Litecoin Cash is said to significantly speed up transfer speeds. The creator of Litecoin, Charlie Lee, denies such reports. This can be compared to what happened with Bitcoin in August 2017 when the Bitcoin Cash fork was released.
Crypto users and developers understand that virtual currencies need upgrades due to technical issues. When the team responsible for the original currency do not provide these upgrades, it can result in a fork or a chain split. Bitcoin Cash is a spin-off of Bitcoin and is created to improve Bitcoin’s transaction speeds.
What makes Litecoin Cash different from its parent currency is the algorithm it runs on. Litecoin Cash is a fine-tuned currency that fixed certain issues surrounding Litecoin. Instead of using the Scrypt algorithm that Litecoin uses, it uses SHA-256, which is more advanced and complex.
This makes the mining process more universal, in a sense that miners can also use GPU miners to mine Litecoin Cash. It’s said that it has a 2.5-minute block time, which is significantly faster than Bitcoin. The team also claimed that transaction speeds can be up to 90% faster than Litecoin.
The main goal of Litecoin Cash is to enable miners to make efficient use of their SH-256-design hardware, as they can use it on mining multiple cryptocurrencies. Interestingly, Litecoin owners got 10 Litecoin Cash tokens during the split, which happened at block 1371111 on Feb. 18.
Litecoin cash isn’t developed by the same people who created Litecoin. This initially made the public furious about the new cryptocurrency, saying that it is using Litecoin’s reputation to help them succeed.
Meanwhile, Litecoin Cash developers are also quick to rebut the criticisms, saying that it’s a standard protocol for a forked cryptocurrency to add a prefix to the name of the original one. They also add that it did Litecoin more good than harm, citing the 36% increase it had over the past week.