Litecoin Cash has been launched after hard forking the popular cryptocurrency; Litecoin.
Hard forks have become common in the cryptocurrency industry. The most known hard forks are Bitcoin Cash and Ethereum Classic. A new Litecoin hard fork has now been created as well, and that resulted in Litecoin spiking 10% on Tuesday. The price of 1 Litecoin is currently $249.84 according to CoinMarketCap, and the price has risen 55% in the last seven days.
The Litecoin hard fork took place Sunday, February 18th, and similar to other hard forks, each Litecoin holder is entitled to have LCC (Litecoin Cash) at a ratio of 10 LCC to 1 LTC. The block creation time of LCC is mere 2.5 minutes, which is similar to Litecoin, but the LCC transactions should be 90% cheaper than Litecoin. The most notable difference is that LCC is using SHA-256 hashing algorithm, meaning older hardware will be relevant for mining purposes again.
However, it is important to know, that Litecoin Cash has nothing to do with the original Litecoin project.
We decided on the Litecoin Cash name to make it clear that it is a fork of the Litecoin code and blockchain, following the convention of the crypto world. Be clear that we don't have any affiliation with the Litecoin team, although we do respect them for their great achievements.
— lcc.eth (Litecoin Cash) (@LitecoinCash) February 17, 2018
Charlie Lee, the creator of Litecoin, also said on Twitter that any fork associated with Litecoin was a scam and that the team behind Litecoin are not forking Litecoin.
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 Ⓜ️🕸️ (@SatoshiLite) February 4, 2018
According to CoinCodex, Litecoin Cash is trading at $9 and is up 180% in the last 24 hours.