In February we have reported about the LitecoinCash fork, which was supposed to have such feature of new coin as introducing 10:1 claim ratio instead of traditional 1:1 ratio. The new Litecoin hard fork is coming in just a few days, it has emerged recently.
Litecoin Private should allow private transactions due to the utilization of zkSNARKs, and smart contract capabilities alongside with the "revolutionary" DAO Management Engine. Litecoin Private is currently in the form of ERC20 futures token running on the Ethereum blockchain.
We will do a community airdrop through our ethereum smart contracts to distribute a total of 21,000,000 LTCP [ERC20] fairly to the community for free and at a later date we will fork Litecoin and merge the [ERC20] LTCP coins with forked LTC coins (42,000,000 + 84,000,000), creating a total supply of 126,000,000 LTCP. Then we will distribute most of the remaining converted ERC20 coins in another community airdrop, this time directly through LTCP smart contracts.
Litecoin Private statement
Litecoin Private Features:
- Fast. Thanks to 5 second block time the transaction speed of LTCP is under 5 seconds in most scenarios. This makes LTCP up to 200x faster than BTC and about 50x faster than LTC.
- Private. Due to the utilization of the revolutionary zkSNARKs technology, it should be able to provide private transactions through LTCP, similar to those in Monero, ZClassic and other privacy coins.
- Scalable. With significantly increased block size, Litecoin Private is capable of doing up to 300 TPS, which is 75 times more than Bitcoin.
- Smart Contracts. LTCP will be the first blockchain to allow smart contracts with complete transaction privacy. Furthermore, thanks to our DAO Management Engine (DAOME), it's incredibly easy to create a DAO on the LTCP blockchain.
The team of Litecoin Private will fork Litecoin on block height 1407299, which is approximately on 21 of April 2018. Moreover, desktop wallets alongside with the source code will be released soon.