Hard fork of Ethereum (Ethereum Classic) in 2016. Bitcoin Cash split from its parent in August 2017. Litecoin now also has its own fork – Litecoin Cash.
Litecoin Cash (LCC) is not as radical as the forks of either of these two cryptocurrencies, its difference is that the algorithm is changed to sha256, which allows miners mining bitcoin with asic chips to mine LCC.
Currently they mainly mine bitcoin and bitcoin cash, but now that there is a new fork, they can use older asic chips to mine Litecoin Cash.
Despite similar names, Litecoin Cash and Bitcoin Cash have nothing in common, Litecoin Cash does not involve on-chain scaling since LCC does not increase the block size and does not contain segwit.
The name was most likely chosen for recognition and even caused Charlie Lee, the founder of Litecoin, to call Litecoin Cash a scam.
We did not see any signs of fraud. The development team does not look suspicious and Litecoin Cash is indeed just a fork.
Its price, according to preliminary estimates, is already $3, the same price as Litecoin at the beginning of 2017. This is despite the fact that Litecoin Cash producers exchange 10 new Litecoin Cash coins for 1 Litecoin. This would give it a decent market capitalization of around $2.5 billion.
The appearance of the fork will not negatively impact Litecoin. In fact, its price increased from $160 to a recent high of $240, precisely after information about the upcoming fork hit the media.
According to https://www.trustnodes.com
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