Litecoin (LTC) has recently implemented a Hard Fork which as a result created a new cryptocurrency which is called Litecoin Cash (LCC). The new-born cryptocurrency has already made a huge noise in the market promising a good performance for the future as well. Here are some important specifications you need to know about Litecoin Cash:
The Litecoin holders are able to claim 10 times more LCC for each LTC unit they own in the fork block.
After the hard fork was occurred LCC was switched to SHA256 proof-of-work hashes which allow using the Bitcoin mining hardware that was previously outdated.
In order to have a more predictable time for blocks as well as protected network from multipool hopping the difficulty of mining will be recalculated in every block.
Litecoin Cash has the target block time which is 2.5 minutes and it gives the opportunity to make up to 4 times faster transactions than with Bitcoin. In addition the transactions with Litecoin Cash are up to 90% cheaper than with Litecoin.
Litecoin Cash aims on creating a fair distribution of coins hence in order for the early miners and new holders to have the same opportunities Litecoin Cash will start rewarding the coins from 0.25 to 250 for the first 2000 blocks which occurred after the fork. The approach to mining will include the first 24 blocks to be relatively easy to be mined after which the mining difficulty will be adjusted to the block generation time.
A development fund received a very small amount of circulating money which was less than 1% or less than 0.65% of total money supply.
It can be concluded from the described specialities of Litecoin Cash as well as from its good performance in the market so far that the new cryptocurrency promises fair opportunities and convenient transactions for the currency holders hence it can be worth to give the new coin a try.