The era of cryptocurrency and forking.
Lets start with a speculative price prediction on Litecoin Cash:
- $100 by the end of 2018
Whats's the deal with forking?
When a fork happens, a new generation is born.
It's a split in the chain - where a new coin is created from the original...going on it's own chain/path.
Analogy is like a new offspring being born.
The beauty of forking is that it's a creative way to play with expanding the potential that is here.
Forking of Litecoin into Litecoin Cash is quite an interesting story.
So, basically it goes like this: A bunch of mining nerds who've been way way into mining...and looking to mine stuff on the old bitcoin hardware...
We couldn’t find a single coin that uses SHA256 while having fast block times and an effective retargeting algorithm, and that was very interesting to us. Wherever you weigh in on SHA256 vs Scrypt, you can’t deny there’s a whole lot of SHA256 mining hardware out there. Lead developer Litecoin Cash
This line of thinking showcases some ingenuity.
There seemed to be a niche to be filled. While there is no point creating a coin just for miners, it’s true that what’s good for miners is good for the network, and good for everyday use. Bringing together the best ideas from different places, including Evan Duffield’s DarkGravity difficulty adjustment, creates a really practical coin for trade and everyday use, with enough benefits to attract SHA256 miners.
Wow. That's an incredibly innovative approach. There's a lot of value in cherry picking the best of the best. Again, I am reminded of the greatness of open source and the creative collaboration potential in creating new things from the resources we have available today.
And the fact that litecoin has such a wide spread distribution of it's coins....forking litecoin seems pretty brilliant.
Community engagement is essential. We realised that a new, viable SHA256 option could encourage people with older generation SHA256 hardware that’s no longer capable of mining Bitcoin to dust off their rigs, which would help to create momentum for the project.
100%
Given the above, we thought it would be great to have a large and well-distributed money supply from launch. We really don’t like the concept of doing an ICO, whether airdropping free coins to anyone who wants them or encouraging people to buy them.
We realised that what we really wanted was a mature, widely-spread distribution. And what better way to get that than to use a few years of blockchain from a popular coin? Lead developer Litecoin Cash
I don't think anybody who has been accumulating a position in Litecoin is upset about the issuance of Litecoin Cash at a ratio of 10:1 with Litecoin. Which means for every Litecoin you hold, you get a 10 free Litecoin Cash.
Personally, I think this is great.
There's no competition here...it's just complimentary currency. It's a way of scaling the layers of support in the networks.
Litecoin Cash isn’t intended to attack Litecoin in any way. Before the first Bitcoin hard forks, it was unclear whether both blockchains would survive or one would be killed off. Some BTC forks were launched aggressively with the intent that they would displace or even replace Bitcoin; some were launched with explicitly complementary intents and no desire to dethrone the parent coin. We’re very much in the latter category. Remember the origin story of Litecoin itself, an experimental code fork of Bitcoin that turned out great. Lead developer Litecoin Cash
Cheers to 2018 and the incredible journey - Keep Steem'N
