Litecoin Cash
Crypto Overview
Purpose and Utility
Litecoin Cash is a fork of Litecoin that launched in February 2018. The project aims to repurpose Bitcoin's SHA256 mining hardware for a Litecoin-based chain, enabling miners to switch between BTC and LCC mining. It implements a difficulty adjustment algorithm called DarkGravity V3 from Dash.
Business Model and Operations
The primary utility is as a transactional cryptocurrency with faster block times and lower fees compared to Bitcoin. The project uses a hybrid mining approach that started with SHA256 proof-of-work and later added Hive Mining - a form of proof-of-stake.
Real-World Adoption
The cryptocurrency has very limited adoption and primarily exists on smaller exchanges. There is minimal evidence of real-world usage for payments or other applications beyond trading.
Development Activity
The project maintains basic development activity through its GitHub repository, though updates are infrequent. The core technology functions as intended for basic payment transactions.
Token Distribution
Litecoin Cash was distributed through a fork of Litecoin, with LTC holders receiving LCC tokens at a 10:1 ratio. There was no pre-mine or founder allocation, suggesting a fair launch approach.
Ecosystem Analysis
The project does not facilitate any prohibited activities like gambling or interest-based lending. Its core function as a payment network aligns with Islamic principles of legitimate value exchange.
Crypto Impact
To assign a comfort level investing in Litecoin Cash from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Litecoin Cash.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.