- Levitate configuration explained
- Why Levitate selected the Scrypt Algorithm
- The meaning and goal of Levitate
The decision to build Levitate as a fork of the Bitcoin blockchain was made because of the proven robustness of the Bitcoin blockchain. It is the toughest and oldest blockchain around and has been improved continuously. As the original blockchain is not userfriendly due to its size of nearly 200GB, Levitate has chosen to reset the blockchain and start with block 1 at the lowest difficulty.
As cryptocurrency emerges more and grows in acceptance among the masses, Levitate aims to be an easy to install and easy to use cryptocoin with wallets that can be installed and synchronized locally in an instant. We expect many people to value the opportunity to have their own Levitate wallet locally on their PC or laptop and get these up to date smoothly. Levitate has set a high block reward in order to make the Levitate coins widely available in a relatively short timespan. Levitate has a pre-mine of 7.14% which will be used for development, marketing and promotion of Levitate during the first 24 months. Please consult the Financial Forecast for more information about the planning and investments.
Levitate selected the Scrypt Algorithm instead of the standard Bitcoin SHA-256 algorithm. The cryptocurrency Litecoin first used the Scrypt Algorithm as an alternative to the common Bitcoin SHA-256 hash function. Scrypt as well as SHA-256 are based on the proof-of-work consensus mechanism. This means a miner needs to solve a hash function to find a block and add it to the blockchain. In order to generate a Levitate block, a miner needs to solve the Scrypt hash function and is he succeeds, the block is added to the blockchain and the miner receives the coins related to the block in his walletaddress.
Scrypt is a computationally intensive Algorithm that requires raw computational power in order to generate solutions. As Levitate is a new coin starting with a clean blockchain from scratch, the hash rate will be low in the beginning, which makes it easier for people to join mining with a mid-range computer. One of the advantages of the Scrypt protocol is that it also optimizes the use of memory while conducting computations. The generated numbers are temporarily stored in the Random Access Memory (RAM) of the processor, which is used continuously until the result is submitted.
Another advantage is that Scrypt requires less high hash rates on the average in comparison to SHA-256 which is a good thing as less energy is consumed. Levitate also chose Scrypt as it is less beneficial to ASICS miners, and Scrypt makes it feasible for most people to mine solo or in a pool with their Graphics Card. At start Levitate hopes to attract less ASICS miners by running the Scrypt Algorithm, but eventually the more hashing power is directed to Levitate the better.
3. The meaning and goal of Levitate
Levitate means to ascend, hover, float or rise. With Levitate we intend to introduce a coin that will do that in means of awareness, usernumbers and market value. Our goal is to make Levitate beneficial for all its users and to become a reliable and solid cryptocurrency. Levitate will follow the Bitcoin Core Development making sure only solid technology is inserted in the Levitate Blockchain, as the Levitate coin is a means to an end. Levitate is not just a coin, it is serious business done by a professional team, supported by its own coin. This will unfold in time.