Posts Tagged ‘Litecoin fork

If you just had enough of Bitcoin forks lately, then this might be of interest – an upcoming Litecoin fork called Litecoin Cash (LCC) is coming up shortly and it will be using SHA256 as mining algorithm among some other changes. The Litecoin Cash (LCash anyone?) will be forking at Litecoin block which should occur on or around February 19th, 2018 will have a 10:1 claim ratio for Litecoin (LTC) users holding their coins in a local wallet or a compatible exchange or service that will support LCC. The maximum LCC supply will also be 10 times higher at 840 Million and the block reward will also be 10 times higher than what Litecoin currently has, so 250 LCC per block. The target block time remains at 2.5 minute, though difficulty adjustment will be changed, LitecoinCash will be using Evan Duffield’s proven DarkGravity V3 algorithm from Dash to recalculate mining difficulty on every block. There will also be a a slow start for the mining so block rewards will start at 1.25 LCC and grow to 250 LCC over the first 400 blocks after the fork. Unfortunately there is also a mention of a premine, supposedly less than 1% of total money supply at fork time to be paid to a development fund (should be about 5.5 Million LCC).

The reason that the team behind Litecoin Cash (LCC) cites as choosing to switch to SHA256 proof-of-work algorithm for mining is that this should enable a new use for previously obsolete Bitcoin mining hardware. While that may be true it will also open up the doors to large mining farms using up to date Bitcoin mining hardware, so well… good luck with that if things pick up fast. The “small premine” is not small at all even at 1% considering that there are already 55 Million Litecoins in circulation (out of 84), so around 550 Million at forking time for LitecoinCash out of 840 Million. The 1% premine is 5.5 Million LCC or 550 Thousand LTC, looking at it this way certainly does not make it “small premine”, does it? So next up anyone else seeing Litecoin Gold or more likely Litecoin Silver with Equihash or another GPU friendly mining algorithm? Anyway, nobody holding LTC is going to refuse some free coins, just be careful and always transfer your Litecoin coins to a fresh address first before importing any private keys into LitecoinCash or any other fork wallet for that matter.

Here is how Charlie Lee (the creator of Litecoin) has comment on Twitter regarding LitecoinCash (LCC) and any other forks that use Litecoin as a part of their name, according to him “any forks that you hear about is a scam trying to confuse you to think it’s related to Litecoin”. It is up to you to decide for yourself should you support LitecoinCash (LCC) and/or any other forks that may come out bearing the name Litecoin something.

For more information about the upcoming Litecoin Cash (LCC) fork of Litecoin (LTC)…

litecoin-0-8-7-4-beta

There haven’t been a lot of good news for Litecoin (LTC) lately with ASIC manufacturers cancelling the development of new mining hardware and the exchange rate going down, hitting even below $2 USD briefly today. But LTC is still one of the most popular alternative crypto coins and will most likely continue to be, even though some people think it is doomed. The situation with Bitcoin is not that great lately either, especially with the exchange rate also down like is the case with Litecoin, but we expect things to slowly start recovering in 2015. There is a change for Litecoin that is going to come in a few days – permanent lock of the v2 block type at block 710000 – something that should happen around 9th of January and you need to make sure that you have the latest wallet installed. The Litecoin v0.8.7.4-beta has been available for a few months, but still a lot of people might not have updated to that version and you need to make sure you are using it to avoid having issues with the LTC in a few days. Don’t wait for the last day if you still haven’t updated, although it is more important that pool operators update their wallets if they have not done so yet. Later this year we are also going to see the first blow reward halving for Litecoin that is expected to happen at block 840000 that should be reached at around August-September time.

To download the latest Litecoin wallet v0.8.7.4-beta software for your OS…


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