Wij already noticed that the Litecoin community had no taste for the upcoming forks. At this point, the forks not only look like a contant grab, but may confuse the community.
The reason for this is that ter fact, two projects are contesting for the Litecoin Contant moniker. Wij already covered one quick proposal using the Litecoin Contant Twitter treat, and which is te fact an ERC-20 token.
You can exchange your LitecoinCash here on Etherdelta:https://t.co/PD8N5mWlxe
But the other fork aims to do something more ambitious – create a SHA-256 Litecoin version. This is even more puzzling, given that Litecoin wasgoed specifically formed to rely on the Scrypt hashing algorithm. Te the case of Litecoin Specie, the project has miners te mind, and wants to opoffering a SHA-256 asset with a relatively low difficulty.
The rationale of the project founders is that this asset would waterput to use already obsolete mining equipment, which is no longer profitable ter mining Bitcoin.
Ter expectation of the fork, Litecoin has not appreciated significantly, with the asset still more than 60% away from its peak, at $157.36.
The Real Hard Fork Please Stand Up
Te the case of the real Litecoin Contant project, the fork is expected on or around February Legal.
The fork will award Ten LCC, or Litecoin Metselspecie, for each Litecoin wielded. This digital asset will have nothing to do with the ERC-20 Litecoin Metselspecie, and the two assets of the same name would be incompatible.
The team has used the “Metselspecie” addition just for branding purposes:
“Wij’re using the Litecoin Metselspecie name simply because it has become customary te latest months for a coin which forks a blockchain to prefix its name with the name of the coin being forked. This practice has become a widely understood convention. Wij’re not associated or affiliated with Charlie Lee or any of the Litecoin team ter any way, wij are big ventilatoren tho’.”
So far, the team remains anonymous. The Telegram community is less than 600 members, and the fork seems to be largely passed overheen by exchanges, at least for now.
Litecoin Specie will have a supply of 840 million coins, Ten times spil much spil Litecoin. Mining will commence with a low difficulty and a low block prize, then grow to the 250 LCC block prize, which will go on to halve every four years.
Wij believe wij can suggest an excellent #SHA256 coin for general usage. Wij love #Litecoin, and desired to give something to the plucky #hodler community. With everyone else too busy forking Bitcoin wij forked #Litecoin.https://t.co/YsR3NND0fq pic.twitter.com/V8bqi2Pcz2
On a positive note, the Litecoin Contant team does not aim to challenge with Litecoin directly, and has warned users to be very careful and never split coins from their main Litecoin address, and from a utter wallet. It is unknown whether official wallet providers would support Litecoin Metselspecie, and how soon this would toebijten.
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