For those who just had enough of Bitcoin forks lately, then this is perhaps of interest – an upcoming Litecoin fork called Litecoin Cash (LCC) is coming up shortly and it is going to be using SHA256 as mining algorithm among another changes. The Litecoin Cash (LCash anyone?) will probably be forking at Litecoin block which should occur on or around February 19th, 2018 could have a 10:1 claim ratio for Litecoin (LTC) users holding their coins in a local wallet or a compatible exchange or service that may support LCC. The utmost LCC supply may also be 10 times higher at 840 Million and the block reward may even be 10 times higher than what Litecoin currently has, so 250 LCC per block. The target block time remains at 2.5 minute, though difficulty adjustment can be changed, LitecoinCash can be using Evan Duffield’s proven DarkGravity V3 algorithm from Dash to recalculate mining difficulty on every block. There will even be a a slow start for the mining so block rewards will start at 1.25 LCC and grow to 250 LCC over the primary 400 blocks after the fork. Unfortunately there's also a mention of a premine, supposedly less than 1% of total money supply at fork time to be paid to a development fund (ought to be about 5.5 Million LCC).
The rationale that the team behind Litecoin Cash (LCC) cites as choosing to modify to SHA256 proof-of-work algorithm for mining is that this could enable a new use for previously obsolete Bitcoin mining hardware. While that could be true it'll also open up the doors to large mining farms using updated Bitcoin mining hardware, so well… good luck with that if things pick up fast. The “small premine” just isn't small at all even at 1% considering that there are already 55 Million Litecoins in circulation (out of 84), so around 550 Million at forking time for LitecoinCash out of 840 Million. The 1% premine is 5.5 Million LCC or 550 Thousand LTC, taking a look at it this manner certainly doesn't make it “small premine”, does it? So next up anyone else seeing Litecoin Gold or more likely Litecoin Silver with Equihash or another GPU friendly mining algorithm? Anyway, no one holding LTC goes to refuse some free coins, just watch out and all the time transfer your Litecoin coins to a fresh address first before importing any private keys into LitecoinCash or some other fork wallet for that matter.
Here is how Charlie Lee (the creator of Litecoin) has comment on Twitter regarding LitecoinCash (LCC) and another forks that use Litecoin as part of their name, in accordance with him “any forks that you simply hear about is a scam trying to confuse you to think it’s related to Litecoin”. It's as much as you to determine for yourself do you have to support LitecoinCash (LCC) and/or some other forks which will come out bearing the name Litecoin something.