The new coin, LCC, spilt from the Litecoin blockchain at around 5pm ET (11pm GMT) and its creators plan to give every Litecoin holder 10 new coins for every one Litecoin they own. The new crypto promised new tokens to existing holders at block 1,371,111 when it launched on Sunday, February 18. LCC will use Bitcoin’s SHA-256 algorithm for the mining purposes that creates new tokens, whereas the original Litecoin uses Scrypt which verifies transactions.
The announcement of Litecoin Cash was made on February 3, and was quickly denounced by Litecoin founder Charlie Lee. The Litecoin Cash foundation says the new cryptocurrency has a goal block of 2.5 minutes, which is four times faster than Bitcoin, and therefore its fees will be 90 percent cheaper than Litecoin.
Currently, Litecoin Cash is trading on YoBit and it is also supposed to be trading on Trade Satoshi and Mercatox but at the time of writing, the exchanges have not listed the new fork, according to Express.
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