Hello to the whole community.
Since the birth of the Criptodivisas, these have undergone different bifurcations, many of these new coins born from the chain of blocks have been created in order to provide many improvements, although in general many have been created in order to steal.
Today I am going to talk about a bifurcation that is looming in this case of the litecoin.
What is a bifurcation of a cryptocurrency ?
In general when talking about the term bifurcate is to divide something into two parts; In the case of the bifurcation in the chain of blocks is treated when from a project for example that of Bitcoin are born projects from this, that is to say from the code of this but focused on other things or that it takes other directions in order to improve the project.
There are two types of bifurcations one known as the soft fork and the other as the strong fork, these are differentiated in that in the first some changes are made, but the same protocols are maintained that is to say that both the old transactions and the New transactions can still be supported, on the contrary in the strong branch the old nodes lose all compatibility with the new protocols.
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When these bifurcations are executed in the programmed node, it could be said that it is the beginning of a new cryptocurrency as in the case of bitcoin's best-known bifurcations: bitcoin cash, and bitcoin gold.
Another important point is that whatever currency appears by a fork all that has had bitcoin for example at the time the Bitcoin cash was born and the Bitcoin gold, could claim the value for the new Cryptocurrency.
That said, it's time to talk about the bifurcation of litecoin that is looming in the coming days, the litecoin cash. Anyone who has litecoin and controls their private keys can automatically claim their corresponding amount to litecoin cash. In this case for each Litecoin you have you will get the corresponding to 10 litecoin cash.
The bifurcation will happen in block 1,371,111 and is estimated to occur the following week around the 18th or 19th of February.
Something very important that should be noted was the strong message left on your social network twitter Charlie Lee who is the head of litecoin.
The Litecoin team and I are not hanging Litecoin. Any fork that you found out about is a scam that tries to confuse you to think that it is related to Litecoin. Do not be fooled by that and definitely do not enter your private keys or log in to your website or client. Be careful!
Charlie Lee
It should be remembered that as you know anyone can start their own branches and create new projects based on a criptodivisa how difficult all this is to know if the end is to improve these projects, grow more this market or if on the contrary is to steal and disappear .
Anyway, remember that the private keys we should never share with anyone because we will automatically risk our funds from our portfolios, hopefully this new project comes with very good intentions and the idea of replacing the Scrypt mining algorithm by the SHA-256 is a good choice.
To conclude, I believe a lot in what the litecoin team is doing together with its Chief charlee and I really believe that everything that has evolved this cryptocurrency over the years has been surprising, for my part I will continue to believe in this great project and with regarding the litecoin cash, I will be attentive observing what happens in the next days ..
This post was written based on my knowledge, and information acquired through the Web.
The web pages that helped me to supplement the information are:
The version of this post in Spanish you can find Here