Investors who own Litecoin will automatically receive 10 Litecoin Cash for each Litecoin they own. While Litecoin has always been mined with Scrypt, Litecoin Cash is a work-proof crypto-currency that secures the network using the SHA256 hash algorithm, the same as Bitcoin .
This allows a "survival" for the older Bitcoin mining hardware, which are no longer useful for mining the coin. Litecoin Cash's lower mining difficulty will put this hardware more lagging for effective use.
SHA256 for the real world
Litecoin Cash has significant advantages compared to the other major currencies mined with SHA256, such as Bitcoin ( BTC ) and Bitcoin Cash (BCH). Although these currencies have a block time of 10 minutes, the LCC has only 2.5 minutes of Litecoin Cash, allowing for much faster transaction confirmations.
Compared to Litecoin itself, the new fork presents a reduction in the difficulty of mining through the DarkGravity algorithm used by Dash. The transaction fees will also be reduced by 90% to encourage the actual use of the currency.
To ensure a fair launch, Litecoin Cash will implement the slow start control for the rewards of the blocks and intends to pre-launch a boot file to avoid a download run of the blockchain once the wallets are available (something expected to happen little after block 1371111).
The network will use a new address prefix and will have replay protection to eliminate problems between the two strings and minimize user confusion.
Bitcoin forks have become common in recent months, but Litecoin Cash brings the concept to a new space and potentially a new set of users. As such, the development team is keen to provide education to users and promote a "responsible division" of the network.
A private key that protects a currency should never be inserted into any website or wallet application to claim coins from forks, and the team encourages users to move their litecoins to a completely new address after the event, before using the private key of the old address to claim the Litecoin Cash.
Although the hardfork is expected to occur at 2:00 am (local time) on Monday, February 19, the time of occurrence may vary to more or less than expected, as the precise time of block 1371111 depends on the power of mining available on the network at the time of the fork.
How to get Litecoin Cash
First: NEVER paste private keys that hold any currency on any website or wallet to claim forks coins (including ours). Here are three guidelines for getting the coin responsibly:
Move your Litecoin to a new address;
Use the private key to the "old" address to claim your Litecoin Cash.
Litecoin Cash has been created to make it easy for users to get. There is no need to tinker with the debug console. Just download a portfolio to your platform directly from the official Litecoin Cash website. The user will find a menu item to help you import your Litecoin private keys and claim your Litecoin Cash.
In all cases, follow the fork safely. That means you should never enter private keys that hold funds on any site or wallet to claim currencies - including the Litecoin Cash website.
'Why are you using the Litecoin name? Is this an official Litecoin project?
No. We're using the Litecoin Cash name simply because it has become customary in recent 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. We're not associated or affiliated with Charlie Lee or any of the Litecoin team in any way; we are big fans though.'