LCC: 2020 Vision!
The team at Litecoin Cash would like to welcome you all to 2020 and hope that you have had a relaxed time over the Christmas period.
So much has happened over the past year. Hard to know where to begin. The start of a new year is a good opportunity to reflect upon our achievements to date and to embrace the challenges ahead.
It is with great pride and enthusiasm that we move towards these next steps.
Ladies and Gentlemen, friends, community. The time has now come.
Our ‘Journey’ is about to begin!
In February 2018 we forked Litecoin, back to SHA256 algorithm, creating LCC. Since then we have evolved enormously, with our entire USP shifting from being a best-in-breed pure SHA256 coin to being the world’s first Hive mined coin.
During this time we have gathered an incredible team, grown a wonderful engaged community, and welcomed service providers who have got their start in the industry by building projects on top of our platform.
Litecoin Cash has had it’s fair share of challenges throughout this period, however, our community has always been there to contribute, helping LCC to evolve in a stronger way and providing a never ending source of motivation.
Together we have improved Hive technology, performance, and security, through various iterations and two major releases.
Litecoin Cash today is committed to the SHA256-Hive hybrid system that has proven so popular and served us so well. And yet, Hive technology has great potential to play a much bigger role in the Crypto space and beyond than just LCC.
There are certain aspects of Hive which would work more effectively if the chain wasn’t committed to SHA256, therefore it is with this thought that we wish to do 2 things.
- Open up Hive technology to a much wider Global audience.
- Reward the LCC community for their belief and trust in us.
To that end, we propose a new blockchain!
It is important to state that LCC is not going anywhere. We will continue to actively develop and promote LCC as both chains will benefit significantly from technology introduced on the other over time.
The team are extremely pleased at this point to announce this World exclusive and to introduce you all to the new chain.
Welcome to Ring! (RNG)
Ring will be the world’s first 4 way fork.
Private keys from 4 different blockchains will be valid for import into a new wallet in order to claim the new coin.
This will be accomplished by snapshotting balances of these 4 chains on a predetermined date, with the first 30000 or so Ring blocks paying all holders of coins on these chains a proportionate amount of Ring.
The snapshot of all four chains will be taken at once.
Of course, the first and most important of these chains to be announced is Litecoin Cash.
We are very excited to also announce Bitcoin as the second forked coin.
The remaining 2 Chains will be announced in the following weeks.
Note: Holders of Litecoin Cash will be rewarded with a significantly higher claim rate than its current exchange rate! (Details to come)
This will be done in order to give a sizable reward to our loyal community, who we consider to be the backbone of this great project and key to it’s future success.
***LATEST NEWS!***
The team at Litecoin cash are delighted to announce the claim ratio for both BTC AND LCC.
Holders of BTC at the snapshot point will be rewarded.
1 BTC = 1 Ring = 100 000 000 Ringsat.
Holders of LCC at the snapshot point will be rewarded.
1 LCC = 0.00020000 Ring= 20000 Ringsat.
The claim ratio of the other 2 chains will be derived from their exchange value against Bitcoin at the time of the snapshot.
We are proud to announce that the Snapshot date will be 18-Feb-2020, (the second anniversary of LCC live activation) Holders of coins for the 4 chains on this date will receive a proportionate entitlement of Ring.
So, just to recap and to ensure this is as clear as possible.
LCC is not going anywhere.
We simply want to take this whole show on the road, and to bring our loyal community with us. Opening up Hive to the wider world in this way should generate a significant amount of interest, not only from Crypto enthusiasts and miners but also to the general public. Providing a platform for all.
For the tech Savvy!
“There is more goodness to come. Like LCC, the new chain will be a hybrid Hive chain, but the pow algorithm will not be SHA256.
We have developed a custom CPU mining algorithm, Code-named Minotaur. This is designed to be ASIC resistance and if not “GPU resistant” then at least “GPU tricky” by resisting parellelilisation via pipelining or tree flattening techniques.
There will be a simple to use multithreaded miner built right into the wallet. ANY hashing algo advertised as “cpu only” is really only an opportunity to restart the arms race with GPU coders, and this algo will likely be no different. This will be an agile chain. If hashpower which can only be explained by new private GPU miners appears on the network, we will aim to thwart them by changing our hash algo via UASFs”
Tanner, LCC/RNG Development lead.
However, that’s still not all. Ring’s hybrid chain will feature a third mining method.
Proof of play.
We have developed a framework for implementing gameplay that can be used to secure the network. The first game that users will be able to play will be available upon activation and built right within the wallet in order to earn Ring while playing.
So guys, to conclude.
Hive technology has evolved over the time and has proven to be a great success. The team at Litecoin Cash are delighted to be able to introduce and bring Hive to a Global audience.
The next step on our Journey together!
Once again, special thanks to our community for the support and involvement. Well appreciated. It is an exciting time to be part of this great project.
We look forward to a bright future together.
The Litecoin Cash team.
Additional information and regular updates may be found at our Discord and Social media channels.
