After the multiple hardforks of the Bitcoin last year, there should soon be a Litecoin hardfork. As always, the new piece should be better and revolutionize the original market. The numerical currency will be named Litecoin Cash, probably based on the name of Bitcoin Cash, the most advanced fork of the Bitcoin Core so far.
The hard Fork should take place in block number 1.371.111, on 18.02.2018 at 22:53 (UTC). Each Litecoin owner should be able to claim Litecoin Cash at a ratio of 1:10 Litecoin. With Litecoin's offer being ten times greater than Litecoin's, Litecoin owners also get ten times the amount of Litecoin in Litecoin Cash. The stock symbol for Litecoin Cash will be LCC.
Why Litecoin Cash?
Litecoin Cash's official website shows the differences from the original presented in a table:
The biggest differences are lower transaction costs, higher speed and conversion of the exploration algorithm to SHA256.
In our view, these are very vague statements that do not add real value to Litecoin.
For example, Bitcoin Cash, the most successful separation of Bitcoin Core to date, was a protest against the base community of Bitcoin and had as an argument the block size. What about Litecoin Cash? Litecoin has never had any problems with transaction costs and confirmation times. The simple modification of the data mining algorithm is not an improvement. Difficulty adjustment is also not necessary. Here is how this fork is presented on the official website:
We believe we offer an excellent SHA256 Coin for general use. We love the Litecoin, and wanted to give something to the holders community. While everyone is busy with bitcoin, we decided that the Litecoin blockchain was a perfect way of intial distribution for our coin.
From our point of view, Litecoin Cash does not seem to have been created to solve a specific problem.
Is Litecoin Cash a scam?
Charlie Lee, founder of Litecoin, has a clear opinion. On Twitter, he said there would be no Litecoin forks. Any new piece created by Litecoin's hard Fork is a scam, in his opinion. Neither he nor the Litecoin team is involved in this fork:
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
The development team behind Litecoin Cash doesn't seem trustworthy. The team consists of four members. However, they are presented only with a first or nickname. There are no other links to social network profiles. Thus, it is not clear who is actually behind it.
In addition, there is no significant improvement over the Litecoin. There are no cases of use or serious advantages over the original Litecoin. The holding of the hard fork Litecoin is, in our opinion, very clearly to be considered as scam in view of the points mentioned above.