What is Litecoin Cash (LCC) — Legit or Scam?
Litecoin Cash was launched on February 18, 2018, more than 2 and half years passed but people still ask “Is Litecoin Cash legit or scam?” So, let’s discuss facts of Litecoin Cash.
I think before investing in a cryptocurrency we should know few things about that crypto.
▶ What’s the purpose?
▶ What issues does it solve?
▶ How does it work?
▶ Is there any future of this currency?
▶ Any company Partnerships?
▶ Who are the founders?
▶ What are its potentials?
Why did this fork happen?
I think the main motivation was at that time there was no fast SHA256 based algorithm coin existed with good difficulty adjustment. LCC team believes that they are offering an excellent SHA256 based coin which can be used in day to day transactions. Most people were busy in forking Bitcoin (BTC), but LCC team decided that Litecoin platform is the best for offering initial coin distribution and to use SHA256 algorithm instead of Litecoin’s scrypt algorithm to aid old ASIC miners.
When did this fork happen?
The fork was happened on February 18, 2018 at block height 137 1111, with a 10:1 Claim Ratio. LTC holders could claim 10 LCC for every 1 LTC held at the fork block.
Team behind the fork
People behind the fork were Tanner, Loxley, Roger and Scarlet. You can see the names of all team members with brief introduction here: https://litecoinca.sh/#team
Specifications of Litecoin Cash
▶ Mining difficulty is recalculated every block using Evan Duffield’s dark gravity V3 algorithm. This provides more predictable block time as well as network protection from multipool hopping.
▶ LCC’s target block time was 2.5 minutes, after introducing Hive mining it is now 1.25 minutes (75 seconds) which gives 8 times the transaction bandwidth of Bitcoin, while transactions are 90% cheaper than Litecoin.
▶ HD wallets and native SegWit with bech32 addresses are fully supported.
▶ Initial distribution was fairest among all manifested distribution. To prevent dominant of early miners having unfair advantage, block reward started at 0.25 LCC and increased to 250 LCC over the first 2000 blocks after the fork.
▶ An equivalent amount to less than 1% of circulating supply (less than 0.65% of total supply) was paid to a development fund at fork time to ensure future development of Litecoin Cash.
▶ It is the first cryptocurrency that dropped from space. More about space drop here: https://space.litecoinca.sh/
▶ Litecoin Cash introduced Hive mining, a brand new method of mining. The Hive, agent-based mining system, requires no specialized hardware; anything from a Raspberry Pi to normal desktop PC can be used to mine LCC via Hive mining. You will find more about hive mining here:
Hive Mining — All you need to know before starting Hive mining
▶ By introducing Hive mining it introduced the way to reduce mining cost and energy consumption during mining.
▶ It introduced Hive-pool mining. HivePool miners don’t need anything to mine LCC except LCC to buy bees. They can manage their accounts even with a smart phone. Here is a guide on how to join HivePool.
Step by Step Procedure to Register in HivePool and Create Bees
▶ It introduced a new way of burning coins. When a Hive miner creates bees, he/she sends the bee price to a special unspendable address and it is destroyed.
▶ It introduced a reliable technique to secure the network; it can handle not only 51% attack, can handle even 300% attack. Attackers can generate 300% of current net-hash, but worker bees won’t mint blocks on an attacker’s private chain, so they cannot accumulate enough chain work to perform a hashpower attack.
▶ Litecoin Cash team is working to bring the cryptocurrency in real use in our life. LCC is working with ACAIM to investigate medical uses for Blockchain technology.
So, from the above discussion we didn’t find anything wrong with this project, while it resolved some infrastructural problems of Crypto. This split of blockchain was legit and it is very common nowadays. But, some people think Litecoin Cash (LCC) is a scam, because it is forked from Litecoin (LTC) and there was neither any serious reason to hard fork LTC nor any support from Litecoin Community and LTC Devs are not involved to create Litecoin Cash (LCC).
If we analyze the specifications of Litecoin Cash and compare with other cryptocurrencies then it is the best crypto among all other cryptos. I think this is the main reason some big names are trying to manipulate its image from the day one. If crypto users come to know about its potential then their involvement in this currency will increase day by day.
I don’t know if this cryptocurrency will be succeeded or not. But, it already achieved some milestones that other big alters didn’t achieve yet. And I don’t think anyone can stop it from succeeding if it is properly marketed.
LCC tipping address: