Bitcoin litecoin forks

Of course, not every fork results in an immediate and permanent split from the original chain—in fact, most forks are debated hotly among cryptocurrency enthusiasts before finally being implemented. In particular, they often begin as disagreements between two parties in the original network, forcing one side to split off to improve certain aspects of the blockchain.

In addition, there are various types of forks, with the most popular being hard forks, which result in a complete split in the network, operations, and native token. An Overview of Litecoin Forks The Litecoin blockchain has rules encoded into it—also known as the blockchain protocol—that dictate which blocks and transactions are valid for the system.

However, if this upgrade can't be achieved by consensus which would have been coded beforehand , then those who disagree are given the option to leave the original blockchain and create a fork with a new set of standards. This process, also known as a hard fork, creates two versions: the original Litecoin network and the new LTC fork with revised specifications.

Litecoin Cash You've likely heard of Bitcoin Cash BCH , the successful hard fork that split off from the Bitcoin blockchain in hopes of improving the network's scalability. However, the Litecoin Cash fork soon came under fire when Charlie Lee, the founder of Litecoin, expressed that the fork is a scam that was created in hopes of mirroring BCH's success, as the community was reportedly uninterested in splitting the network in the first place.

Instead, many tokens are used as sub-financial tools, whether for promotions, game currency, fundraising assets, and more. The EMC2 is one such token, with a blockchain forked from Litecoin and a unique goal of becoming a platform for crowdfunding scientific research projects in various fields, including education and healthcare. Feathercoin FTC Feathercoin is an early Litecoin fork from , but it has retained operations for the past seven years.

FTC enjoyed an eventful release as it became a widely popular investment vehicle with a price that fluctuates according to demand. Recent Developments in The Litecoin Network The Litecoin Cash fork occurred in and is the latest network to split from the original Litecoin blockchain. I became interested in Bitcoin earlier that year and quickly realized that one of its major drawbacks was speed. A new block is added to the Bitcoin blockchain approximately every ten minutes and, thinking of a future where this incredible new technology would be widely adopted, I realized right away that transaction throughput would become a serious scalability problem for the nascent cryptocurrency.

I immediately began working on a solution to complement Bitcoin and in only a week, Litecoin was born. Litecoin is technically very similar to Bitcoin but has a few crucial differences. Miners of both cryptocurrencies race to complete extremely challenging math puzzles using a hash algorithm in order to achieve consensus throughout their respective networks, win the right to add blocks of valid transactions to their blockchains, and earn block rewards.

The devices that miners use to complete these extremely challenging math puzzles are computers that vary significantly with respect to their design and configuration. Initially, the core machinery used for Bitcoin mining relied on a central processing unit CPU , which you can think of as the backbone of a regular computer, more or less. And, as most competitions tend to go, new technology was developed strictly for the purposes of Bitcoin mining.

With fewer people with the knowledge, time, and capital to acquire, configure, and maintain ASICs, mining on the Bitcoin network has become more centralized and exclusive, which compromises the security and resilience of the network. The goal was to make the Litecoin network more accessible to individuals, who are the biggest proponents of the coin. So it was extremely important for individuals to be able to mine litecoin with their CPUs in the beginning. On average, new blocks on the Litecoin network are generated about every 2.

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In Brief: Charlie Lee created Litecoin in Bitcoin Cash forked off from Bitcoin in Litecoin has 84 million coins and uses SegWit. Litecoin vs Bitcoin Cash transaction fees. In , a young computer scientist working for Google named Charlie Lee created Litecoin as an alternative to Bitcoin. If you want the full gossip then check out our Bitcoin vs Bitcoin Cash article.

Those who did, forked away from the main chain to make Bitcoin Cash. To balance things out, LTC has an upper cap of 84 million, as opposed to 21 million, and halves every , blocks instead of , blocks. However, if this upgrade can't be achieved by consensus which would have been coded beforehand , then those who disagree are given the option to leave the original blockchain and create a fork with a new set of standards.

This process, also known as a hard fork, creates two versions: the original Litecoin network and the new LTC fork with revised specifications. Litecoin Cash You've likely heard of Bitcoin Cash BCH , the successful hard fork that split off from the Bitcoin blockchain in hopes of improving the network's scalability. However, the Litecoin Cash fork soon came under fire when Charlie Lee, the founder of Litecoin, expressed that the fork is a scam that was created in hopes of mirroring BCH's success, as the community was reportedly uninterested in splitting the network in the first place.

Instead, many tokens are used as sub-financial tools, whether for promotions, game currency, fundraising assets, and more. The EMC2 is one such token, with a blockchain forked from Litecoin and a unique goal of becoming a platform for crowdfunding scientific research projects in various fields, including education and healthcare. Feathercoin FTC Feathercoin is an early Litecoin fork from , but it has retained operations for the past seven years. FTC enjoyed an eventful release as it became a widely popular investment vehicle with a price that fluctuates according to demand.

Recent Developments in The Litecoin Network The Litecoin Cash fork occurred in and is the latest network to split from the original Litecoin blockchain. Since then, there has been little interest to create another LTC fork, prompting the network to lay low as an always-present but relatively quiet cryptocurrency, much like its predecessor, Bitcoin.

LTC has remained quiet amid the flurry of new altcoins entering the market for the past few years, hence its fall from the top five coins by market cap. As such, Litecoin continues to be a popular investment option that follows the traditional cryptocurrency model: a decentralised coin that can be used for day-to-day transactions. Final Thoughts Forking is a crucial aspect of the cryptocurrency ecosystem, allowing conflicting parties to enjoy a particular blockchain through various protocols.