Forks In Alternative Crypto Solution Called Litecoin
Since Bitcoin was introduced to the world, there have been many attempts to overcome its success. Different projects applied different approaches. Some tried to extend functionality, like Ethereum, EOS, or NEO. Others made forks of the original Bitcoin blockchain and changed rules. Yet others took the basic protocol implementation software and started their own new chain.
Technically, the representatives of the last group cannot be called forks. Forking implies some common blockchain history of both coins. But given that the new protocol inherits a lot from the parent one, such projects sometimes can be referred as a type of forks. One of the most famous representatives of this group is called Litecoin. Let’s examine it in detail.
The Litecoin announcement date is October 7, 2011. It was presented by its creator Charlie Lee on the GitHub website. In several days, on October 13, 2011, it started working. Litecoin software is based on the Bitcoin Core implementation. Of course, there are several significant features that distinguish this project from the parent coin.
- Average time between blocks is cut down to 2.5 minutes;
- Overall coins cap is increased;
- Hashing algorithm is changed;
- Some other minor changes.
Litecoin has been intensively growing and is the first one of the top 5 cryptocurrencies that adopted the Segregated Witness. The first Lightning transaction was performed on the Litecoin chain as well. It is not a surprise that Litecoin has its own interesting forking history.
Upgrades, error prevention, and development
Fork issues are relevant for different Litecoin functionality aspects. As an example, we can describe the Litecoin Core v0.15.1 update. Six different protocol improvements were proposed as a precaution means against forks and misbehaving nodes. Forks are given as examples on the page called “Comparison between Litecoin and Bitcoin”.
For the next release of Litecoin reference client, we will reduce the relay fees from 0.001 LTC/kb ($0.30/kb) to 0.00001 LTC ($0.003/kb). We hope to have that out next week. Once people are using the new relay fees, we will reduce the actual min fee to 0.0001 LTC/kb ($0.03/kb).— Charlie Lee [LTC] (@SatoshiLite) January 6, 2018
A soft fork was planned to implement transaction fee decrease. The main idea was to create the fee market, where miners could play the key role defining the amount of a minimal fee they would like to accept. It it not clear whether this fork was performed or was a part of some upgrade. However, other upgrade implementations with soft forks were definitely used.
Apart from the standard project’s evolution and some possible errors, there were several alternative coin forks from Litecoin. The first one is called Litecoin Cash. It was launched on February 18, 2018. Its main differences are SHA256 mining Proof-of-Work approach, obsolete mining devices involvement, flexible mining difficulty, and more predictable block time.
Another fork called Litecoin Private was announced on February 26, 2018. Unfortunately, despite the statements about the blockchain launch, the project appeared to be a scam. It had planned smart contracts, performed the airdrop, and managed to get to several trading platforms.
We are finally announcing the fork date of Litecoin Private. We will be forking from Litecoin on block height 1407299, which is approximately 19 days from now, or 21st of April 2018. Desktop wallets alongside with our source code will be released soon.— Litecoin Private (@liteprivate) April 2, 2018
As we can see, Litecoin has its own interesting forking history. As many other projects, it was based on the Bitcoin software and, unlike the majority, managed to succeed and remain one of the most popular cryptocurrencies.