Litecoin Cash?: It’s Coming, and It’s Completely Bizarre
While people have been forking Bitcoin left and right, and even Ethereum has its own fork, Litecoin is about to receive the same treatment. This time, the fork is calling itself Litecoin Cash. The fork will give all current Litecoin holders a 10 to 1 disbursement of LCC, and Litecoin Cash will revert the algorithm to SHA-256 (the same as bitcoin).
Litecoin Cash? Devs say: “Yep!”
According to this announcement which appeared on the bitcointalk forum on February 3, the developers will be created the fork based on a snapshot taken at block height 1,371,111. Anyone holding Litecoin will get ten times that amount of Litecoin Cash.
The big question on everyone’s minds is; why? Bitcoin Cash, the most popular fork of bitcoin in 2017 had a clear reason to exist. It was partly in protest due to the Bitcoin core community’s deadlock in the argument of block sizes. Another fork, Bitcoin Gold, claimed to exist as a decentralizing force that would not rely on massive mining farms of SHA-256 miners as Bitcoin and Bitcoin Cash would.
While some could argue that Litecoin mining is becoming centralized due to the presence of Scrypt ASICs, it is still nothing like bitcoin mining is today. Likewise, Litecoin has never faced any issues with its transaction fees or confirmation times, even during the most difficult and congested periods in the history of bitcoin (or Ethereum for that matter).
The tagline of the announcements reads: “We’re forking Litecoin… and making it SHA256. Yep!”
This cryptic statement is followed by a few more details on the motivation for the project. It seems not to have been created to solve a specific problem faced by all users of cryptocurrency and instead seems to be only for miners with SHA-256 mining equipment.
In a section labeled “Just WHY?”, the post continues: “There is no fast, cheap SHA256 coin with good difficulty adjustment. SHA256 miners have little practical choice of hashpower destination, and if they do mine blocks, they’re being paid in a currency with 10 minute block times.”
“We believe we can offer an excellent SHA256 coin for general usage. We love Litecoin and wanted to give something to the brave hodler community. With everyone else too busy forking Bitcoin, we decided that the Litecoin blockchain was a perfect means of initial (sic) distribution for our coin.”
Another Anonymous Dev Team
The team behind this fork, which you can view on their official website, is also apparently trying to be anonymous. The team provides four team members information. However, they only offer first names (or perhaps even just screen names, or nicknames) and no linked information or details. One of the devs picture is of a disembodied cartoon horse head. A Google image search yielded no interesting results.
In addition to being at least relatively anonymous, the team is claiming a one percent premine on the new fork for themselves. At the very least, this is a smaller premine than seen in other projects like EtherZero, which is claiming a whopping 50 percent of everything for themselves.
Should You Care About Litecoin Cash?
Probably not. This fork doesn’t appear to have any serious use cases or even advantages over the actual Litecoin. Crypto investors don’t typically care about the supposed plight of SHA-256 miners, and miners just want to mine projects that will get them a steady return. Had they launched this project before fork mania occurred in 2017, they might have stood a chance. But now, this is just another bizarre attempt at a cash grab, and not an attempt to really accomplish anything.
The team behind Litecoin Cash is going to need to do a lot more than just swap the algorithm and increase the supply ten times for the community to have a reason to care.