Litecoin (LTC) will soon undergo its first fork, creating a new currency called Litecoin Cash (LCC). There have been numerous forks recently from various currencies including Bitcoin Cash (BCH) and Bitcoin Gold (BTG) from Bitcoin, and Ethereum (ETH) from Ethereum Classic. Soft forks entail a change in a cryptocurrency’s existing code, whereas hard forks form a new currency alongside the old one. All Litecoin holders will receive 10 Litecoin Cash coins for every Litecoin they possess before the fork.
Litecoin Cash has been designed to have numerous advantages over other coins that use the same SHA256 algorithm like Bitcoin and Bitcoin Cash. BTC and BCH both have a blocktime of 10 minutes, whereas Litecoin Cash has a blocktime of 2.5 minutes, which means it’s 4 times faster than its counterparts and its transactions are less time consuming and more efficient.
Bitcoin transaction fees, in some cases, have been notoriously high, making the coin an unpragmatic currency to pay for items and decreasing its chance for mainstream adoption. Litecoin has slashed transaction fees by 90% to allow the coin to be adopted for real-world purposes. Litecoin Cash has adopted a new algorithm used by Dash, Dark Gravity Wave, which is a difficulty re-adjustment algorithm to smoothly adjust mining difficulty, ensuring controlled deployment and new coins creation.
Forks in cryptocurrencies are not a new phenomenon, however they do still require care if a user would like to receive the new coins. The development team behind Litecoin Cash wants to provide users with a true education on responsible forking to help promote the coin and increase its adaptability.
Users should never post a private key, that holds currencies into any website or wallet application when attempting to claim the forked coins. The development team encourages users to move their Litecoin to a completely new address following the fork. After that, holders can use the private key from the previous address to claim and receive their Litecoin Cash.
The Litecoin Cash team has made it as straightforward as possible to claim the reward. There is no need to mess around in the debug console. You have to simply download a wallet straight off the Litecoin Cash website, and receive an opportunity to import your Litecoin private keys and claim your Litecoin Cash.
The fork has been projected to take place at 02:00 UTC on Monday, the 19th of February. The initial fork time can vary, as the precise time for the fork will be at block 1371111 depending on the mining power of Litecoin. It is crucial to take the necessary steps and keep funds safe by not sharing keys with third parties.