Litecoin hard fork

This article was published on: 02/20/18 6:21 PM

Kajetan MaćkowiakWritten by | cryptocurrency, news

Litecoin hard fork

Litecoin Cash (LCC) has just been created; new cryptocurrency has been released from Litecoin (LTC) hard fork at Litecoin block 1371111.

What LCC offers

On Litecoin Cash page we can find:

  • 10:1 Claim Ratio – For every 1 LTC you hold during the fork, you’ll receive 10 LCC.
  • SHA256 Mining – After the fork block, Litecoin Cash switches 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 dominance of early miners who have an unfair advantage, block rewards will start at 1.25 LCC and grow to 250 LCC over the first 400 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 halven at the same chain heights as Litecoin.
  • Pre-release Bootstrap – We’ll release a blockchain bootstrap that you can download before the wallet becomes available or any mining is done. This will allow everyone to start mining at the same time instead of first having an unfair block download race. We’re going all-out to ensure a smooth and fair launch.
  • Small Premine – An equivalent amount to less than 1% of circulating money supply (less than 0.65% of total money supply) at fork time will be paid to a development fund.

Other specifics:

  • Supply: 840 million
  • SegWit, Lightning network available
  • Not associated with Litecoin team
  • Wallet release 18.02-19.02

Scam fork

 

“Why are you using the Litecoin name? Is this an official Litecoin project?

No. We’re using the Litecoin Cash name simply because it has become customary in recent months for a coin which forks a blockchain to prefix its name with the name of the coin being forked. This practice has become a widely understood convention. We’re not associated or affiliated with Charlie Lee or any of the Litecoin team in any way; we are big fans though.”

“And while we’re not affiliated with Litecoin or the Litecoin dev team in any way, we will share the first 1371111 blocks of transactions in the ledger. People are absolutely right to be cautious and skeptical.”  Michael “Scarlet” Wyszynski, one of the founders, told Business Insider.

As we know, hard forks in cryptocurrency world are normal. Controversies around forks are also normal. This time it wasn’t a scam and new cryptocurrency has occurred. Right now, you can trade Litecoin Cash on Yobit and its price is around $7

 

What do you think about new cryptocurrency? Tell us here in the comment section below, or via Facebook.

 

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Last modified: February 20, 2018

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