The beginning of this week has been marked by an uprise of new Litecoin Cash cryptocurrency. As Litecoin Cash team said that wallets for this coin will be launched within 24 hours.
For reference, Litecoin is the top-5 digital coin with the market capitalization exceeding $12 billion.
This is a similar hard fork to the Bitcoin Cash one that took place back in August 2017. The litecoin-based currency will be powered with its own network apart from the original currency.
Cryptocurrency network hard forks are a common practice now, but Litecoin fork summons some concerns in the market anyway.
In particular, Charlie Lee, Litecoin founder, warned that the hard fork can seek fraud purposes. Specifically, he said that any fork "calling itself Litecoin something" is a fraud and investors should be careful as this fork can steal their personal data.
However, Litecoin Cash developers commented in the interview in mass media that this coin is not a scam and provides the better network. They say that the transaction processing will take much less time compared to bitcoin and Litecoin.
According to the market analysts, forks will become very frequent after Forkgen, as it allowed users with programming skills create their own network divisions.