Litecoin Cash outline strategy in whitepaper
Litecoin Cash developers employed an Initial Fork Offering (IFO) model to realise monetary distribution.
Litecoin Cash (LCC) — which hard-forked from the Litecoin (LTC) blockchain in mid-February this year — published the first version of its whitepaper, revealing the company’s short-term goals, including an Initial Fork Offering (IFO), the development of an SPV digital wallet, atomic cross-chain trading and lightning network integration.
Litecoin Cash is a token that currently trades on eight minor cryptocurrency exchanges and offers Litecoin traders 10 LCC for every 1 LTC held at the forked block 1,371,111. Claims can be made retrospectively, any time after the fork, as long as control of the private keys is kept. This is known as an Initial Fork Offering (IFO).
We present a “best of all worlds” cryptocurrency targeting the existing mining community whilst offering practical, everyday features to benefit miners and users alike. Features are cherry-picked from existing currencies and implemented with optimized parameters to provide a cheap, fast and stable, general-use blockchain.
Litecoin Cash team explain their forked cryptocurrency model via the whitepaper
Litecoin Cash developers employed the IFO model to realise initial monetary distribution, using a mature and well-maintained currency to provide the donor ledger, in order to encourage user uptake and provide liquidity.
LCC’s features will include rapid transactions and confirmations with two and a half minute block times, low friction spending with tiny fees, Segwit support and lightning network support, according to the whitepaper.
Litecoin Cash utilizes bitcoin’s SHA-256 hashing algorithm in place of Litecoin’s Scrypt. This is likely to recruit a ready mining network from owners of obsolete bitcoin mining hardware who are seeking a new coin to mine. Block rewards will begin at 1.25 LCC and grow to 250 LCC over the first 400 blocks.
The company’s short term goals are as follows:
- Development of official Simplified Payment Verification (SPV) wallet
- Integration with hardware wallets
- SPV Server software and Java / JavaScript / Python libraries for integration
- Atomic Swaps and Lightning network
- Integration of changes from Bitcoin 0.16
Litecoin Cash Roadmap Timeline
Image: Litecoin Cash
Just weeks before Litecoin Cash’s inception, Litecoin founder Charlie Lee sent out a warning to LTC traders.
PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it’s related to Litecoin. Don’t fall for it and definitely don’t enter your private keys or seed into their website or client. Be careful out there! https://t.co/qXbiIxp5Al
— Charlie Lee [LTC] (@SatoshiLite) February 4, 2018
However, whether or not Litecoin Cash is a scam remains to be seen. The official Litecoin cash website has a warning posted about various scam sites asking users to enter private keys or recovery phrases to claim LCC.
We will never ask you to enter private keys on the website!
This is not us!!!https://t.co/8NDAy0nSdN#LitecoinCash #SCAM— Litecoin Cash [ LCC ] ⚡ (@LitecoinFork) February 18, 2018
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.
Latest cryptocurrency news
- Ethereum price: Upward surge noted but fears of near-term volatility continue to persist
- Can Anchorage bring crypto staking and DeFi to banks?
- Bitcoin price hits $40,000 again before meeting resistance
- Bitcoin price: Strong gains may put new all-time highs in reach
- Battle of the bounce back: Coronavirus investment recovery
Picture: Shutterstock
