Litecoin Cash: Scam or Legit? litecoincash: scam or legit? Litecoin Cash: Scam or Legit? On Feb 20, 2018 Share
This post was originally published on source
Hard forks have become very common in the crypto space lately. Recently, a new coin – Litecoin Cash – has been launched after hard forking from the popular Litecoin blockchain. Discover credible partners and premium clients at China’s leading finance event!
Many in the crypto community raised their eyebrows at this project, as unlike with Bitcoin Cash and Ethereum Classic, there were no serious arguments within the Litecoin community. However, this type of split is completely legitimate and even very common in the crypto industry. Tech specs: similar to Litecoin?
Late on Sunday, February 18th (EST), Litecoin Cash (LCC) was formed after a hard fork on the Litecoin blockchain at block number 1,371,111.
Similar to other hard forks, each Litecoin holder is entitled to have LCC at a ratio of 10:1 i.e.
10 LCC for every 1 LTC.
Unlike Litecoin , LCC is using SHA-256 hashing algorithm similar to Bitcoin. This is probably to attract the miners with obsolete hardware, which are now outdated for mining Bitcoin.
Litecoin uses Scrypt for hashing.
Moreover, with a view to prevent pool hopping, LCC has implemented DarkGravity V3 algorithm from Dash to recalculate the mining difficulty at every block.
The miners can mine the first 24 blocks with minimum difficulty, which will reduce the disproportionate advantage to the early miners. However, the devs have premined less than 1% of the circulating supply and kept them for development funds.
Similar to Litecon, the block creation time of LCC is mere 2.5 minutes, however, LCC team is claiming that LCC transactions will be 90% cheaper than LTC.
Moreover, LCC has implemented Segregated Witness (SegWit) since its inception. Is it a scam or legitimate?
Unlike forks on Bitcoin or even Ethereum, Litecoin had no need to conduct a hard fork, at least for now. So the announcement of Litecoin Cash on February 3rd created a lot of stir in the community, as the team did not offer an exact reason for the fork. Litecoin creator Charlee Lee himself tweeted that he and his team have nothing to do with the upcoming hard fork and warned about the possibility of it being a scam. 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!
Leave a Reply
You must be logged in to post a comment.