I'm the Community Manager at Litecoin Cash, and just want to provide an update over our progress so far - it's important that we continue to communicate and interact with our community members.
Litecoin Cash is the first fork of Litecoin, and we've taken it back to its Bitcoin Roots (changed Scrypt mining to SHA256). This means that we not only have the most profitable SHA256 coin (according to whattomine.com) in the market, but we're cheaper, faster and are leading in innovation amongst other Bitcoin Forks, especially BCash.
Since the fork, we've been very much hard at work - looking at the internal business sides of things and working to build a solid core foundation at Litecoin Cash. And we can see this already at a core business level - we've been looking at our internal value chain and improving our operations and core capabilities to be able to innovate and differentiate the Litecoin Cash brand.
At a Product Level - We're the first coin to introduce an entirely new and innovative mining system - HiveMine - to strengthen our mining network security against the recent upsurges in 51% attacks. Now, HiveMine is an alternative method of mining to PoW and PoS, but the benefits is that it allows anyone and everyone to validate transactions on the blockchain - so you don't require specialised mining equipment - this opens up a whole potential for an new market segment for us to target which is big news. So essentially, HiveMine and PoW will work together as a hybrid solution to allow us to eliminate 51% attacks from our network whilst also democratising the mining process.
At a Marketing level - Litecoin Cash is positioned uniquely in this market. Because we hard forked off Litecoin we essentially embody Litecoin's technology but because we changed the mining algorithm from Scrypt to SHA256 - which is the same mining algorithm as Bitcoin - Litecoin Cash now embodies the genetics of Bitcoin - so we're this hybrid coin and this is massive in terms of market potential as we're positioned directly in the middle of both of these communities which we can leverage to increase our market cap over the long term.
At a Community level - We're the first coin to be listed on 8 exchanges within the first 2 months of launch and we're growing, we have over 20 mining pools, and our customer base is increasing day by day on all our social media platforms - telegram, discord, reddit, twitter - and so we are starting to see more and more people tune in to the developments of Litecoin Cash as well as having a great team that helps and assist people every day. We're also the first coin to do an actual real life space drop - you hear people doing airdrops all the time but we wanted to do something unique and different - and so we essentially we launched a small hot air balloon in Sheffield (UK) carrying over 160,000 LCC golden tickets, and we dropped them from an altitude of 32km from the skies of Britain on the 17th of May - and so this just shows one of the ways in which we are thinking differently in this space and innovating.
At a Partnership level - we've been looking at ways to improve our supply chain by forwarding integrating as well as backward integration, to help lower our costs and maximise our returns over the long term. So what we've started to do is on the forward end of our supply chain, we've partnered with a media outlet to improve our end-to-end user communication, we've also partnering with a card provider and vendor merchants to help bring our product closer to the end consumer. On the back, we've started to see more partnerships with blockchain suppliers, one of them are an AI and virtual reality platform.
So currently, in terms of our development plans - we're still working towards our short term roadmap - so far we've released our whitepaper and full and light wallets, what's next are our rebase 0.16 which is nearly complete now, as well as mobile wallets, and then we will start to see HiveMine being integrated within our blockchain, as well as future atomic swaps, hardware wallets as well as the lightning network. In terms of long term development plans, we will be releasing an more updated roadmap on our website detailing our future strategies - our end goal is to become a global currency, with real adoption and end use case - so you can pay with Litecoin Cash. We're a digital currency and we need to strive for mass adoption.
Our goal at the moment is to continue building a strong foundation, trying to cut costs and embed value in every part of our business, and this will allow us to build knowledge and market awareness so that we are able to sustain growth over time - we're going to be making a lot of disruptive noise in the future so we want to be sure we have the best product first. Overall, we're at a good stage but we will need to continue our hard work. We will see more partnerships and integration as we continue growing, expanding and modernising our brand.