[ad_1]
Litecoin Tx fees to be reduced by 10x in the upcoming main release
Since tariffs have temporarily overshadowed $ 50 per transaction Bitcoin at the peak of unprecedented bull rallying in 2017, which led BTC to rise from $ 1,000 to $ 20,000 over a 12-month timeframe, the theme of downsizing and reducing transactions (tx) has been in the minds of developers, investors and industry leaders.
But even in the period when the BTC taxes amounted to an arm and a leg, as it were, Litecoin, one of the first generation of Bitcoin, quickly proved to be a great alternative to the "great dad" of the cryptocurrency world. And as such, since then, Litecoin has quickly gained traction as in the half-brother of Bitcoin in the online payment world, if you want.
However, the developers of the popular altcoin have indicated that while expenses for LTC transactions are almost negligible, it would be advantageous for the project to keep pushing commissions to close to zero. On Friday, LitecoinDotCom on Twitter revealed that the forthcoming software update to Litecoin Core 0.17 will reduce the average network fee by a factor of 10.
Litecoin's expenses decrease 10 times in the next major release.@thrasher_au @LitecoinProject #Litecoin https://t.co/AAkBdzZkMr
– Litecoin.Com (@LitecoinDotCom) 19 October 2018
For data collected by BitInfo, a popular cryptocurrency analysis provider, the average transaction cost of LTC is $ 0.1. So when this change comes, the LTC transaction probably costs less than a cent for the average user.
The cryptic media outlet then highlighted that this change was catalyzed by the gigantic increase in transaction fees during the aforementioned upward trend.
Adrian Gallagher, the main developer of the Litecoin Core project, commented on the reduction in tariffs, calling attention to the theory that low transaction costs will support the adoption and use of a cryptographic asset. Some argue that this is more of a theory, since the lower transaction fees are for a network, the greater the chance that its native assets will be used in everyday business around the world.
Gallagher added that he does not expect the crypto market to weaken for too long, indicating that he sees a market reversal that will come in the next three to six months. With this in mind, the developer of Litecoin noted that the commissions offered in Core 0.17 are probably an advantageous step in the right direction, for the blockchain and the crypto community as a whole.
But what about LTC miners?
Some skeptics of change have been quick to point out that this drastic reduction in tariffs would damage the pockets of cryptocurrency miners and, subsequently, the security of the Litecoin chain based on the PoW, which is one of the safest decentralized networks in the world.
Although this is a valid concern for some other PoW blockchains, such as Ethereum and Bitcoin, this fear should not apply to the Litecoin chain. Due to Litecoin's rapid blocking times and higher transaction limits, the transaction fee market does not exist for this blockchain, with such costs representing only 1% of a Litecoin miner's income. So any move to reduce transaction fees will probably have no adverse effect on any data mining operation.
Image courtesy of EivindPedersen via PixaBay
[ad_2]Source link
