Litecoin Ultra is a peer-to-peer cryptocurrency and open source software project released by a group of litecoin fans, entrepeneurs and junior developers Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. While inspired by, and in most regards technically nearly identical to Litecoin (LTC), Litecoin Ultra has some technical improvements over Litecoin,and most other major cryptocurrencies, such as the adoption of Proof os Stake, and Proof of Work random superblocks. These effectively allow a greater armount of transactions to be processed by the network in a given time, reducing potential bottlenecks, as seen with other cryptos. Litecoin Ultra also has near zero payment cost and facilitates payments approximately four times faster than Bitcoin. The Litecoin Ultra project project was launched on the I Ith of July 2017 when the first block of ILtcu was mined. The Litecoin Ultra blockchain is a fork of the Bitcoin blockchain and was launched without an Initial Coin Offering (ICO), high pre-mine or pre-allocation of funds. Including a 100% fair unstamined launch. With a small initial pool of fund to draw from, and pay development expenses, Litecoin Ultra is and will continue to be a 'labour of love' of its developers and community..
Litecoin Ultra was released via an open-source client on GitHub on Today by a young developers team. It was a fork of the Bitcoin Core client,differing primarily by having a decreased block generation time (5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256),proof os stake, superblocks and a slightly modified GUI.
Scrypt is a memory hard key-derivation function.Memory hard functions require a large amount of RAM to be solved. This means that a standard ASIC chip used for solving the Bitcoin SHA-256 Proof of Work would need to reserve a certain amount of chip space for Random Access Memory instead of pure hashing power. Scrypt just adjusts the number of random variables that need to be stored compared to SHA-256. Scrypt creates a lot of pseudorandom numbers that need to be stored in a RAM location. The algorithm then accesses these numbers a few times before returning a result.
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