Litecash AMA Transcript & Giveaway Winners Announced
AMA Giveaway Results
Litecash is a privacy coin with high speed and low fees that is listed on Polarity.Exchange. Polarity users were invited to submit questions to the Litecash AMA for a chance to win a share of the 30,000 Litecash ($CASH) prize pool.
Congratulations to the 3 winners of the Litecash AMA:
1. 3Jowbu67Yf74MppryK34WmLp9y1PphH5BkA
2. 3JmjpMNcfvgxuLFUZWJTiV9SK7tgPA5EPyt
3. 3JxSTcyn5KDEzLwKR1jWmtahoLVBYWjWQU1
AMA Transcript
This is the full transcript of the AMA held with Litecash representatives, TheNerd386 and Justin (LitecashPR), where they answer your burning questions. The AMA took place on Sunday October 24th GMT via Telegram.
GreyWolf (AMA Host): ⚡️ Hello everyone, it is now time for the Litecash AMA ⚡️
Joining us today is TheNerd386 to answer questions from the Litecash team.
Litecash is the latest listing and integration into the turtle.network, and we would all like to welcome them warmly to the community.
Thanks for joining us, and thanks for taking the time for this AMA session 🌴
TheNerd386: Thanks for having us!
Justin | LitecashPR: Yes thank you!
TheNerd386: LitecashPR is also part of the team :)
GreyWolf (AMA Host): As for the format of todays session, I’d like to thank everyone for the questions they have submitted, and ask that anyone with current questions, please patiently wait until the end, when the floor will open up to some general questions. Glad you could make it [LitecashPR] 🏄♂️
Q1. “What is Litecash?”
TheNerd386: Litecash is a privacy coin that takes advantage of the mimblewimble protocol to ensure anonymity and privacy in all transactions. Our goal is to provide a coin that can be used safely and securely to purchase goods and services. Our transactions are extremely fast making it great for use in every day transactions.
Q2. “Why should I use/hodl Litecash?”
TheNerd386: This is a great question. As previously mentioned Litecash is extremely fast and private. It makes for a great way to pay for online services, pay your friends / family, and we want to eventually work towards a system that can be used in real life transactions. It is always a good plan to have some currency saved up in the even of worldly economic issues. That could be anything from government collapse to a drop in the value of fiat currency, or anything in between. We anticipate that the price of Litecash will rise to be of much greater value in the future and will become a method of payment that is widely used.
GreyWolf (AMA Host): Excellent, this answer also addresses a couple of the questions which related to price and long term projection, thanks for explaining that. This next question is in relation to the fees on your network, you explain they are quite low.
Q3. “What’s the average speed of a transaction with LiteCash? And what does a transaction cost?”
TheNerd386: The average speed if a transaction is a few seconds to a minute or two. Basically, when you transfer Litecash from one wallet to another, the receiving wallet nearly instantaneously shows that the coins are being received. Generally it will take less than a minute for the transaction to finish. The wallet defaults to a fee of 10 CSATS (a CSAT = the same division as a BTC SAT). This fee is adjustable and can even be 0 and the transaction will still process just as fast as our network runs very quickly.
GreyWolf (AMA Host): Very interesting, do you know what the max TPS is off hand?
TheNerd386: I believe it is similar to Beam’s which is around 20 or so.
Q4. “Fast transactions is key to the success of a privacy coin that wants to be used as cash, the focus on the right place! Does the team have any plans to build a secure and privacy focused messenger using the Litecash network?”
TheNerd386: That is another great question. It is not something that has been discussed within the team. However it is an interesting suggestion that I can take up with the core group and see if it’s something that might be beneficial to the project :)
GreyWolf (AMA Host): Very cool, glad the community could inspire a possible tool implementation from an AMA question 📈 😮
Q5. “Is Litecash energy sustainability at the high side and how many delegators and masternodes available currently?”
TheNerd386: LiteCash does reply of POW to generate and validate blocks. We understand that this is not as energy efficient as it could be. In the future we may investigate other solutions such as staking. As for masternodes we do not have a direct comparison in the sense of Staking masternodes. However, the project operates various “seed” nodes so that user run nodes have a place to sync with our blockchain. Currently we run 3 seed nodes on mainnet and one on testnet. As for delegators, we do not have those in our architecture.
Unless delegators could be analogous to user run nodes either via the CLI interface or the full node in the wallet.
GreyWolf (AMA Host): Understood, and on the topic of that, we have 2 mining questions.
Q6. “How to solo mine Litecash?” & Q7. “Anyone building a standalone miner for Litecash that you would recommend?”
TheNerd386: We have a blog article that shows how to solo mine on Windows here: https://lite-cash.com/blog/2021/07/01/solo-mining-litecash-on-windows/. We do not currently have our own dedicated miner application however, gminer (version 2.33) and lolminer (current versions) support our beamhashI algorithm.
GreyWolf (AMA Host): Wonderful, thanks for the direct link, I know it will be helpful to all who seek to mine.
Q8. “No one token has dominated the payment protocols to date. Notionally it seems that one token can be a category killer. Any thoughts on “winner take all” prospects?”
TheNerd386: Personally, I do not believe there will ever be a winner take all token / coin. I believe there will always be more than one that will be available to use. People prefer to have choices. One can compare that to the credit card industry. There are always a few choices like Visa, Mastercard, Amex, etc that people can use. I feel like that is how crypto will end up in the payment space. Litecash would certainly love to be a category killer however, in reality that probably will not happen. We welcome competition but we strive to be the best we can. There are other coins out there who have potential to be co-tokens / co-coins in the payment space. XRP has great transaction speeds, XMR is quite popular, other smaller coins may prove be competitors. Competition is a good thing in any space. Litecash also likes to work with other project to better the space overall.
GreyWolf (AMA Host): Couldn’t agree more from a personal level, I think having many blockchains is best for free choice, and that helps them all “load balance” during their early growth phase of life, as the code is being improved upon.
TheNerd386: 100% agree from my perspective.
Justin | LitecashPR: To add on to that statement, it is very true not one coin will overtake the industry. Different Blockchains have different solutions to current day inefficiencies with our current financial systems. As for for Litecash we are more geared for daily transactions as opposed to monero in the privacy space that is more of a store of value but very bad for constant transactions.
Q9. “What problems do you see with Litecash alternatives that you want to solve?”
Justin (LitecashPR): So litecash is in the privacy coin space and there are a lot of privacy coins now available. Litecash separates from the rest with it’s superior functionality being able to sustain high transfer volume with speed and extremely low transfer costs which essentially sometimes can be zero. Our GUI wallets are very clean, polished and easy to use for even crypto newcomers. Our safety feature that allows no coins to be lost by being returned to the sender if sent to a defunct wallet or wrong address. We also have mobile wallets and integration with woocommerce for e-commerce solutions for businesses to accept Litecash. All of these attributes make litecash well positioned to replace physical fiat cash compared to most other projects in the privacy space and other crypto spaces.
TheNerd386: Thats quite neat that it has a return to sender function, that is maybe the first time I have heard of that, traditionally any address would just remain valid 🔍
Q10. “Can you please explain your privacy features?”
TheNerd386: Our privacy features are based on the MimbleWimble protocol. This provides us secure and private transactions that are fast. One big feature is that our addresses are transient. You can configure a wallet address to not expire for say mining payouts, however in general the addresses expire after 24 hrs so a new one would be created. When sending, a new address is always created for that transaction. We also use a “blinding factor” which is a big part of the MW protocol. Basically the sender creates random values and the receive must choose from. This validates the transaction. It also uses a Cut-Through feature where it aggregates all the inputs and outputs of transactions to create smaller blocks. Also, Transaction histories cannot be tracked by 3 parties.
There are some great articled out there that explain MW in great detail :)
GreyWolf (AMA Host): Could you provide your favorite summary article?
TheNerd386: This is one of my favourite ones. It’s from beam but it explains things very well https://medium.com/beam-mw/mimblewimble-explained-like-youre-12-d779a5bb483d
GreyWolf (AMA Host): Perfect, this will be very helpful for users looking to grasp the technical basis for your chain
TheNerd386: Yes indeed that is a great feature. This also means that it requires both wallets to be online at the same time to complete the transaction. If the receive does not come online within 12 hours the transaction is automatically cancelled and returned to sender.
GreyWolf (AMA Host): Okay that makes sense, that makes it much harder to make a mistake!
Q10. “Litecash works in Argentina?”
TheNerd386: Simple answer is Yes. Litecash works all over the world and beyond ;)
GreyWolf (AMA Host): Such is the miracle of blockchain 🎉
This next question asks about economic plans in the long run.
Q11. “Do you have a solution so that the price of your coin project does not depend on the price of bitcoin?”
TheNerd386: Currently we have our USDT pair on your exchange but we also have BTC and LTC pairs on another exchange. We have options already so that our price doesn’t solely depend on BTC. I believe that once we receive more adoption in the marketplaces of the world, we will be less dependant on the price of BTC. However, we all know that BTC is currently the “king” and most all coins / tokens are affected by the price of BTC in some way or another.
GreyWolf (AMA Host): I would tend to agree with you on that, the typical path these days begins with a pairing from a main asset, and as it gains adoption, usually becomes driven by its overwhelming USDT volume in the marketplace.
Speaking of the marketplace the next question asks about expansion.
Q12. “Do you plan to develop more cross-chain bridges?”
TheNerd386: We currently have a sort of cross chain bridge via our polarity listing on the TurtleNetwork. However, in the future we will probably work on this in some shape or form. Nothing is set in stone currently but we are having some great discussions about what comes next.
GreyWolf (AMA Host): Thats excellent news, the future is all about expansion and adoption which leads to one of our closing questions for the submitted section. 🧑🚀
Q13. “Do you have any interest in becoming integrated into any defi protocols? This could be a great way to generate revenue for Litecash?”
TheNerd386: We certainly have interest in this. It all comes down to what we can realistically implement and what will benefit the project. There’s nothing that is off the table. Since our project is 100% community funded generating revenue is always something that we want to take advantage of.
GreyWolf (AMA Host): Glad to hear your team remains so open minded, this is key as the landscape changes so constantly in crypto.
Q14. “Will you participate as a sponsor for turtle network’s A4A DAO Protocol?”
TheNerd386: I’ll be honest, this is not something I am familiar with. What is involved / what is it all about.
GreyWolf (AMA Host): I’ll just briefly summarize, after the AMA others can chime in, it is a network social event with on chain voting. All integrated projects in turtle.network are welcome to join in 🥳
Q15. “Where do you see litecash in 5 years?”
Justin | LitecashPR: Right now the world is in a pivotal time with advancements in tech and finance that has become rapidly changing. Litecash has a very solid foundation to build upon to keep up with being at the forefront of a global exchange medium. In the next 5 years we will most likely be paperless and litecash will become a very important coin to replace paper cash. Privacy will also become more sought after in the coming years as it has become a norm to give up those fundamental rights without even knowing it. Litecash will find it’s success in commerce and daily payments for services which will make the upcoming years very successful in terms of developments, adoption, and price appreciation.
GreyWolf (AMA Host): It is really great to hear your team is so strongly aligned with a use case driven future, cryptocurrencies are absolutely on the forefront of peer to peer electronic payment systems. The future is digital, and having systems built to sustain retail commerce will be very important.
Blockchain serves a key role in off loading security onto a distributed network, the company which picks to backend with blockchain pays that network fees for those security benefits.
Thank you to TheNerd386 and Justin (LitecashPR) for taking the time today to answer all of those picked questions!
We are now going to open the floor up for general questions from the community for you to answer at your own pace.
TheNerd386: You are very welcome. This was great and I loved all the questions~!
Justin | LitecashPR: No problem! We are always here to answer questions and definitely feel free to follow our telegram to keep up to date with our project and if you need any questions answered.
GreyWolf (AMA Host): https://t.me/litecashgroup
CookieMonster | Tinmans (Community Member): This is one of the most interesting AMA with good questions and a genuine attempt to address them in their answers.
My question is on tokenomics.
What is current cash circulating?
What is max supply?
What is token emmision per year?
Do mining rewards halve like btc?
And if you dont mind, how many devs on cash team?
Thank you!
TheNerd386: Circulating — 249,012,500
Max Supply — 722 700 000
Emission per year — depends on the block rewards but I don’t know off the top of my head sorry
Halving — every 4 years
Currently we have 1 blockchain dev, a web dev, and a possible mobile IOS dev.
CookieMonster | Tinmans (Community Member): Thank you 😊
PDX Brewer | pdx_brewer (Community Member): Anything besides the wallet dat needed to reclaim an old wallet from the original fork?
TheNerd386: Best way to restore a wallet is using the seed words. That will get you back your coins from anytime during the life of the coin.
PDX Brewer | pdx_brewer (Community Member): Thanks!
Great AMA btw!
Cudos to the team…💪
D B | Satoshi_2009 (Community Member): Is litecash 51% attack proof, how much hash power is on the network?
TheNerd386: The current network hash rate is 6.53 ksol.s and the main pool has 5.34 ksol/s so I would not say it’s 100% 51% proof. One thing we are working on is getting an official pool set up so that we can help distribute the hash rate. We would also love to have someone in the community set up a pool as well.
D B | Satoshi_2009 (Community Member): Thank you I wish you best luck for the project I got my answer. It was really a great AMA.
TheNerd386: Thanks for being here! feel free to reach out anytime.
Justin | LitecashPR: Thank you so much!
