Litecoin Cash developers confirmed the power of the Litecoin network. A snapshot of the system was made on block 1371111.
The Litecoin Cash team states that the wallets for the new cryptocurrency will be presented within the next 24 hours. Earlier, all LTC holders were promised LCC coins in the ratio 1 LTC = 10 LCC.
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One of the main differences between Litecoin Cash is that if the Script function is used when scaling up the "original" Litecoin, Litecoin Cash is a cryptocurrency based on Proof-of-Work, whose network the SHA256 algorithm provides security.
It is claimed that Litecoin Cash will have a significant advantage over other major SHA256 coins - bitcoin and Bitcoin Cash. If the average time to create new blocks from BTC and BCH is 10 minutes, LCC will have 2.5 minutes, which will provide a faster confirmation of transactions.
The network has already begun to appear fraudulent sites are offering to receive Litecoin Cash. By entering the private key of your wallet, you are almost guaranteed to lose money on it.
Is Litecoin Cash Necessary? Is it a Scam?
Unlike Bitcoin, it’s unclear why Litecoin needed a hard fork. There was no years-long schism over its soul and purpose, and no pressing need to make litecoin transactions faster or cheaper.
The rather obvious attempt to grab attention from Litecoin and Bitcoin Cash (LCC’s logo and branding borrows heavily from both) has led many cryptocurrency followers to question whether LCC is legitimate — or even a scam.
Litecoin inventor Charlie Lee himself has warned LCC could be a scam and cautioned potential investors not to hand over private wallet details to “claim” new coins.
Litecoin is the fifth capitalization of the cryptocurrency, worth $ 12.428 billion. The price of one "coin" was $ 224.8, according to Coinmarketcap.
Information Source: Litecoin Cash