The whole truth about the fork: Cash better than Litecoin Litecoin?

We continue our series of articles on forkam major currencies. In the end, the ancient mastodons aren’t always solid — they are sometimes too hard to budge to correct. And although the world of the blockchain means the trust and plays for the benefit of the cryptocurrency appear regularly success stories “of students who surpassed the teacher” and acquitted forks — the same Ethereum. Such a fork in his time and became notorious Litecoin (LTC). Yes, Litecoin was created as a fork of Bitcoin, the equivalent of silver to gold. In this article, we will check that managed to make the most of Litecoin and that, in turn, wants to do her first fork.

In the past editions:

The whole truth about the fork: Bitcoin better than Cash for Bitcoin?
The whole truth about the fork: Ethereum Ethereum is better than Classic?

What is Litecoin

Litecoin was conceived and created by Charlie Lee (also known as “Satoshi Lite”) as an alternative to Bitcoin, the code of which was taken as a basis. The project launched on 13 October 2011. At first glance, Bitcoin and Litecoin a lot in common. It is a cryptocurrency, which rely on the cryptographic integrity of the blockchain. But the most fundamental technical difference between BTC and LTC is in various cryptographic algorithms. Bitcoin relies on a time-tested algorithm SHA-256, whereas Litecoin uses Scrypt is relatively new.

SHA-256, in General, is a more complex algorithm than Scrypt, thus suggesting a greater degree of parallel processing. Because of this, the miners of Bitcoin in recent years, more involved ingenious methods of Bitcoin mining. Today it is impossible to mine BTC without the so-called “Asimov” (ASIC, or Application-Specific Integrated Circuits). This equipment, which came to replace the CPU and GPU in mining was created specifically for mining Bitcoin. Today bitcoin mining remains virtually unattainable for the average user due to the high barrier to entry.

When he created Litecoin, a special purpose before them did not put. First, change the total number of coins that can produce the cryptocurrency. The network of Bitcoin will never be more than 21 million coins, while Litecoin will produce 84 million. But this advantage is doubtful, as both Bitcoin and Litecoin can be divided into fractional parts. All have become accustomed to “Satoshi”, or 0,00000001 bitcoin.

And still increased the number of maximum coins can provide the coin of the psychological advantage after all buy 1 LTC easier than 1 BTC. Remember this fact.

For seven years the development of Litecoin has gained many supporters and many opponents. Became apparent its advantages and disadvantages. 2017-2018 has been very rich in events that allowed us to “feel” the resistance of individual coins.

What is Litecoin Cash

18 February 2018 from the Litecoin blockchain fork separated, which played a similar Bitcoin Cash and Cash called Litecoin (LCC), however, without having negative connotations and not challenge the primacy of Litecoin. Unlike BCH fight for the right to be the “real bitcoin”, the developers LCC has set a very ambitious goal. Considering the market position and assessing the weaknesses of Litecoin, Litecoin Cash made “knight’s move”.

  • The coin split to ten decimal parts (for 1 LTC, you can get 10 LCC). If you had a LTC at the time of the fork, you can check whether you LCC issued directly to the official website
  • Increased total stock of coins automatically makes the coin more democratic in handling and storage. A coin value of $ 1 is easier to perceive than the coin is worth 100 or $ 20,000.
  • Litecoin Cash uses a new method of difficulty settings Dark Gravity Wave was first introduced in the DASH Evan Duffield, allowing you to respond quickly to the influx and outflow of miners.
  • Litecoin Cash is positioned about the same as Bitcoin Cash positioning itself in relation to Bitcoin: a flexible code that can be improved; a guide to the practical use of the coin; ease of use; speed and transaction throughput.
  • While Litecoin Cash again (what a twist) switched to SHA-256, time-tested, allowing the PoW mining on older devices that already can not do anything in the Bitcoin. Somewhere you need to put the old asik.
  • Because the developers are not associated LCC large cap stocks, they use the working database LTC and freely improve the code by introducing innovations. Actually, this became the main trump card of the coin.

What is a Mining Hive

2018 was the year of the “51% attack”, which is afraid of all the coins that are dependent on PoW mining. The fullness of the market with asik, the creation of the underground ASIC devices, the underground mining and the undermining of authority, and disparate, Hasrat large coins rather younger brethren made it virtually impossible an adequate job of coins which were held by the forks. If the coin runs on SHA-256 algorithm, such as Bitcoin, it is unlikely to have even 10 percent of Hasrat BTC.

This means that any large pool of mining blocks BTC, can easily compromise the work of some BCH or LCC. The war between BCH BCH SV and ABC demonstrated that in the presence of large amounts of money and with a strong desire to paralyze the work, or worse, to bring down the rate of the coin. The same goes for a pair of ETH/ETC. The cost of 51% attack falls with each movement down.

In addition, trying to protect itself from attack 51 per cent, a small coin increase the time of confirmation when the Deposit coins to the exchange. This results in huge waiting time of receipt of the coin — at times up to three days. Realizing that so can not continue, the talented developers of Litecoin Cash presented his solution. Instead of translating the coin on PoS algorithms or add notorious masternode and PoA, they presented something new: the hive-mining (HiveMining).

New consensus model will be integrated into the existing infrastructure of Litecoin Cash that relies on proof-of-work, and provide a truly unique hybrid solution against attacks by 51 percent, threatening the cryptocurrency, and will also facilitate access to mining process, allowing the mine to almost everyone. This, in turn, will positively affect the long-term security of the blockchain LCC.

Currently all the blocks on the blockchain LCC mined with miners on SHA256 algorithm (like Bitcoin, and Bitcoin to Cash). Initially, one of the purposes of the LCC was to use “obsolete” Usikov, which is practically useless for Bitcoin mining and is rapidly becoming obsolete. Now, after the introduction of the hive-hashing for SHA256 miners in the Litecoin Cash will not change anything. Mine with the help of Asimov will still be possible, and the path of the SHA256 miners will be to ensure the security of the blockchain for its part, in exchange for remuneration.

While hive does not require any specialized equipment for mining. For him it’s not important whether you have a CPU, GPU or ASIC, because it is based on the concept of the virtual worker bees that act as virtual mining rigs and can be customized by each.

The establishment of a working bee is 0,2 LCC and the holder of any number of worker bees becoming a beekeeper. After maturation of worker bees have a limited lifespan, during which they live inside of the blockchain and help to ensure his safety at the expense of the search. Beekeepers are rewarded whenever one of the bees produces the block. In this case it is no different from the process of finding a PoW block in the system. In fact, it is virtual mining, which does not require expensive ASIC devices.

The issue of 51% attack is solved surprisingly simply by a number of vectors of reflection.

  • To attempt a successful attack the attacker needs to have 51% PoW-power, and 51 percent of the bees in the system.
  • Because bees are ripening day, the attempt to attack will be visible from afar and you will be able to resist (will add a few percent to the return of benefits).
  • Because bees are a significant investment (with growth rate of LCC will increase the value of the revolving bees), the attacker cannot try to attack the network for free — they will first have to pay for the bees, sending funds to a “dead” address.
  • The amount of parameters that need to “catch” and to prepare, does not guarantee the successful outcome of the attack, thus the attack will be either unprofitable, or will meet unexpected resistance.

Cash is better than Litecoin Litecoin

Currently Hive of Litecoin Cash held closed and held open testing, which can participate anyone. But given the fact that the innovation has been under development for more than six months in terms of the red market, you can suspect that a) either it is quite complex; b) or it is already in the final stages of its creation.

One thing is certain: the cryptocurrency is not enough protection from various attacks and double spending, and these barriers prevent the further development of cryptodira. If they manage to neutralize or work around the problem, will be very good.
HiveMining in case of successful implementation will be included in the list of other protocols that have become an alternative to energy-intensive mining process — whether proof-of-stake, proof-of-authority, proof-of-burning or even proof-of-anything. Each of these options has its advantages and disadvantages. More about this we still talk.

Litecoin than Cash in this case can be better than Litecoin? Given the time difference, and the latest developments, the list may be impressive, but we’ll just highlight a few points:

  • a time-tested algorithm SHA-256;
  • “work” for old Asimov;
  • protection from attack 51% due to a combination of PoW/Hive;
  • double transaction throughput by alternating blocks PoW/Hive;
  • the transaction rate and lowest fees;
  • “democracy”, not least because of a tenfold excess of the supply of coins LTC;
  • low capitalization, with strong prospect for growth.

Absorbing all the advantages of the LTC, a fork of LCC adds its innovative solutions. Perhaps this is one of those few times when a fork is really a fork (not a copycat) and can be a better alternative different options that are specific to cryptocurrencies. As well as an interesting object for investment. However, doing your own research.

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0 Comments on “The whole truth about the fork: Cash better than Litecoin Litecoin?”

  1. Hey, how’s it going?

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