Updated July 24, 2023
Difference Between Ripple vs Litecoin
Ripple vs Litecoin In this, Ripple can be defined as a technology mostly used to make online payments. It is created solely to secure offshore transactions, allowing them to become cheaper and faster simultaneously. On the other hand, Litecoin can be defined as an open-source system that runs on a Scrypt algorithm. Compared to Ripple, Litecoin has various functions to deliver apart from just focusing on international transactions. Litecoin is used for daily transactions and peer-to-peer transactions as well.
Ripple was founded by Chris Larsen and Jed McCaleb in 2012, whereas Charles Lee founded Litecoin in 2011. Ripple is taken into use by large companies and business institutions to initiate payments, and it ranks number three in the worldwide cryptocurrency rankings. In contrast, Litecoin ranks number fifth in the worldwide cryptocurrency rankings. The overall processing and maintenance of Ripple is a bare minimum, for it is only used for international transactions. On the other hand, the overall processing and maintenance of Litecoin require a huge amount of effort to deliver various types of functions, including foreign transactions and peer transactions on a day-to-day basis.
Head To Head Comparison Between Ripple vs Litecoin(Infographics)
Below are the Top 14 differences between Ripple vs Litecoin:
Key Differences Between Ripple vs Litecoin
The key differences between Ripple vs Litecoin are provided and discussed as follows:
- Ripple was founded in the year 2012. On the other hand, Litecoin was founded in the year 2011.
- Chris Larsen and Jed McCaleb were the founders of Ripple, whereas Charles Lee was the founder of Litecoin.
- Ripple presently ranks in the third position, whereas Litecoin ranks in the fifth position worldwide in cryptocurrency.
- The growth potential is confined in Ripple’s case because it solely focuses on delivering one function, i.e., cross-border transactions. On the other hand, the growth potential is unlimited in the case of Litecoin, as it delivers multiple sorts of functions.
- Ripple has a four percent of market cap, whereas Litecoin has a three percent of market cap.
- In the case of Ripple, the total transaction time is four seconds, while in the case of Litecoin, the total transaction time is two and a half minutes.
- Ripple runs on RPCA (Ripple Protocol Consensus Algorithm), whereas Litecoin runs on the Scrypt algorithm.
- In the case of Ripple, transactions are made through currencies issued by Ripple Labs, while in the case of Litecoin, transactions are made through mining on uncomplicated algorithms.
- Ripple solely focuses on transactions executed at an international level, whereas Litecoin focuses on offshore transactions, peer-to-peer transactions, and day-to-day transactions.
Ripple vs Litecoin Comparison Table
Let’s discuss the top comparison between Ripple vs Litecoin:
| Basis of comparison | Ripple | Litecoin |
| Year of establishment | Ripple was established in the year 2012. | Litecoin was established in the year 2011. |
| Majorly used for | The major usage of Ripple is for overseas financial transactions. | The primary usage of Litecoin is for day-to-day business transactions. |
| Used by | Ripple offers a safe and reliable method of executing international transactions at the lowest possible costs. This is why large companies and financial organizations use Ripple to make payments. | Litecoin is majorly used for cross-border, daily, and peer-to-peer transactions. |
| Present ranking in the overall cryptocurrency rankings | Ripple presently ranks in the third position. | Litecoin presently ranks in the fifth position. |
| Functions | Ripple is used solely to execute international business transactions. | Users employ Litecoin for multiple functions, including conducting offshore business transactions and engaging in day-to-day peer-to-peer transactions. |
| Processing and maintenance | Ripple’s overall processing and maintenance are kept at the bare minimum since it solely serves the purpose of cross-border transactions. | Litecoin’s overall processing and maintenance require tremendous effort since it has to deliver multiple daily functions, including offshore business transactions and peer-to-peer transactions. |
| Potential for growth | Ripple’s growth potential is limited because it focuses solely on offering one function. | The growth potential is unlimited with Litecoin since it offers multiple functions. |
| Founded by | Chris Larsen and Jed McCaleb founded Ripple. | Charles Lee founded Litecoin. |
| Market cap | Ripple has a market cap of 4 percent. | Litecoin has a market cap of 3 percent. |
| Mining | Ripple is not mined. | Memory is intensive in the case of Litecoin. |
| Ceiling amount | One hundred billion ripple units. | Eighty-four million units. |
| Total transaction time | Four seconds to be precise, in the case of Ripple. | 2.5 minutes to be precise, in the case of Litecoin. |
| Hashing Algorithm | RPCA (Ripple Protocol Consensus Algorithm). | Script. |
| Transactions made through | Ripple Labs issues currencies through which transactions are made in Ripple. | Litecoin facilitates transactions based on mining with uncomplicated algorithms. Conclusion |
Litecoin has multiple functions as compared to Ripple. Litecoin focuses on international, peer-to-peer, and daily transactions, whereas Ripple solely focuses on cross-border transactions. Ripple stands number three in worldwide cryptocurrency ratings, whereas Litecoin stands five in worldwide cryptocurrency ratings. Large companies and banking institutions use Ripple for making payments, while international peer-to-peer business transactions placed in the fifth border transactions utilize Litecoin.
Ripple was founded in 2012 to ensure secure, easy-to-use, safe, low-cost international transactions. In contrast, Litecoin was founded in 2011 to offer multiple functions and not just focus on one basic process, acting as a better version of Ripple. Ripple relies on one function, which is why the overall maintenance of the same is a bare minimum, whereas maintaining Litecoin requires a lot of effort since it focuses on delivering multiple functions.
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