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Welcome to Litecoin Developer

Over the last few years I have became rather interested in Crypto-currencies, namely Litecoin, which is derived from Bitcoin. Bitcoin had great success and over the last two years had matured significantly, enough to go mainstream. Litecoin is a close second.

Creation of Litecoin is meant to solve what has been observed as a number of potential problems with Bitcoin. Main features of Litecoin are that it provides faster transaction confirmation times and uses something called Scrypt as a proof-of-work algorithm instead of SHA256 used by Bitcoin. The goal of Scrypt is to deter development of the dedicated mining hardware (ASICs), such as those developed for Bitcoin by AVALON and BFL. It does not mean that ASICs can not be developed for Litecoin, in fact, originally the algorithm was intended to circumvent development of GPU (OpenCL/CUDA) miners for Litecoin, however that has been achieved (although I have to say that because of this, mining Litecoin in GPU can be a much more complicated task then mining Bitcoin).

Since my interest is in Litecoin, I decided to write a set of tutorials that cover integration of both Bitcoin and Litecoin into web sites and applications. Some tutorials will be Litecoin-centric, but the goal of this, however, is to create examples that operate on both Bitcoin and Litecoin simultaneously.

The technologies that will be used here are: NodeJS, Bitcoin module for NodeJS (it is compatible with Litecoin) and MongoDB NoSQL database storage engine. The operating system in use is either Ubuntu Linux or Windows.

If JavaScript/NodeJS is not your forte, don't get discouraged. To communicate with litecoin daemon, we will be using Bitcoin JSON API, which is accessible from any programming language. Bitcoin JSON API also gives the advantage of running the daemon on a separate computer.

Finally, I would like to note that your are dealing with real money and as such you should take security very seriously! When doing application development, it is not possible to encrypt your wallet because in order to access it, your software source code will need to contain a password. Isolating the daemon to a separate computer also won't help because a hacker who gained access to your computer can issue JSON RPC commands gaining control of your wallet. Thus it is advisable to design application in such manner that once it receives funds, it transfers them off to a different address. It is also advisable, if you do not require all coins to be stored in your wallet to move them to “cold storage” - an address/wallet that is stored in offline media.

List of available tutorials

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start.txt · Last modified: 2013/06/27 07:03 by aspect