Difference Between Ripple vs Litecoin
Ripple vs Litecoin in this, Ripple can be defined as a technology that is mostly taken into use for making online payments and it is created solely for the purpose of securing the offshore transactions and allowing them to become cheaper and faster at the same time. On the other hand, Litecoin can be defined as an open-source system that runs on a Scrypt algorithm. As 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 the year 2012 whereas Litecoin was founded by Charles Lee in the year 2011. Ripple is taken into use by large companies and business institutions for the purpose of initiating payments and it ranks number three in the worldwide cryptocurrency rankings whereas Litecoin ranks number fifth in the worldwide cryptocurrency rankings. The overall processing along with maintenance of Ripple is a bare minimum for it is only used for international transactions. On the other hand, the overall processing along with maintenance of Litecoin requires a huge amount of effort as it is used for delivering the various types of functions including foreign transactions as well as peer to transactions on a day to day basis.
Head to Head comparison Between Ripple vs Litecoin(Infographics)
Below are the Top 14 difference 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 in the worldwide cryptocurrency positioning.
- The potential for growth is confined in the case of Ripple due to the fact that it solely focuses on delivering one function i.e. cross border transactions. On the other hand, the potential for growth 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.
- The total transaction time taken in the case of Ripple is four seconds whereas the total transaction time taken in the case of Litecoin 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 via currencies issued by Ripple Labs whereas, in the case of Litecoin, transactions are made via mining and that too 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 as well.
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 | Ripple is majorly used for the purpose of overseas financial transactions. | Litecoin is majorly used for day to day business transactions. |
| Used by | Ripple offers a safe and reliable method of executing international transactions and that too at the lowest possible costs. This is why Ripple is majorly used by large companies and financial organizations for the purpose of making payments. | Litecoin is majorly used for cross border transactions, daily transactions as well as peer to peer transactions. |
| Present ranking in the overall cryptocurrency rankings | Ripple is presently ranked at the third position. | Litecoin is presently ranked in the fifth position. |
| Functions | Ripple is used solely for the purpose of executing international business transactions. | Litecoin is used for multiple functions including offshore business transactions as well as peer to peer transactions on a day to day basis. |
| Processing and maintenance | Ripple’s overall processing, as well as maintenance, is bare minimum since it is solely used for the purpose of cross border transactions. | Litecoin’s overall processing, as well as maintenance, requires a tremendous amount of effort since it has to deliver multiple functions that include offshore business transactions and peer to peer transactions on a daily basis. |
| Potential for growth | The potential for growth is limited with Ripple since it focuses to offer only one function. | The potential for growth is unlimited with Litecoin since it offers multiple functions. |
| Founded by | Ripple was founded by Chris Larsen and Jed McCaleb. | Litecoin was founded by Charles Lee. |
| 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). | Scrypt. |
| Transactions made through | In Ripple, transactions are made through currencies that are issued by Ripple Labs. | In Litecoin, transactions are made on the basis of mining on uncomplicated algorithms. |
Conclusion
Litecoin has multiple functions as compared to Ripple. Litecoin focuses on international transactions, peer to peer transactions and daily transactions whereas Ripple solely focuses on cross border transactions. Ripple stands number three in worldwide cryptocurrency ratings whereas Litecoin stands number five in worldwide cryptocurrency ratings. Ripple is used for making payments in large companies and banking institutions whereas Litecoin is used for international peer to peer business transactions that are placed in the fifth border transactions.
Ripple was founded in the year 2012 for the purpose of ensuring secure, easy to use and safe low-cost international transactions whereas LItecoin was founded in the year 2011 to act like a better version of Ripple that can offer multiple functions and not just focus on one basic function only. Ripple relies on one function and this is why the overall maintenance of the same is bare minimum whereas maintaining Litecoin requires a lot of effort since it focuses on delivering multiple functions.
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