News > Capital Markets, FinTech

Litecoin Cash is Coming, But There's Some Controversy About its Legitimacy

By BenZinga
Capital Markets, FinTech

rsz_benzinga_main

Bitcoin has recived the lion’s share of cryptocurrency headlines in the past year, but a handful of popular altcoins have begun to get some major investor support as well.

As of Tuesday morning, Litecoin was the sixth largest global cryptocurrency, with a market cap of more than $8.6 billion. The Litecoin Cash Foundation, which is unaffiliated with Litecoin, announced it will be conducting a hard fork in the Litecoin blockchain and creating a brand new cryptocurrency called Litecoin Cash.
What Is Litecoin Cash?

The Litecoin Cash hard fork will reportedly take place in the Litecoin blockchain at block 1371111. According to a press release from the Litecoin Cash Foundation, Litecoin holders will receive 10 Litecoin Cash for every Litecoin they hold at the time of the fork.

A hard fork is a major change in the software of a particular currencies that results in the splitting of its blockchain.

Litecoin Cash is designed to improve upon the “block speed” of the original Litecoin. Litecoin Cash is targeting a 2.5-minute block speed, faster than Litecoin and much faster than the …

Read the full story at Benzinga.

Photo: Getty iStock

Subscribe to our Newsletter

Be one of the first to experience the future of financial services