Litecoin Cash has announced that its cryptocurrency, LCC will be born from a Litecoin fork at block 1371111.
Every Litecoin holder will receive an airdrop of 10 Litecoin Cash for every Litecoin they own. LCC is a proof of work cryptocurrency that uses the SHA256 hashing algorithm to secure the network.
This gives more strength to older Bitcoin mining hardware that may not be as powerful to mine bitcoin as they used to be. Litecoin Cash will put such legacy hardware to efficient use.
Litecoin Cash has some significant advantages over some SHA256-mined coins like BTC and BCC. Litecoin Cash has a 2.5 minutes block time compared to the 10 minutes block time of bitcoin and BCC. This makes Litecoin Cash transactions much faster.
Litecoin Cash has superior mining difficulty retargeting, via the proven DarkGravity algorithm used by Dash. The LCC transaction fees are also 90 percent cheaper.
The network will employ a new address prefix and replay attack prevention to prevent inter-chain issues and user confusion.
The development team has said they will provide education and promote “responsible forking.”
Users are also advised not to paste a private key that holds currency into any website or wallet in order to claim forked coins. Users are also expected to move their Litecoins to an entirely new address after the fork before trying to use their private keys from the old address to claim their Litecoin Cash.
The fork is expected to take place on or before 02.00 UTC on Monday, February 19. However, the precise block is 1371111.
How to claim your Litecoin Cash
A stated earlier, do not paste private keys that hold any coins into any website or wallet to claim your forked coins.
Just follow the following simple steps:
– Wait for the fork to occur
-Transfer your Litecoin to a new address
-Use the private key for the previous address to claim your Litecoin Cash.
For more information visit: www.litecoinca.sh
Email: [email protected]