About 20 days ago, the Litecoin network processed one of its largest transactions ever. 1,159,005.9 Litecoins (LTC) valued at around $62 Million was moved for a fee of 0.0092 LTC worth $0.5.
This transaction was included in Block 1512468 carried out on 20th October. The transaction appears to be a consolidation of funds into a multi-sig wallet. This transaction makes the address the richest wallet on the Litecoin network and the previous richest wallet remains empty.
The funds were moved from a legacy address to a multi-sig address probably to a cold wallet which provides more security. The address would need multiple signatures of private keys to unlock the funds.
It is hard to know to whom the address belongs to, although a fair guess would be that it belongs to an exchange. The address contains multiple transactions worth 20,000 LTC made up of four 5000 LTC transactions originating from an address containing a balance of 150,419 at the time of writing.
The Litecoin network has always worked like a faster Bitcoin with lower fees and faster Block time. The fees on the network have been consistently low for the past three months.
The fees on the Litecoin network is expected to drop by a factor of 10 after the release of Litecoin Core 0.17 upgrade. This will make Litecoin even cheaper than Bitcoin Cash.
Litecoin is the 3rd Cryptocurrency which is listed in most of the exchanges which are increasing the liquidity in the network. With even lower fees and increased liquidity Litecoin will be unstoppable.
Thank you for reading the article. Wishing you a very Happy New Year from team Blockmanity 🙂
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