At the last Litecoin summit, the Litecoin Foundation conducted a stress test for the Litecoin network by sending 0.1 LTC to 1,263 addresses. This was mainly to promote the campaign called #PayWithLitecoin which aimed to increase the adoption of cryptocurrency merchants.
Over the weekend, @LTCFoundation funded 1,263 LTC addresses with 0.1 LTC to encourage conference participants to #paywithlitecoin at the Summit #Litecoin . Let's take a look at the data to see what we can learn from this! $ LTC https://t.co/EgTiKPVGAJ
– The Litecoin School of Crypto ⚡️ [UASF] (@theliteschool) 18 September 2018
How was it done?
Loshan, a developer of liteco, was able to fund these addresses with two transactions using a script. The first transaction had 759 exits.
While the second transaction contained 504 exits.
Instead of using individual transactions to send LTC to each address, Loshan used a technique called "batching". The beauty of this technique is that anyone can use it as it is available through popular wallets such as Electrum-LTC with the "pay to many" functionality.
- The transaction size was 25.989 kB and 17.32 kB, respectively. In contrast, a typical transaction size is around 0.2 kB.
- Transaction fee rates were 0.00099979 LTC / kB and 0.0000998171478 LTC / kB. At the beginning I was surprised by this because the minimum transaction rate in Litecoin Core is set to 0.001 LTC / kB. However, Loshan made it clear that Litecoin Core uses a commission estimator, which would explain the miniscule difference we see.
- Transaction fees were around 0.026 LTC and 0.017 LTC. Typical transaction fees are around 0.0002 LTC. If he had sent a single transaction to each address, the total cumulative commissions would have been approximately 0.2526 LTC. Therefore, Loshan managed to save a total of 0.2096 LTC or $ 11 USD through batching.
- According to Loshan, it took less than 0.5 seconds to create and transmit a batch transaction at 759 addresses. This means that the total time to finance 1263 addresses through two transactions was less than 1 second.
Lately, Litecoin has also seen the adoption by many exchanges of cryptocurrencies, the latest addition to the support is Bittrex. The platform opened Litecoin for the USD market at the start of this month. In addition, the founder of Litecoin, Charlie Lee, has a greater importance for the aspect of the adoption of the ecosystem rather than for markets and price speculation. According to Lee, short-term market value is not worthy of attention, as he believes in long-term results.