The Litecoin forks have confused the Litecoin community. This is because there are actually two projects that are competing for the name Litecoin Cash. One proposal is actually an ERC-20 token. There are other forks as well that are aiming to be more ambitious and create a SHA-256 Litecoin version. The reason that this is ambitious and maybe even puzzling is because Litecoin was specifically formed to rely on the Scrypt hashing algorithm. Litecoin Cash keeps miners at the forefront, and therefore wants to offer a SHA-256 asset with a low difficulty.
The new fork is expected on or around 18th February, and will award 10 Lcc, OR Litecoin Cash for each Litecoin owned. This would then mean that second digital asset has nothing to do when the tow assets of the same name.
The team has said;
“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 in any way. We are big fans though.”
The team has remained anonymous. But Litecoin Cash will have a supply of 840 million coins, which is 10 times the amount of Litecoin. The team have stated that they do not wish to compete with Litecoin directly, warning users that they should be very careful and never split coins from their Litecoin address.
Image Source: FlickrSponsored by