Litecoin Cash (LCC) is a cryptocurrency forked from Litecoin at block 1371111. It uses the SHA256 mining algorithm, has a higher maximum supply, and features better difficulty adjustment. LCC aims to provide fast transactions, low fees, and a more predictable block time of 2.5 minutes. It was created to offer an alternative to Litecoin, leveraging the existing brand and user base while introducing new features and improvements.
Litecoin Cash (LCC) is a cryptocurrency forked from Litecoin, designed to offer improved performance and usability. Here are the key aspects of how it is used:
MiningLCC employs the SHA256 mining algorithm, which allows the use of previously obsolete Bitcoin mining hardware. This enables miners to repurpose their old equipment, increasing the potential for decentralized mining. The mining difficulty is recalculated every block using the DarkGravity V3 algorithm, ensuring more predictable block times and network resilience.
TransactionsLCC aims to provide faster and cheaper transactions compared to Litecoin. It has a target block time of 2.5 minutes, which is four times the transaction bandwidth of Bitcoin. Additionally, transactions are 90% cheaper than those on the Litecoin network.
DistributionLCC was distributed to Litecoin holders at a 10:1 ratio, meaning each Litecoin holder received 10 LCC for every Litecoin they owned at the time of the fork. This distribution method ensured a fair and even allocation of the new cryptocurrency.
Wallets and StorageLCC can be stored in various wallets, including the Coinomi wallet platform. The project is also working on its own wallet solution.
SecurityTo prevent 51% network attacks, LCC uses a proof-of-work system where worker bees (miners) won't mint blocks on an attacker's private chain, making it difficult for an attacker to accumulate enough chain work to perform a 51% hashpower attack.
Community and DevelopmentThe project has a dedicated team, including Development Lead Tanner (Iain Craig), who has over 20 years of commercial experience and has been involved in the development of multiple altcoins and blockchain-based services. The project's source code is publicly available on Github, and the team actively addresses scam concerns and promotes transparency.
Overall, Litecoin Cash is designed to offer a more efficient, accessible, and secure cryptocurrency experience, leveraging the strengths of its parent blockchain, Litecoin.
To store Litecoin Cash (LCC) tokens, you have several options:
Light Wallet: The development team provides a light Electrum wallet that does not require the full blockchain to run. Currently, only desktop versions for Windows and Mac are available.
Full Wallet: You can download the entire blockchain and store it locally using the Litecoin Cash Core wallet, which forms the backbone of the Litecoin Cash network.
Mobile Wallet: Coinomi offers a practical mobile wallet for storing and managing your LCC tokens on the go.
Hardware Wallets: The roadmap includes support for Ledger and Trezor hardware wallets, which provide secure offline storage. Although the initial target was for June/July 2018, the implementation may have been delayed.
Cold Wallets: For the safest storage, consider using cold wallets that are totally offline, as they offer the highest level of security.
Exchanges: You can also store your LCC tokens on an exchange, which provides convenient access to investment products and features. However, this method is less secure compared to dedicated wallets.
To buy Litecoin Cash (LCC) tokens, follow these steps:
Create an account on a cryptocurrency exchange: Choose a reliable exchange that supports LCC, such as Mercatox, YoBit, or FreiExchange. Create an account by providing necessary information, including your email address and a secure password. Complete any identity verification steps required by the exchange.
Choose your funding method: Select a payment method, such as a credit card, debit card, bank deposit, or peer-to-peer trading. Some exchanges also offer third-party payment channels.
Buy Litecoin Cash (LCC): In the Buy & Sell section of the exchange, select Litecoin Cash (LCC) as the cryptocurrency you want to purchase. You can choose from various order types, including market orders, stop orders, limit orders, and more. Enter the amount of LCC you want to buy and confirm the purchase.
- Transfer LCC to your wallet: Once you've purchased your LCC, you can either hold it in your exchange account or transfer it to a personal cryptocurrency wallet for additional security and passive revenue opportunities.
Remember to research the exchange's reputation, read user reviews, and compare different exchanges to choose the most suitable one for you.
