LitecoinCash

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Discover LitecoinCash's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is LitecoinCash?

Litecoin Cash (LCC) is a cryptocurrency forked from Litecoin at block 1371111. It uses the SHA256 mining algorithm, has a higher maximum supply, and features better difficulty adjustment. LCC aims to provide fast transactions, low fees, and a more predictable block time of 2.5 minutes. It was created to offer an alternative to Litecoin, leveraging the existing brand and user base while introducing new features and improvements.

How is LitecoinCash used?

Litecoin Cash (LCC) is a cryptocurrency forked from Litecoin, designed to offer improved performance and usability. Here are the key aspects of how it is used:

Mining

LCC employs the SHA256 mining algorithm, which allows the use of previously obsolete Bitcoin mining hardware. This enables miners to repurpose their old equipment, increasing the potential for decentralized mining. The mining difficulty is recalculated every block using the DarkGravity V3 algorithm, ensuring more predictable block times and network resilience.

Transactions

LCC aims to provide faster and cheaper transactions compared to Litecoin. It has a target block time of 2.5 minutes, which is four times the transaction bandwidth of Bitcoin. Additionally, transactions are 90% cheaper than those on the Litecoin network.

Distribution

LCC was distributed to Litecoin holders at a 10:1 ratio, meaning each Litecoin holder received 10 LCC for every Litecoin they owned at the time of the fork. This distribution method ensured a fair and even allocation of the new cryptocurrency.

Wallets and Storage

LCC can be stored in various wallets, including the Coinomi wallet platform. The project is also working on its own wallet solution.

Security

To prevent 51% network attacks, LCC uses a proof-of-work system where worker bees (miners) won't mint blocks on an attacker's private chain, making it difficult for an attacker to accumulate enough chain work to perform a 51% hashpower attack.

Community and Development

The project has a dedicated team, including Development Lead Tanner (Iain Craig), who has over 20 years of commercial experience and has been involved in the development of multiple altcoins and blockchain-based services. The project's source code is publicly available on Github, and the team actively addresses scam concerns and promotes transparency.

Overall, Litecoin Cash is designed to offer a more efficient, accessible, and secure cryptocurrency experience, leveraging the strengths of its parent blockchain, Litecoin.

How do I store LitecoinCash?

To store Litecoin Cash (LCC) tokens, you have several options:

  1. Light Wallet: The development team provides a light Electrum wallet that does not require the full blockchain to run. Currently, only desktop versions for Windows and Mac are available.

  2. Full Wallet: You can download the entire blockchain and store it locally using the Litecoin Cash Core wallet, which forms the backbone of the Litecoin Cash network.

  3. Mobile Wallet: Coinomi offers a practical mobile wallet for storing and managing your LCC tokens on the go.

  1. Hardware Wallets: The roadmap includes support for Ledger and Trezor hardware wallets, which provide secure offline storage. Although the initial target was for June/July 2018, the implementation may have been delayed.

  2. Cold Wallets: For the safest storage, consider using cold wallets that are totally offline, as they offer the highest level of security.

  3. Exchanges: You can also store your LCC tokens on an exchange, which provides convenient access to investment products and features. However, this method is less secure compared to dedicated wallets.

How to buy LitecoinCash?

To buy Litecoin Cash (LCC) tokens, follow these steps:

  1. Create an account on a cryptocurrency exchange: Choose a reliable exchange that supports LCC, such as Mercatox, YoBit, or FreiExchange. Create an account by providing necessary information, including your email address and a secure password. Complete any identity verification steps required by the exchange.

  2. Choose your funding method: Select a payment method, such as a credit card, debit card, bank deposit, or peer-to-peer trading. Some exchanges also offer third-party payment channels.

  3. Buy Litecoin Cash (LCC): In the Buy & Sell section of the exchange, select Litecoin Cash (LCC) as the cryptocurrency you want to purchase. You can choose from various order types, including market orders, stop orders, limit orders, and more. Enter the amount of LCC you want to buy and confirm the purchase.

  1. Transfer LCC to your wallet: Once you've purchased your LCC, you can either hold it in your exchange account or transfer it to a personal cryptocurrency wallet for additional security and passive revenue opportunities.

Remember to research the exchange's reputation, read user reviews, and compare different exchanges to choose the most suitable one for you.

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History of LitecoinCash

Litecoin Cash (LCC) is a cryptocurrency forked from Litecoin Coin. The fork occurred at block 1371111 of the Litecoin blockchain, and it was designed to provide a smooth distribution of new coins to existing Litecoin holders. The initial distribution was based on years of Litecoin blockchain history, with a 10:1 claim ratio, meaning that for every Litecoin held, users could claim ten Litecoin Cash tokens.

The mining algorithm used by Litecoin Cash is SHA256, which is the same as Bitcoin's. This allows miners with outdated Bitcoin mining hardware to transition to mining LCC. Additionally, the DarkGravity V3 algorithm from Dash was adopted to regulate mining difficulty and prevent pool hopping.

The block time for Litecoin Cash is 2.5 minutes, similar to Litecoin, and the transactions are designed to be 90% cheaper than those on the Litecoin network. The mining process is democratized, allowing any LCC holder to become a beekeeper and participate in the network.

The team behind Litecoin Cash includes Iain Craig, a senior developer with over 20 years of commercial experience and involvement in the development of multiple altcoins and blockchain-based services. However, the project has faced controversy, with Litecoin's creator, Charlie Lee, labeling it a scam and advising users not to participate.

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How LitecoinCash works

Litecoin Cash (LCC) is a cryptocurrency forked from Litecoin. It operates on its own blockchain and combines features from several established coins. Here are the key aspects of how it works:

Mining Algorithms

LCC uses two mining algorithms: SHA256 and Hive Mining. SHA256 is similar to Bitcoin's mining algorithm, which allows for the reuse of old Bitcoin mining hardware. This makes it attractive to miners with outdated equipment. Hive Mining, on the other hand, is an agent-based mining system that does not require specialized hardware. It allows any LCC holder to participate in mining without significant energy costs.

Hive Mining

In Hive Mining, users can create "worker bees" by spending LCC. These bees are mining agents that live inside the blockchain and work to extend the chain, earning block rewards for the user. The cost of creating bees is calculated as a percentage of the current block reward and does not change unless there is a reward halving. Once created, bees take 24 hours to mature and then live for approximately two weeks. During this time, they attempt to produce new blocks every time they observe a new incoming proof-of-work block. The energy usage for this process is negligible.

Block Time and Difficulty Adjustment

LCC has a target block time of 2.5 minutes, which is faster than Bitcoin. The difficulty adjustment is based on the DarkGravity V3 algorithm, originally developed by Dash. This ensures that block times remain consistent even with significant changes in mining power.

Transactions and Fees

LCC aims to provide faster and cheaper transactions compared to Litecoin and Bitcoin. It supports Segregated Witness (SegWit) from the beginning, which allows for more transactions to be included in each block. The transaction fees are significantly lower, with a 90% reduction compared to Litecoin.

Distribution and Supply

LCC was created through a hard fork of the Litecoin blockchain at block 1371111. Every Litecoin owner received 10 LCC for each Litecoin they held at the time of the fork. The total supply of LCC is capped at 840 million, with a circulating supply of approximately 801 million.

Overall, Litecoin Cash aims to provide a faster, cheaper, and more accessible alternative to established cryptocurrencies like Bitcoin and Litecoin, while also offering a unique mining system through Hive Mining.

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LitecoinCash's strengths

Litecoin Cash (LCC) has several strengths that make it an attractive cryptocurrency project:

  1. Forked from Litecoin: Litecoin Cash was forked from Litecoin, which means it inherits the brand recognition and established user base of Litecoin. This allows for a more even distribution of new coins, as existing Litecoin holders can claim LCC at a 10:1 ratio.

  2. SHA256 Mining: LCC uses the SHA256 proof-of-work algorithm, which enables the use of previously obsolete Bitcoin mining hardware. This makes it more accessible to miners who already have the necessary equipment.

  3. Improved Difficulty Adjustment: The mining difficulty is recalculated every block using Evan Duffield's DarkGravity V3 algorithm, which provides more predictable block times and protects the network from multipool hopping.

  1. Democratized Mining: The Hive, an agent-based mining proposal, allows any desktop PC to participate in mining without specialized hardware. This democratizes the mining process, making it more accessible to a wider range of users.

  2. Fast Transactions and Low Fees: Litecoin Cash aims to provide fast transactions and low fees, making it suitable for everyday use.

  3. Small Premine: Only a small percentage of the total money supply (less than 0.65%) was premined for the developers, ensuring a fair distribution of coins.

These strengths position Litecoin Cash as a viable alternative to other cryptocurrencies, offering a unique combination of accessibility, efficiency, and fairness.

LitecoinCash's risks

Litecoin Cash (LCC) is considered a high-risk investment. The risk gauge rank for LCC indicates that it is currently a high-risk investment, which is supported by multiple analyses. This high-risk rating is based on factors such as recent changes in volume and market capitalization, which suggest that the coin can be easily manipulated by limited trading.

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LitecoinCash’s team

  • Development Lead: Tanner (Iain Craig) - With over 20 years of commercial experience and active in the crypto scene since 2013, Tanner has been involved in the development of multiple altcoins and numerous blockchain-based services.
  • Public Relations Manager: Roger - An experienced project manager for a major online foreign exchange platform, Roger has been involved in cryptocurrency for over 3 years and has appeared in several YouTube videos addressing community concerns.
  • Blockchain Consultant and SHA-256 Miner: Thomas - A blockchain consultant and SHA-256 miner who helps promote open source blockchain innovations, Thomas is also an entrepreneur and business manager.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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