List of Scrypt Cryptocurrencies
Scrypt was designed by Colin Percival in 2009 and is a password-based essential derivation function. It requires hefty costs to perform large-scale custom hardware attacks. Additionally, it also needs large amounts of memory to perform attach, thus adding a layer of security and making it tough to run malicious software. So here we will discuss about a profound List of Scrypt Cryptocurrencies.
In cryptography, the simplified version of Scrypt, known as the proof-of-work, is used. Litecoin was the first cryptocurrency to adopt the Scrypt algorithm and successfully run it as an ASCI-resistant hashing program. While currently, apart from Litecoin, numerous other cryptos are also using the Scrypt algorithm.
Additionally, many newest cryptocurrencies adopt the PoW mechanism; it is tested and tried in the crypto ecosystem.
Furthermore, the best crypto exchanges prefer trading coins that use the Scrypt algorithm as it offers more security to brokers and investors.
Let us further explore List of scrypt Cryptocurrencies that are using it.
What is the Scrypt Hashing algorithm?
It is a password-base essential derivation function that prevents systems from brute force attacks. Scrypt is both computationally and memory intensive. Any attacker will not require much memory but must also pay a hefty cost to enter any system.
The idea got accepted mainly in the cryptocurrency environment after it went through many attacks quickly. Although cryptos made amendments to the actual hashing algorithm, the basics remain the same.
Cryptography named it proof-of-work (PoW).
Why Scrypt Hashing algorithm?
Scrypt is one of the most secure and offers the highest level of security. Since it is also a memory complex algorithm, thus improves network security as it resists large-scale custom hardware attacks. Therefore, it is one of the perfect solutions for the distributed system.
The Scrypt hashing algorithm support cryptography by requiring miners to generate numbers quickly. These numbers are then saved on a RAM and become available when needed. Similarly, these stored numbers are required to access the system to submit a result.
Furthermore, the Scrypt algorithm support ASIC and FGPA as these are the leading cause of centralization.
In addition, Scrypt is considered the best alternative to Bitcoin’s SHA-256 hashing algorithm.
Scrypt Utility in Cryptocurrency
Litecoin and Dogecoin were early beneficiaries of Scrypt. It was tipped to upgrade the then existed SHA-256 hashing algorithm. It not only upgraded SHA-256 but, in some cases, totally replaced it.
The high-security feature of Scrypt leads projects like Litecoin to use the hash function. However, all is not glittering with Scrypt, as new hashing options keep entering the market.
Today, list of Scrypt cryptocurrencies are utilizing as their hashing system.
Scrypt was an ASIC and FGPA resistance algorithm, which meant there were no custom hardware devices. While for Litecoin, only GPU miners could mine the cryptocurrency in the early stages of the project.
However, in 2013 the very first ASIC for Scrypt algorithm surfaced, after which Litecoin no longer required GPUs. The ASIC is more powerful than GPU or CPU and produces more hash power. Therefore, all those miners who were using GPUs or CPUs had to close their operations.
Many crypto experts do not consider Scrypt a profitable mode of mining, as it requires a hefty initial investment.
Presently, the following miners are profitable at mining scripts:
- Bitmain Antminer L3+
- Innosilicon A4+ LTCMaster
- FusionSilicon X6 Miner
- Innosilicon A6+ LTCMaster
- Innosilicon A6 LTCMaster
The above will increase in the future as ASIC mining develops. Additionally, SHA-256 produces more hash power as compared to ASIC.
So, SHA-256 is a better option if you are looking for a good power and cost-effective system.
List of Scrypt Cryptocurrencies
Two of the most prominent coins to adopt the Scrypt algorithm are Litecoin (LTC) and Dogecoin (DOGE).
Other than these two, hundreds of coins use the Scrypt hashing algorithm. Unfortunately, listing them is impossible as many are already dead; similarly, proof-of-stake coins are also excluded as they are non-mineable.
Our list contains mineable proof-of-work crypto coins that are top-of-the-lot in terms of trade volume.
|1||Litecoin – LTC||https:///www.litecoin.org||litecoinpool.org|
|2||Dogecoin – DOGE||https://dogecoin.com||www.multipool.us|
|3||MonaCoin – MONA||https://monacoin.org||vippol.net|
|4||Einsteinium – EMC2||https://www.emc2.foundation||zergpool.com|
|5||Advanced Internet Blocks – AIB||https://www.aib.one||coinstop.me|
In addition to the above list, here are a few low-cap coins based on Scrypt:
- Aryacoin – AYA
- Gulden – NLG
- VeriCoin – VRC
- FLO – FLO
- Omni – OMNI
- Lightning Bitcoin – LBTC
- Matrix AI Network – Man
- Quasarcoin – QAC
Further, some coins use a hybrid system of PoW and PoS based on Scrypt:
- SaluS – SLS
- Whitecoin – XWC
- Reddcoin – RDD
Frequently Asked Questions
What is Scrypt in cryptography?
Scrypt is a password-based essential derivation function that requires extensive memory and high costs to complete the task and is commonly known as proof-of-work (PoW) in cryptography.
Which system produces more hash power – SHA-256 or Scrypt?
Currently, SHA-256 produces more powerful hash power as compared to Scrypt. However, over the past few years, the Scrypt algorithm has developed to beat SHA-256 in the future.
Which famous crypto coins use Scrypt algorithm mining?
Litecoin and Dogecoin are two of the most famous cryptocurrencies that use the Scrypt algorithm for mining purposes.
What is the most profitable Scrypt coin?
Bitcoin still leads the pack as it is the most profitable coin to mine using ASIC. However, Bitcoin mined through GPU is less promising.
Scrypt is a considerably old concept when discussed in cryptography. It was first introduced in 2011 in Tenebrix but was flopped. However, the creators believed in the idea, and it resurfaced two years later and became an instant hit.
Since then, many crypto projects have adopted Scrypt as a source of securing blockchain platforms. Since Scrypt requires a significant amount of time and money to allow access, thus hackers find it extremely difficult to break into it.
However, many new miners also find it costly and avoid using the Scrypt algorithm. But in recent times, with advancements in the system, Scrypt is becoming a more viable option and offering the same level of security at less price. Additionally, the hash power, which was low compared to SHA-256, is gaining more power.
Litecoin and Dogecoin are two of the most prominent cryptocurrencies to adopt the Scrypt system and perform well.