THE price of Litecoin was up by 30 percent on Wednesday ahead of its ‘hard fork’ launch, but what is Litecoin Cash and when will the crypto token spilt?
What is Litecoin Cash and when will the crypto token spilt?
Litecoin Cash is the “hard fork” of the fifth largest cryptocurrency on the market.
The new cryptocurrency is promising new tokens to existing holders at block 1,371,111 when it launches on Sunday February 18.
Litecoin Cash will spilt from the Litecoin blockchain at around 5pm ET (11pm GMT) on Sunday and will give every Litecoin holder 10 new coins for every one Litecoin they own.
The new coin, LCC, will use bitcoin’s SHA-256 algorithm for the mining purposes that creates new tokens, whereas the original Litecoin uses Scrypt which verifies transactions.
he company does not claim to be affiliated with Litecoin in any way.
The Litecoin Cash foundation website states: “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.”
The announcement of Litecoin Cash was made on February 3, and was quickly denounced by Litecoin founder Charlie Lee.
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
The new currency is meant to increase the “block speed” at which the network can process transactions.
The Litecoin Cash foundation says the new cryptocurrency has a goal block of 2.5 minutes, which is four times faster than bitcoin, and its fees will be 90 percent cheaper than litecoin.
The website states the expected launch time of Litecoin Cash will be at 9.28pm GMT on Sunday.
Litecoin holders who wish the claim their share of Litecoin Cash can follow instructions listed on the Litecoin Cash website.
The spilt will occur at block 1,371,111, Litecoin is currently on block 1,369,871, according to BlockCypher, which means there are 1,240 blocks until the fork, at the time of publication.
Blocks can take between one minute and six minutes to process, so the estimated time of the fork is on Sunday evening.
Litecoin had surged in price by 30 percent on Wednesday evening, with experts citing the imminent launch of the fork being a factor in the increase.
Chris Smith of BGR said :
“It’s unclear why Litecoin is surging, but the imminent launch of the Litecoin Cash fork may be one good guess.“
Litecoin Cash, which may very well be a scam as it’s in no way affiliated with the original Litecoin project, will award Litecoin holders 10 Litecoin Cash coins for each original Litecoin token.
“You should be careful with your Litecoin possessions.”
Author: AMANI HUGHES