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The founder of Litecoin, Charlie Lee, had declared at the beginning of this year to focus on the increased use of cryptocurrency ninth on the market. Users could use 3 addresses first, but this could be confused with BTC addresses.
Migration to Litecoin M addresses
He recently announced on Twitter the migration of Litecoin users to the use of the M. addresses. "We are trying to migrate the entire Litecoin ecosystem using the M addresses for the multisig / segwit LTC addresses and stop using 3 addresses ", he explained through his official Twitter handle.
We are trying to make the entire Litecoin ecosystem migrate to the use of M addresses for multisig / segwit LTC addresses and to stop using 3 addresses.
Help me fill out this table: https://t.co/KNTpKpiCpo
Test your exchanges / portfolios / explorers and let me know what you find. 👊
– Charlie Lee [LTC⚡] (@SatoshiLite) 22 December 2018
Typically, the LTC address types are preceded by the number "3", as on Bitcoin. Litecoin, as a fork of Bitcoin, by default has the same format. Unfortunately, this can lead to confusion with users who accidentally send Bitcoins to Litecoin P2SH addresses or accidentally send Litecoin to Bitcoin P2SH addresses.
Thus, the Litecoin community has developed a new address format. It has a prefix with M, a format that may not be valid on Bitcoin. The underlying public and private key pair are the same, but the hash algorithm for displaying the public key has been changed. This means that the addresses 3- and M- are both interchangeable for the movement of funds on the Litecoin blockchain. This simple change drastically reduces the cases of incorrect transfers of cross-chains.
Charlie Lee stated on Twitter that the format of an M address would look like this: MW5BfXhYVstHt1fmXg167PTKkpphfP6xQ3. The community is now trying to get all LTC users to migrate to this new address format.
Other technical developments on Litecoin
Lee announced his decision to sell all of his LTC holdings on December 20, 2017, a day after the token reached its all-time high of around $ 375. The currency's value has declined since then and is now trading at around $ 30 .
However, rather than dwelling on his fortuitous decision a year ago to sell all of his holdings at the height of the digital goods market bubble, he devoted his time to technical development on the network.
The LF has formalized a collaboration with @ X9developers of @XSNofficial in the maintenance and in the hardening of lcd. They recently updated lcd with btcd. This allows #litecoin neutrino support, a lightweight LN client. Read more here: https://t.co/cPeCMGZ6qK
– Litecoin Foundation (@LTCFoundation) December 20, 2018
Also, in a new development, Zap Desktop now has LTC support, according to Charlie Lee. Zap now supports connection to remote Litecoin Lightning nodes. Zap Desktop is a multi-platform Lightning Network wallet. The user can use to send bitcoins (now also LTC) immediately with minimum fees.
To help the LTC move to the Lightning network, the Litecoin Foundation announced a collaboration with X9 Developers in the maintenance, debugging and hardening of lcd and potentially other Lightning (LN) networks. The X9 developers are a team of blockchain developers.
The Foundation in the public version said that X9 developers "have already implemented a beta version of cross-chain atomic exchanges via the Lightning network available for testing between XSN and LTC." In addition, the development team will now move on to improve the user experience of the LN. They will develop a "one-click" solution for LN atomic exchanges.
The work of the X9 developers would also allow Litecoin to support the neutrino, a Lightning Network Light client. Although LTC has lost most of its value this year, these technical developments are one of the main causes of optimism for 2019.
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Summary
Item name
Charlie Lee announces new technical developments on Litecoin
Description
The founder of Litecoin, Charlie Lee, announced that the community wants all LTC users to move to use M addresses. Read the full news and go into details.
Author
Feranmi Akeredolu
Publisher name
Coinpedia
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