On Sunday at approximately 5pm EST a hard fork was implemented on the Litecoin network and the new Litecoin Cash coin was created. The fork was previously announced on February 3rd and was set to take place when the network reached block 1,371,111. Since the announcement and the news about Litepay being released in February, the Litecoin price has seen a bump of around 30%.

The team behind Litecoin Cash, which are not affiliated with Litecoin in any way, did this with a few different intentions:

  • Speed – The goal is to have a block time of 2.5 minutes which would be 4x faster than bitcoin.
  • Lower Fees – Fees are stated to be 90% lower than the current structure on the Litecoin network.

Further details:

  • Exchanges – YoBit, Trade Satoshi, and Mercatox are currently slated to trade Litecoin Cash.
  • Investors – Current holders will receive 10 Litecoin Cash for every Litecoin they were holding at the time of the fork.
  • Technical – Litecoin Cash will run the SHA 256 Algorithm, Litecoin uses Scrypt to verify transactions.

The community sentiment has been mixed on this fork, below are various tweets:

Charlie Lee

Jameson Lopp

The Litecoin Queen

Brian Haggerty

James Howells

At time of writing, Litecoin Cash is trading at $5.61 which is up over 330% from its original entry price onto the market.

Check out our podcast where we discussed this more. What do you think about it?