The whole truth about forks: why is Litecoin Cash better than Litecoin?

Follow the Litecoin Cash rate in real time. You can also track the dynamics of changes in Litecoin Cash for the period of interest to you.

Litecoin Cash (LCC) to Russian ruble (RUB) rate

Using the Litecoin Cash rate chart, you can view information about changes in the value of the currency over a certain period of time - from one minute to the entire period of the token’s existence. To enhance ease of use, we offer a range of pre-configured charts available on individual pages of our site.

You can get the value of your desired LCC number in the most popular currencies using the calculator below

What is Litecoin Cash?

LCC is a cryptocurrency that came into being on February 8, 2022 by splitting the LTC blockchain. At the time of the creation of the hard fork, its value was estimated at 0.1 Litecoin. The developers of the currency do not call it the “true” Litecoin, but this project has its advantages and deserves attention.

The new cryptocurrency has a high transaction confirmation speed. This is achieved by reducing the time it takes to form new blocks. Here blocks are formed every 2.5 minutes. The LCC cryptocurrency may be popular among miners because the network complexity is not as high as that of popular digital currencies. The LCC blockchain uses a different mining difficulty recalculation mechanism called DarkGravity. Its peculiarity is that the difficulty is recalculated after the creation of each block.

Before its appearance, the LTC hard fork caused a lot of discussion. Many users believed that this was a fraudulent project that would be closed after entering the market. Although this did not happen, users who have invested in this digital currency should closely monitor the position of LCC in the cryptocurrency market and consider any new fork as a potential fraudulent activity.

What is Hive Mining

2018 was the year of the “51 percent attack”, which all coins dependent on PoW mining are afraid of. The flooding of the market with ASICs, the creation of underground ASIC devices, shadow mining and undermining authority, as well as the incomparable hashrate of large coins relative to their smaller counterparts made it almost impossible for coins that carried out forks to operate adequately. If a coin runs on the SHA-256 algorithm, for example, like Bitcoin, then it is unlikely to have even 10 percent of the BTC hashrate.

This means that any large pool mining BTC blocks can easily compromise the operation of some BCH or LCC. The war between BCH SV and BCH ABC clearly demonstrated that if you have a large amount of money and with a strong desire, you can paralyze work or, even worse, collapse the coin’s rate. The same goes for the ETH/ETC pair. The 51 percent attack cost drops with each downward movement of the course.

In addition, in an attempt to protect against a 51 percent attack, small coins increase the confirmation time when depositing a coin on an exchange. This results in a colossal waiting time for receiving a coin - sometimes up to three days. Realizing that this cannot continue, the talented developers of Litecoin Cash presented their solution. Instead of converting the coin to PoS algorithms or adding the notorious masternodes and PoA, they introduced something new: Hive Mining.

The new consensus model will be integrated into the existing Litecoin Cash infrastructure, which relies on proof-of-work, and will provide a truly unique hybrid solution against the 51 percent attacks that threaten cryptocurrencies, while also simplifying access to the mining process, allowing virtually anyone to mine. This, in turn, will have a positive impact on the long-term security of the LCC blockchain.

Currently, all blocks on the LCC blockchain are mined using miners using the SHA256 algorithm (like Bitcoin and Bitcoin Cash). Initially, one of the goals of creating LCC was to use “outdated” ASICs, which are practically useless for Bitcoin mining and are rapidly becoming obsolete. So, after the introduction of Hive Mining for SHA256 miners in the Litecoin Cash network, nothing will change. It will still be possible to mine using ASICs, and the chain of SHA256 miners will ensure the security of the blockchain for their part, receiving a reward for this.

At the same time, Hive does not require any specialized equipment for mining. It doesn't matter whether you have a CPU, GPU or ASIC, because it is based on the concept of virtual worker bees, which act as virtual mining rigs and can be configured by anyone.

Creating a worker bee costs 0.2 LCC, and the holder of any number of worker bees becomes a beekeeper. Once mature, worker bees have a limited lifespan, during which they live inside the blockchain and help keep it secure by searching for and creating blocks. Beekeepers receive a reward whenever one of the bees mines a block. In this case, this is no different from the process of searching for a block in a PoW system. Essentially, this is virtual mining that does not require an expensive ASIC device.

The issue of a 51 percent attack is solved surprisingly simply due to a number of reflection vectors.

• To attempt a successful attack, an attacker needs to have 51 percent of the PoW power and 51 percent of the bees in the system.
• Since bees mature for 24 hours, an attack attempt will be visible from afar and can be countered (a few percent will be enough to regain the advantage).
• Since bees cost a significant investment (and as the LCC rate increases, the cost of circulating bees will also increase), an attacker cannot try to attack the network for free - he will have to first pay for the bees by sending funds to a “dead” address.
• The sum of the parameters that need to be “guessed” and prepared does not guarantee a successful outcome of the attack, while the attack itself will either be unprofitable or encounter unexpected resistance.

Advantages and disadvantages

If you are planning to invest in a cryptocurrency like LCC, you need to understand its advantages and disadvantages. Among the advantages

currencies can be distinguished:

• High speed of transactions;
• The complexity of the network is still low, so mining LCC coins is very profitable;
• Protection against replay transactions and addresses with prefixes is used;
• The network is reliably protected from hacker attacks.

Disadvantages

tokens are:

• High volatility. In one day, the price of the LCC cryptocurrency can fall several times;
• Coins are not traded on popular exchanges;
• Daily trading volumes for LCC tokens are quite low. You can buy LCC cryptocurrency only on unfamiliar crypto exchanges.

Litecoin to Russian ruble exchange service created for your convenience.

EXMO is a reliable cryptocurrency exchange with a high level of security of funds and data and the fastest technical support that responds within 15 minutes 24/7. Taking care of the client is the main priority of the EXMO team.

The EXMO platform, where you can exchange LTC for RUB, was founded in 2013 and has offices in London, Kyiv, Istanbul and Moscow. EXMO is one of the largest exchanges in Europe in terms of traffic, LTC trading volume and liquidity.

The platform's easy-to-use interface will be convenient for both beginners and professional traders. The platform uses TradingView charts , which contain all the tools and data a trader needs for technical analysis when trading Litecoin or the Russian ruble.

Log in to the platform, buy/sell Litecoin and store Litecoin in the EXMO multi-currency wallet.

Features of a hard fork

Now it’s worth talking about what new this cryptocurrency offers compared to Litecoin. Its main features are:

• The emission of cryptocurrency has been increased 10 times and now amounts to 840 million coins;
• Mining, as in the case of Bitcoin, is carried out using the SHA256 algorithm. This allows you to use ASIC miners with maximum efficiency;
• The system automatically recalculates the mining difficulty of each block. For example, in Litecoin the difficulty is recalculated every 3.5 days, in Bitcoin – every 2 weeks. This will provide more predictable block creation times and protection from multipools;
• Transaction fees are 90% lower than Litecoin;
• To prevent the dominance of early miners who would be able to mine the lion's share of coins on low difficulties, at the very beginning of the LCC cryptocurrency, the block reward was 0.25 LCC. For the first 2000 blocks, the reward increased to 250 coins. Just like other coins, this figure will decrease; An amount equivalent to 1% of the circulating money supply at the time of the currency's creation was given to the development fund.

The changes made by the development team are very successful. Users do not have to pay large amounts for transactions and the speed is quite high. Some analysts give a positive forecast for the LCC rate.

LCC rate:

How to mine tokens

Litecoin Cash (LCC) is a cryptocurrency that is great for mining. The SHA256 algorithm is used to mine this coin. LCC mining will be profitable for those users who have Bitcoin mining equipment that no longer brings good profits due to the rapidly increasing complexity.

If the computing power is small, it is recommended to connect to a mining pool.

The most suitable pools for this cryptocurrency will be the following:

1. It is one of the most popular servers for joint currency mining. There are 35 tokens available here, including Litecoin Cash;
2. Offered to users on the official website of the Litecoin Cash cryptocurrency.

The only question is whether there will be demand for LCC tokens. You can easily mine a large number of coins, but if the value of the LCC cryptocurrency falls, this will entail significant losses.

Where to store LCC?

Before purchasing digital currency, you need to think about how it will be stored. You need to choose a wallet for storing LCC based on the number of coins purchased. For this you can use:

1. Online wallets
   . Suitable for storing small amounts, since there is a possibility that the service providing the service may be hacked;
2. Offline wallet
   from LCC developers. It has a high degree of reliability. To download, on the official Litecoin Cash website you need to go to the “Download” tab. At the moment there are versions of wallets for Windows, Linux and Mac;
3. Hardware wallet
   . This is the most reliable wallet, suitable for storing large sums.