Litecoin is on the verge of a major split. Sunday, macbook litecoin mining caused a stir in the cryptocurrency community as insiders fear confusion around the new token. The split will occur at block 1371111, currently estimated for Sunday evening.
When it happens, anyone holding Litecoin will receive 10 Litecoin Cash tokens for every Litecoin token in their wallet. It’s a process all to familiar to the Bitcoin Cash team, which split away and has now become the world’s fourth-largest cryptocurrency. The token enjoyed an impressive surge in value on Friday, jumping 11. Cryptocurrencies like bitcoin depend on consensus for change. Miners run software to interact with the token blockchain. The big incentive to avoid a hard fork is that a new cryptocurrency will have a different marketplace valuation, so a fork requires belief in the new system to rally the price of the new tokens and make mining worth the while. The two tokens have different goals in mind.
Bitcoin Cash was about increasing the size of the original bitcoin’s block from one megabyte to eight, which means more data processed at once and a potential increase in transaction speed. Bitcoin receives criticism for only processing around seven transactions per second globally, as opposed to the 50,000 or so with a regular credit card. Instead, Litecoin Cash’s main goal is to repurpose older mining equipment designed to create cryptocurrency tokens using the SHA-256 algorithm. One of the big changes Litecoin made from bitcoin is switching to another system called Scrypt, making older machines obsolete. The team also claims transactions will be 90 percent cheaper than Litecoin. 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.