http://invezz.com/news/forex/26964-Content-micropayments-startup-Yours-ditches-Litecoin-moves-to-Bitcoin-CashContent micropayments startup Yours ditches Litecoin, moves to Bitcoin Cash. The new digital currency continues to gain pace, with more miners turning to its network. Content micropayments startup Yours ditches Litecoin, moves to Bitcoin Cash
The content micropayments startup Yours has announced that it is switching over from Litecoin (LTC) to the recently-created Bitcoin Cash (BCC or BCH), Bitcoin.com has reported.
The move is surprising given that the company only recently moved its platform from the original Bitcoin (BTC) to Litecoin, citing the lower transaction fees on the LTC blockchain. However, Yours’ team now believes that Bitcoin Cash is an even better fit for the platform.
“Litecoin has fees of about five cents and no plan to scale on-chain,” the company’s chief executive officer Ryan X Charles told Bitcoin.com. “Litecoin will eventually face the same problem as bitcoin.”
He added: “We spent over a year developing a trustless payment channel network similar to the Lightning Network except it’s not dependent on Segwit. We’ve realized that we can dramatically reduce our code complexity by going on-chain with bitcoin cash.”
After a somewhat rocky start, the Bitcoin Cash network has picked up speed over the past couple of weeks, with recent technical improvements reducing mining difficulty and ensuring larger rewards for miners. These developments haven’t gone unnoticed. Yesterday industry website CoinDesk reported that Bitcoin Cash had attracted nearly 30% of the mining power of the Bitcoin network, a significant increase from 5% just two days earlier.
Bitcoin Cash recently reached an important milestone, after the first 8MB block was officially created on its chain. The massive block cleared 37,000 transactions.
In today’s trading, the Bitcoin Cash price stood at $672.74, as of 16:30 BST. At the same time the Litecoin price was at $47.37, up 1.9% over the past 24 hours.
