Litecoin Cash Review
When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of Litecoin Cash.
At any given time, a truly decentralized blockchain network can be updated or as the lingo goes “forked”. This essentially means that the old blockchain remains the same, but the protocol forks into a new blockchain. This newly spawned blockchain, presumably has a major pivot or update that differentiates it from the “original blockchain”.
When you mention “Litecoin Cash”, some people associate it with Bitcoin Cash, or at least serves the same purpose. Bitcoin Cash was mainly created as a response to the Segwit and Lightning Network implementation in the Bitcoin scalability war, spawned from an argument over scalability that had taken place for years up until the point of the actual fork.
So, Litecoin Cash was created from a whole other reason than that. Rather than disputing anything in particular with the “original” Litecoin, a group of developers simply asserted that they wanted to use Litecoin’s base of code as a springboard for their own project. There are many who would argue that there was never a need to implement the code in such a belligerent manner. An open-source codebase, means that developers can easily create an entirely new coin with basis of the Litecoin codebase.
Litecoin Cash operates on SHA256-protocol for consensus. Being Lightning and Segwit-ready, the blockchain supposedly has a lot of scalability. However, many people in the community are concerned with the fork. Not to mention Charlie Lee, the creator of Litecoin who made an announcement prior to the fork. However, after many discussion points have been taken into consideration, one should consider it a “real” project.
The team has the right to create a hard fork of the Litecoin currency and even use the Litecoin Cash name. At Cryptowisser, we feel that they pass the test for now. Regardless, one should always exercise the utmost caution before merging wallets or sending any private keys to an unknown handler.