All of us know that fork is division of program project, to two single with a view of improvement and reliability. As a result of such fork, fifth to the world networks popularity - Litecoin (LTC), which happened February 18 of this year, one more electronic coin - Litecoin Cash emerged (LCC). It is directed to improvement of processing of transfers , using old equipment for production, launched on the basis of Proof-of-Work. For her safety SHA-256 bitcoin protocol answers. For recalculation of her complexity, new algorithm - DarkGravity V3 is used.
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Litecoin Cash was created at the end of 2017 by the command of developers who assert that it is not connected with original Litecoin project and was presented for the first time February 3 2018 on the bitcointalk forum. All, probably, paid attention to the fact that the novelty logo is resembling plainly with Bitcoin Cash logo.
Yes, it did not do without contradictions and engagements of fair share of critics. At the same time, this new British project rather indeed interesting. Therefore, give will analyse more closely his pros and cons and we will consider, as this novelty works.
Project pros and cons
Let's d consider priority of Litecoin Cash as compared with other coins. For example, at the other coins of the protocol SHA256 creation of new blocks takes about 10 minutes, and new currency has a carrying opportunity of bitcoin transaction twice more, and it takes 2,5 minutes. As well, as compared with Litecoin, commission at it is below by 90%.
Purchase or storage of any cryptocurrency is speculative, as electronic coins are not only difficult, but also very unstable. Therefore, it is necessary carefully to study all risks and benefits before purchase.
Maximum handing of new coin is 840 million LCC. It is possible to control its dynamics on the site of CoinMarketCap. As well, it is necessary to verify presence of the coin on new stock exchanges, in order to receive a more sharp representation of correlation of supply and demand.
As it is known, LCC is subject to of the LTC owners. This fork remunerated their all by rather indeed pleasant conformity - 1 LTC equals 10 LCC. After Litecoin Cash occurrence it was announced of premine at a rate of 1% for a moment of hardfork, which will be spent to its development.
The developers of new coin assert that recalculation of its complexity will be implemented with each new block and advise to begin gradually production - from 1,25 LCC and increasing to 255 LCC after stay of 400 block.
As well it is necessary to stay on such important point, as private keys and their safety. To avoid mess between two cryptocurrencies, developers offered to use different addresses.
Ambiguity of the project
Launch of Litecoin Cash was perceived skeptically, but the biggest critics proceeded from Charlie Lee , all of known Litecoin founder. He warned all that all forks are swindle that they are in no way connected with Litecoin and called all to be cautious, not to enter their personal keys on their sites, not to be susceptible to this deceit. Really, many considered that Litecoin began to disintegrate. The command of Litecoin declared that it is not at all interested in division.
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Other critics imposed on Litecoin Cash, consists that it has no documentation, in which the reasons of her development and cryptocurrency use are stated.
On the site of Litecoin Cash is declared that by the main purpose of creation of quick, cheap and with good set-up of complexity of the coin which will help miners with SHA-256 equipment make correct choice in the direction of hash-capacities. For the time of occurrence of Bitcoin Cash, all supervised his development, and he already even a little all was bored, but as reply to disputes and disagreements, Litecoin Cash creation caused still a greater stock-jobbing.
In any case, if such tendency of forks develops with the same rates, occurrence of all new and new coins will be observed. Yes, it always draws general attention, critics of experts and the approval of optimists. To be careful of them or not is business of each. Indeed each will not be against such “tidbit”, as gratuitous coins after fork. And if to take into account all of this, then Litecoin Cash is not only an ambiguous, but also unique project.
Editor: Yuliya Soroka