Have you heard about the newly forked coin from the existing coin, Litecoin? Well, that’s might be true there is a new coin named as litecoin cash so-called, hard-forked from the litecoin.
The Litecoin Cash has been abbreviated as LCC.
It’s been stated that the newly forked coin is forked on the block 1,371,111 producing this new digital asset called litecoin cash.
Here is the introduction of the Litecoin cash on the coinmarketcap.
— Litecoin Cash [ LCC ] (@LitecoinFork) February 21, 2018
So let’s cover up some of the points on this newly formed litecoin cash.
- What is the Litecoin Cash?
- Why The Litecoin Cash Fork?
- The team behind it?
- Features introduced into Litecoin Cash
- Supporting Wallets and Exchanges
- Market Analytics for Litecoin Cash and Future Expectations
- Is it Legit and Safe to Use?
What is the Litecoin Cash?
It a newly forked coin from the existing coin, litecoin. The LCC works on SHA256 and support faster transaction comparative to litecoin.
Why The Litecoin Cash Fork?
The main focus of this fork is to introduce a new coin which is capable of the existing SHA256 fast transaction at low fee having greater block size and supports Segwit for future tuning. SHA256 miners have little practical choice of hash power destination, and if they do mine blocks they’re being paid in a currency with 10 minute block times.
The team behind it?
Features introduced into Litecoin Cash
- Fork Block: At block 1371111, Litecoin Cash hard-forked away from the Litecoin blockchain.
- 10:1 Claim Ratio: For every 1 LTC you held at the fork block, you can claim 10 LCC.
- SHA256 Mining: After the fork block, Litecoin Cash switched to SHA256 proof-of-work hashes. This enables a new use for previously obsolete Bitcoin mining hardware.
- Network Resilience: Mining difficulty is recalculated every block, using Evan Duffield’s proven DarkGravity V3 algorithm from Dash. This provides more predictable block times as well as network protection from multipool hopping.
- Optimised for the Real World: Target block time of 2.5 minutes gives 4 times the transaction bandwidth of Bitcoin, while transactions are 90% cheaper than Litecoin.
- Slow-Start Control: To prevent dominant early miners having an unfair advantage, block rewards will start at 0.25 LCC and grow to 250 LCC over the first 2000 blocks after the fork. The first 24 blocks after the fork will be mined at minimum difficulty. After this, DarkGravity will adjust the difficulty based on observed block generation time. The 250 LCC block reward (equivalent to 25 LTC) will helve at the same chain heights as Litecoin.
- Small Premise: An equivalent amount to less than 1% of circulating money supply (less than 0.65% of total money supply) at fork time was paid to a development fund.
- Compared to Litecoin: Litecoin Cash has lower transaction fees, better difficulty adjustment, and is mined with SHA256.
- Compared to Bitcoin: LCC is much faster and cheaper, and has far more bandwidth and better difficulty retargeting.
- Compared to Bitcoin Cash: Litecoin Cash supports Segwit, and has much faster block times.
Supporting Wallets and Exchanges
For now these exchanges supporting LCC
Currently, LCC been supported by the Coinomi Wallet, the fork and the newly created coin is now been supported by the Coinomi App wallet
Announcing support for $LCC Litecoin Cash, $LTC‘s upcoming fork. To receive your free $LCC make sure you keep your $LTC inside you #Coinomi wallet at block 1,371,111. You will receive 10 #LitecoinCash for every $LTC you hold inside Coinomi during the fork! #litecoin #fork pic.twitter.com/TVojAmZhI9
— coinomi (@CoinomiWallet) February 18, 2018
Market Analytics and future expectations
Its been a week since the released of this Forked coin Litecoin cash, and we can observe a weird tread going with its price and trading.
Some believe that this coin will not last long and be going to die as many believe it just a fake coin.
The current price of the litecoin cash is around 3 USD with the current supply of 558,359,944 LCC in the market.
So is it legit and Safe to Use?
Well, surprisingly the founder of Litecoin tweeted that this fork is not legit and the team of litecoin have nothing to do with the Litecoin Cash.
PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it’s related to Litecoin. Don’t fall for it and definitely don’t enter your private keys or seed into their website or client. Be careful out there! https://t.co/qXbiIxp5Al
— Charlie Lee [LTC] (@SatoshiLite) February 4, 2018
Despite all this, we haven’t came across anything fishy about this new forked coin.
Also, the team never asked the user to enter their private key and getting the free coins for no loss seems to be safe, and might be go fortune in future, therefore, you can hold and sell them later.
— Litecoin Cash [ LCC ] (@LitecoinFork) February 18, 2018
LCC Official Resources
Let me know your views on this newly forked coin in comments.
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