ForexMinute.com – The idea may seem absurd to most of you, but the creators of the aforementioned cryptocurrencies are actually planning to form a ‘mining’ alliance. On technical grounds, the merged mining between Litecoin and Dogecoin seems conceivable; while on a practical level, such discussions are doing nothing but rising tensions between the communities of two leading altcoins.
We have now entered times in which the possibility of more altcoins is inevitable. Often we have biggies such as Litecoin and Dogecoin in a ‘race-to-replace’ Bitcoin as the world’s largest cryptocurrency. But every day, we are also introduced with stillborn currencies which survived only a phase of time and is progressing merely on the speculation.
Most of these altcoins are based on the same mining algorithm, known as Scrypt. This concretely means that their transaction validation mechanisms are nearly identical. The only difference that exists between all of them is different computing powers, divided mainly between Litecoin and Dogecoin and forming two distinctive validation channels. These computing powers exist in different order such as 75 GH/s, 175 GH/s and even as low as 5 GH/s.
There is, therefore, a split of computing powers between the range of digital currencies other than Bitcoin. A Bitcoin expert, who would not like to be named, believes that cryptocurrencies with a low number of miners are much more prone to security threats, if an entity has too much of power calculation – commonly known as 51% attack. In addition, the profitability of such attacks would be inversely proportional to the rewards being obtained from mining.
So, technically the merger between Litecoin and Dogecoin will allow both the cryptocurrencies to continue their own validated chain transactions. The only difference would be of the level of mining. The miners would specifically work simultaneously on the validation of transactions on both protocols. Thus, the entire computing power will limit the vulnerability of both the currencies from any kind of external attack.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org