Litecoin (LTC) Developers Release new Software update to reduce fees and improve Privacy
Litecoin (LTC) Core has released a new update version 0.17.1 which has significant changes like reduced fees, new wallet format, improved privacy, changes in user interface and much more.
Charlie Lee’s brainchild – Litecoin is aiming to be the sound money in a world run by government-controlled fiat money. The recent update has many changes that aimed at making LTC more usable and competitive. Here are some of the notable ones:
- Lower Fees – The minimum transaction fee has been reduced to 0.0001 LTC/kb from 0.001 LTC/kb which was the default value in the previous upgrade. The fact that the default fee on the network is less than a penny is a significant step towards making Litecoin cheaper than most other coins.
- Improved Privacy – The latest update provides better privacy to user UTXO’s (Unspent Transactions). Previously when users received payments to the same address, they could only spend the coins separately which hurts the privacy due to linking of multiple addresses. But with the latest update, the wallet “will always spend existing UTXO to the same address together even if it results in higher fees”.
- Lightning Network – With the latest fee adjustment, users would be able to open lightning channels on Litecoin for much lower fees, with atomic swaps users would be able to utilize Bitcoin’s network effect without having to pay high costs. This way Litecoin could be the onboarding platform for Lightning network and merchants, especially during a bull market when Bitcoin’s network is clogged up and fees are sky high.
Charlie Lee had hinted at making Litecoin more private with the implementation of privacy features like Mimblewimble, it seems like Litecoin Core has already begun the process of making LTC more private with the latest update.
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