The SHA256 Litecoin fork. Yep.
Fork Block - At block 1371111, Litecoin Cash hard-forked away from the Litecoin blockchain.
10:1 Claim Ratio - For every 1 LTC you held at the fork block, you can claim 10 LCC.
SHA256 Mining - After the fork block, Litecoin Cash switched to SHA256 proof-of-work hashes. This enables a new use for previously obsolete Bitcoin mining hardware.
Network Resilience - Mining difficulty is recalculated every block, using Evan Duffield's proven DarkGravity V3 algorithm from Dash. This provides more predictable block times as well as network protection from multipool hopping.
Optimised for the Real World - Target block time of 2.5 minutes gives 4 times the transaction bandwidth of Bitcoin, while transactions are 90% cheaper than Litecoin.
Slow-Start Control - To prevent dominant early miners having an unfair advantage, block rewards will start at 0.25 LCC and grow to 250 LCC over the first 2000 blocks after the fork. The first 24 blocks after the fork will be mined at minimum difficulty. After this, DarkGravity will adjust the difficulty based on observed block generation time. The 250 LCC block reward (equivalent to 25 LTC) will halven at the same chain heights as Litecoin.
Small Premine - An equivalent amount to less than 1% of circulating money supply (less than 0.65% of total money supply) at fork time was paid to a development fund.
|Litecoin (LTC)||Litecoin Cash (LCC)||Bitcoin (BTC)||Bitcoin Gold (BTG)||Bitcoin Cash (BCH)||Bitcoin Diamond (BCD)|
|Max Supply||84 million||840 million||21 million||21 million||21 million||210 million|
|Distribution||Mining||Mining, Claiming||Mining||Mining, Claiming||Mining, Claiming||Mining, Claiming|
|Block Time||2.5 mins||2.5 mins||10 mins||10 mins||10 mins||10 mins|
|Difficulty Adjustment||3.5 days||Every block (DarkGravity)||2 weeks||Every block (EMA)||Every block (SMA)||2 weeks|
Compared to Litecoin: Litecoin Cash has lower transaction fees, better difficulty adjustment, and is mined with SHA256.
Compared to Bitcoin: LCC is much faster and cheaper, and has far more bandwidth and better difficulty retargeting.
Compared to Bitcoin Cash: Litecoin Cash supports Segwit, and has much faster block times.
There is no fast, cheap SHA256 coin with good difficulty adjustment. SHA256 miners have little practical choice of hashpower destination, and if they do mine blocks they're being paid in a currency with 10 minute block times.
We believe we can offer an excellent SHA256 coin for general usage. We love Litecoin, and wanted to give something to the brave hodler community. With everyone else too busy forking Bitcoin, we decided that the Litecoin blockchain was a perfect means of intial distribution for our coin.
Why are you using the Litecoin name? Is this an official Litecoin project?
No. We're using the Litecoin Cash name simply because it has become customary in recent months for a coin which forks a blockchain to prefix its name with the name of the coin being forked. This practice has become a widely understood convention. We're not associated or affiliated with Charlie Lee or any of the Litecoin team in any way; we are big fans though.
Will I be able to claim if I have coins stored on an exchange? Or a Ledger hardware wallet?
In general, exchange deposit addresses are no use, as you have no way of accessing the private key. However, some exchanges have already agreed to credit Litecoin holders at the time of the fork with Litecoin Cash; see our exchange list for more details.
If you use a Ledger, the simplest solution is to move funds from your Ledger to a desktop wallet, just until the fork block happens.
Part of the reason Ledger's so great is that it's impossible for you to directly access private keys for your wallet addresses. What is possible is to use your 24-word BIP39 phrase in conjunction with an offline tool such as this one, which you must save and run locally while disconnected from the internet. That tool can derive your private keys from your 24-word phrase, however, you really shouldn't do this. For one thing, you'll need to reinitialize your Ledger wallet in order to practice safe forking. It's really simplest to transfer your LTC to a desktop wallet, and transfer it back after the fork.
IN ALL CASES: Practice safe forking. That means you must never paste private keys that hold live funds into ANY website or wallet in order to claim fork coins -- including ours. After the fork, FIRST move your LTC to a new address, THEN use the private key from the "old" address to claim your LCC.
Did my wallet need to be unencrypted during the fork?
No; it didn't even need to be open. Paper wallets and other forms of cold wallet will receive LCC without issue.
If I own Litecoin, do I automatically own Litecoin Cash too?
Yes. Anyone holding Litecoin at block 1371111 will have 10X as much Litecoin Cash. If your LTC is stored by a third party such as an exchange, then you must inquire with them about claiming your Litecoin Cash.
How do I claim my Litecoin Cash once I have my private key?
Firstly, NEVER paste private keys that hold any currency into ANY website or wallet in order to claim forked coins (including ours). Practice responsible forking: 1. Wait for the fork; 2. Move your Litecoin to a new address; 3. Use the private key for the "old" address to claim your Litecoin Cash.
We've made it super easy to claim. No need to mess around in the debug console! Download a wallet for your platform, and you'll find a menu item to help you import your Litecoin private keys and claim your Litecoin Cash.
What is the ticker symbol for Litecoin Cash?
Litecoin Cash will be represented by the ticker symbol LCC.
Can you explain it all in the form of a 9 second video involving a psychedelic unicorn?