Monero Vs Litecoin

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  • Today’s Monero Price

    1 XMR
    $342.12

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  • Today’s Litecoin Price

    1 Litecoin
    $294.06

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Difference between Public and Private Coins

The cryptomarket witnessed a major change with the advent of Blockchain technology and the striking entry of Bitcoin as a revolutionary figure. Today, the market has flooded with similar other cryptocoins that are based on Bitcoin’s structure, but with some positive upgrades. These coins fall into either of the two categories, namely public coins and private coins. While all blockchain-based coins offer a certain level of privacy to its users, with private coins, privacy comes first and foremost on the agenda. With public coins, you can link other addresses. Transaction amounts can also be traced under these platforms. Private coins, on the other hand, use different features to ensure the privacy and anonymity of users.

Litecoin as a Public Coin

Litecoin came into being as a feasible alternative for Bitcoin’s excessive slow transaction issues and storage glitches. As and when paralleled to Bitcoin, this currency brings to the table some noticeable differences in transaction speed and storage. With its Scrypt algorithm, Litecoin allows faster transactions and also generates more number of coins. However, it has not been devised to deal with the privacy issues that Bitcoin users face and hence, fails to ensure privacy to its users. The Litecoin specifications (Bitmain Antminer L3) and provisions are as follows:

  • Scrypt Rate: 250 MH/sec
  • Power: 400W
  • Mining Price: 1900 US Dollars
  • Electric Charges: $ 00.10/kwhr
  • Exchange Partners: Changelly, BitFinex, Coinbase, Kraken, Poloniex, etc
  • A copy of Bitcoin Blockchain
  • Wallet available for PCs as well as mobile phones
  • Almost 400 contributors and over 10,000 commits
  • Widely accepted by merchants

Monero as a Private Coin

Monero is based on a special algorithm, the Cryptonote, which is specifically intended for private transactions. It offers an all-time privacy by making use of its two distinguished features- the Ring Signature and the Ring Confidential Transaction. With Ring Signatures, it is hard to track down the individual or the group that made the transaction- since transaction signs are shared by everyone on this platform. Thus, connecting a particular user with his or her transaction is extremely challenging. The RingCT or Ring Signature feature increases the privacy level by screening transaction amounts. The specifications and provisions are as follows:

  • XMR Rate: 4200 H/sec
  • Power: 1000W
  • Mining Price: 2200 US Dollars
  • Electric Charges: $0.10/kwhr
  • Exchange Partners: Only a few
  • Known for its privacy and non-traceability
  • Monero basic wallets only available on browsers
  • Not as widely accepted as Litecoin