- 03.02.2020

How to fork litecoin

how to fork litecoinEver wanted to create your own crytpocurrency? This article will show you how to create one based on the latest Litecoin v source code. Litecoin's hard fork is scheduled for Sunday, 18th February or Litecoin block and will result in the creation of Litecoin Cash, as was the case with.

Editorial Team on February 9, We have seen a numerous forks in cryptocurrency chains over the past few years.

Get Ready for Litecoin Cash the Upcoming Litecoin Fork

From Bitcoin Cash, to Ethereum Classic and from Zclassic to How to fork litecoin Gold, developers have been developing their own visions of a cryptocurrency.

However, one cryptocurrency that has so far escaped that guise was Litecointhe second oldest cryptocurrency in the continue reading. That is until https://tovar-show.ru/2019/kin-foundation-twitter.html. According check this out a post on the Bitcointalk forum, the developers plan to fork the Litecoin network and create a competing cryptocurrency called Litecoin cash.

How to fork litecoin

The fork will take place on the 19th of February. So what is Litecoin cash and what does it hope to achieve?

How to fork litecoin

They noted that there is currently a great deal of spare hashing power that is available for mining based on SHA Currently, there are not many alternative chains that they can turn that hashing power to.

This is mainly because there are no currently available SHA coins that have reasonable difficulty adjustments.

Litecoin rallies after ‘hard fork’ results in creation of spinoff

If they do chose to mine one of the chains, then they will be paid with a crypto coin within 10 minute block times.

Although how to fork litecoin developers claim that Litecoin Cash LCC will have lower transaction fees and better difficulty how to fork litecoin than Litecoin, the main reason for the fork is to provide a better SHA coin.

Introduction To Litecoin For Beginners

Comparison of Litecoin Cash. Image Source: litecoinca.

How to fork litecoin

They wanted to use this as an opportunity to give back to the Litecoin community. They stated that this is not an official How to fork litecoin project and they are merely using Litecoin in the name to keep up with the tradition of other cryptocurrency forks.

There also seems to be quite a strong team working on the Litecoin Cash fork.

How to fork litecoin

There are currently 4 members with a broad range of experience. You can read more about the team here.

What is Litecoin hard fork?

Overview of the Fork According to the announcement, how to fork litecoin fork will be changing the hashing algorithm of Litecoin to SHA This is currently the snowden 2019 algorithm how to fork litecoin is being used on the Bitcoin network and how to fork litecoin different from the Scrypt algorithm on Litecoin.

The fork will occur when Litecoin reaches block 1, This is expected to be around the 19th of How to fork litecoin. There will be a claim ratio of which implies that for every 1 Litecoin that you hold, you will receive 10 of Litecoin cash LCC.

How to fork litecoin

They will also release a bootstrap of the blockchain so that people can download the wallet before mining. In terms of the mining specifics, it can be done on older Bitcoin mining hardware and how to fork litecoin protocol will set a target of 2.

The difficulty will be recalculated after every block using the darkgravity V3 how to fork litecoin that is currently in go here at Dash.

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Block reward will start at only 1. How to fork litecoin you hold Litecoin in your own wallet at block 1, you will automatically hold an additional 10 LCC.

How to fork litecoin

However, there is an important point to note. This only applies to wallets how to fork litecoin you how to fork litecoin the private key. Hence, in wallets that are held on an exchange, you have no automatic rights to the forked coins.

How to fork litecoin

If how to fork litecoin wanted to claim your Litecoin cash from the fork then you are better suited to hold the coins in an offline wallet how to fork litecoin prior to the block in question.

They also suggest that if you hold your Litecoin in a hardware wallet such as ledger that you move it to a desktop wallet just prior to the fork and then move it back.

How to fork litecoin

How to fork litecoin you currently have your coins how to fork litecoin a paper wallet or how to fork litecoin wallet form, then all how to fork litecoin have to do is make sure that they are present during the fork and you will be entitle to the new LCC. The team will communicate further updates such as supporting services, online wallets and mining pools in due course.

Litecoin is indeed a great coin to hold and has a strong developer community behind it.

What is Litecoin Cash and when will the crypto token spilt?

Litecoin is also the brainchild of Charlie Lee who is highly influential in the crypto community. Given that the Hodler will now have the benefit of an additional 10 LCC for each of the LTC that they own, it becomes that much more compelling. Moreover, the Litecoin cash concept is an interesting one in its own how to fork litecoin and could be an attractive SHA alternative to Bitcoin.

Disclaimer: These are writer opinions and should not be considered investment advice Featured Image via see more.

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