User:Knighthash/sandbox

Litecoin Cash (LCC) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. The coin was inspired by, and in technical details is nearly identical to, Bitcoin (BTC) and Litecoin (LTC).

History
Litecoin Cash was launched on February 18 due to the hard fork in Litecoin. For every 1 Litecoin which the cryptocurrency holder has, 10 Litecoin Cash was provided to them. Thus, the value which was created is enormous. The algorithm which would be used by Litecoin Cash is SHA-256. This is similar to Bitcoin. Moreover, it is the algorithm which would be used for mining purposes as well.

According to the official website, the cryptocurrency is not associated with the parent cryptocurrency. Their website clearly indicates that they are using this name because of the fork in the blockchain. They are using this name because of the Convention which is set by the earlier forks.

The goal of the foundation is to process a block within 2.5 minutes. This is going to be at least 4 times faster as compared to Bitcoin. Moreover, the fees of Litecoin Cash are actually 90% lower as compared to the fees of Litecoin. This would ensure that the usability of the currency increases significantly. This is one of the main reasons why the price of Litecoin Cash is appreciating as well. Moreover, if the block can be processed faster, this can ensure that Litecoin Cash is able to easily handle more and more transactions each and every hour. This is another positive for Litecoin Cash.

Security
Litecoin Cash is also working on new security methods designed to prevent 51% attacks. They came up with a unique solution, ‘The Hive’, which helps to secure the network against a 51% attacker by ensuring that the public chain has higher work than the attacker can realistically hope to accumulate individually.

As well as securing against 51% attacks, they wanted to avoid requiring existing miners or pools to change their behavior, as the original idea was “the SHA256 Litecoin Fork,” the last thing they want is to make things difficult for their mining community. Proof-of-work miners can continue exactly as before, and a further advantage of The Hive is that the network can “see into the future” to a certain extent, with the potential that the network will be able to see upcoming attacks before they happen. The Hive is an agent-based mining system. Users create “worker bees” which secure the network while earning block rewards for their bee keepers.