Scrypt Algorithm Development Company

Scrypt Algorithm Development Company

In the crypto space, most of the cryptocurrencies that are mined by super fast computers use a PoW consensus algorithms, developed to make them prove that they have provided the computing energy in creating the new coins. Bitcoin uses SHA-256, but most of the altcoins use easiest and familiarized system, called Scrypt.

Scrypt is one of the primary cryptocurrency mining algorithm, which is a promising mining algorithm in cryptocurrency development process. In this article, we'll deal with a brief definition of Scrypt Algorithm Development, how it was originally built, how scrypt algorithm based cryptocurrency mining is done, what are the benefits, and many more.

What is Scrypt?

Scrypt is a one kind of cryptographic algorithm and is used by Litecoin.

Scrypt, a memory intensive algorithm, is used by many cryptocurrencies as PoW. Scrypt mining is mostly performed using GPUs rather than CPUs, since they have an extra processing power, ideal to manage the more memory requirements of Scrypt.

From May 2014, specific ASIC mining hardware is available for Scrypt algorithm based cryptocurrencies.

How Scrypt Algorithm Works?

Scrypt is a simple algorithm and helps to calculate blocks rapidly with in a time. Most of the cryptocurrencies are using this algorithms and Scrypt mining is a new way of acquiring more crypto coins. At first, this process of mining was introduced to make Litecoin immune to specialized ASIC machines. But later, processors were created to produce Scrypt hashes more aptly. From start to now, Litecoin is minable with GPU devices, though with less potential rewards.

Scrypt is a memory-hard key-derivation function. Memory hard functions need a large amount of RAM to be solved. It means that a standard ASIC hardware chip used for solving the Bitcoin SHA-256 PoW would require to store a certain amount of chip space for RAM rather of pure hashing power.

Why Scrypt Algorithm?

Scrypt is a memory-hard function. Colin Percival argued with professional after that only they are accepting to creating an ASIC for Scrypt would be more expensive. To compared with Sha-256, the Scrypt algorithms also works as a proof-of-work system.

The key difference is that Scrypt checks ASICs and GPU mining, which were very effective for mining Bitcoin, from having any dynamic power over Scrypt. In April 2014, Litecoin reached a market cap of $270 million and attained a network strength of 100GH/s. This equates to 100 TH/s for Bitcoin due to the power that Scrypt imposes on the hardware mining it. Because Scrypt is natively more difficult to perform computationally, many Altcoins have adopted it as the proof-of-work scheme.

SHA 256 vs Scrypt: SHA 256 Algorithm: ● SHA 256 cryptographic hash Algorithm. SHA 256 was first released IN 2001 by US, National Security Council. ● SHA-256 is used for Bitcoin mining. It supports bitcoin blockchain network through proof of work. ● At first, Bitcoin was mined with CPUs then gradually hashing power added to the Bitcoin network & with ongoing time, hash rate increased manifold.

Scrypt Algorithm: ● Scrypt algorithm launched in Litecoin in 2001 with a purpose to make it more expensive to perform heavy hardware attacks using high speed Random Accessed Memory (RAM). ● Scrypt Algorithm implements quick transaction & block generate quickly as compared to SHA 256 algorithm. ● It is distinctive feature of Litecoin that it uses Scrypt algorithm which is very helpful for mining of Litecoin.

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