Litecoin (LTC) owners eligible to receive 10 Litecoin Cash (LCC) tokens for every 1 LTC owned.
Kenneth Ho18 Feb, 2018
An independent group of developers announced earlier this month that a new Litecoin Cash cryptocurrency will be introduced this February 18th as a hard fork at Litecoin (LTC) block 1731111.
The announcement also mentioned that anyone holding Litecoin (LTC) will automatically receive 10 Litecoin Cash tokens (free of charge) for every Litecoin they own from the fork block (1731111) onwards.
According to the developers, the introduction of Litecoin Cash poses significant differences as compared other SHA256-mined coins, Bitcoin (BTC) and Bitcoin Cash (BCH).
While those currencies both have a 10-minute block time, Litecoin Cash's block target was designed for a faster, 2.5-minute transaction confirmation.
Compared to Litecoin itself, the new fork also features improved mining difficulty retargeting and significantly lower transaction fees (reduction of over 90 percent), making it more viable for use as a medium of real-world transactions.
Claiming Litecoin Cash
Since the announcement, Charlie Lee, the creator of Litecoin, has been quick to crush any rumors of LTC participation in the fork, stating on his Twitter account that the fork is a “scam” that is attempting to confuse investors into thinking that it is associated with Litecoin:
Litecoin prices have also surged over the last week, rising more than 60% since hitting a low over the weekend.