchains, Core displays a deep appreciation for the history of the crypto ecosystem paired with an even greater excitement for Core’s role in its future.