Later on Sunday evening, February 18, there are new cryptocurrency – Litecoin Cash (LCC) by the fork Litecoin on the block number 1.371.111. As in the case of other forks, each owner will receive a new Litecoin cryptocurrency LCC ratio of 10: 1, meaning 10 LCC 1 LTC.
Unlike Litecoin, LCC uses the hash algorithm SHA-256, the same algorithm of bitcoin. This, apparently, is to attract miners with outdated equipment. Litecoin, as it is known, uses the Scrypt algorithm for hashing.
Moreover, to prevent transitions between the pools, the LCC algorithm was applied DarkGravity V3 from Dash, which allows you to count the level of difficulty on each block.
The first 24 units were available at a minimum level of complexity. However, 1% of all funds to the developers reserved for the development Fund.
Like Litecoin, the time of creation of the LCC unit is only 2.5 minutes, but the team claims that the transaction LCC will be 90% cheaper than LTC. LCC also at the outset of implementing Segregated Witness (SegWit).
Scam or not?
Unlike forks of bitcoin and Litecoin, Ethereum was no pressing need to fork, at least for the moment. Thus, the announcement of the fork of Litecoin Cash 3 February caused heated discussion in the community because the team has not announced any compelling reason to do so. The Creator of Litecoin Charlie Lee tweeted that he and his team do not have any relation to the upcoming fork and believes that it’s a Scam.
However, formally, the team does not violate the law because the fork is a perfectly acceptable method of formation of a new cryptocurrency.
Moreover, the team said on Twitter that a LCC will never request private keys, in an attempt to warn the user of possible fraud:
We will never ask you to enter private keys on the website!This is not us!!!https://t.co/8NDAy0nSdN#LitecoinCash #SCAM Litecoin Cash [ LCC ] (@LitecoinFork) February 18, 2018
The team has assured that soon the source code for the project is available in Github. The project also received the support of the Coinomi wallet, but, of course, the command to release their own wallets. Work on them was finished just 12 hours ago:
And the wallets are now available for download!https://t.co/cv13fKpckbBootStraphttps://t.co/j081zP6Uf0Poolshttps://t.co/l5lKnc6UVcDev chathttps://t.co/fwNY3q6mOZ#litecoincash #cryptocurrency #ltc #moon #lcc— Litecoin Cash [ LCC ] (@LitecoinFork) February 20, 2018
At the initial stage only a few cryptocurrency exchanges expressed support of the project Yobit, MercatoX, TradeSatoshi, MeanXTrade and CryptoBridge. With the exception of the CryptoBridge, everything is automatically credited to its users (who have deposits in LTC) LCC.
At the moment, LCC is trading at only Yobit, and, in the opinion of the columnist TechCruch, it’s not a true LCC, because LCC genuine will only be available next week, after the developers finished working on the wallet.
The first day of trading price on the LCC managed to climb to $ 5, and today the cryptocurrency is trading at the level of $ 7 per coin.