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The silver of Bitcoin gold is going to be even cheaper to send. The main development group of Litecoin, the seventh most important cryptocurrency, has announced that the next release will be "Network fees lower by a factor of ten" reducing the average transaction fee to around half a cent.
In a Middle post announcing tax cuts, the developers said the move was inspired by "2017 rose to the price of Litecoin, when Tx fares regularly reached up to $ 0.10 on average per transaction and peaked at just over $ 1."
"To encourage more adoption and use of Litecoin, I think tax reduction is[sic] good thing," The main developer of Litecoin, Adrian Gallagher, was mentioned in the announcement. "We're not even close to the block boundaries and the size of the disk block is quite small (20 GB) compared to other currencies."
Rates are set by the market, but developers make things easier for occasional users by setting a default minimum commission in Core software, currently set to 0.001 LTC / kB. Although this setting can be changed manually, the new version will automatically reduce the default rates for all users that update.
This is not the first time that developers have to forgo tariffs to remain competitive. Paradoxically, the last year's bull run has made Litecoin Less useful as a means of payment. Transaction fees followed the bullish price, causing Charlie Lee to announce reductions in forwarding and transaction fees at the start of this year.
Litecoin dev update: we are working on the next version of Litecoin Core and will reduce relay fees to 0.01 lite (0.00001 LTC). It should be released soon. The release after this, will reduce the minimum fee to 0.1 lite (0.0001 LTC).
I am also finishing my tariff reporting proposal.
– Charlie Lee [LTC⚡] (@SatoshiLite) January 18, 2018
This time, it seems, the Foundation intends to be better prepared for the next price jump. "Also, I do not think it will take long before this bear market is finished (3-6 months)," Gallagher said "This will set the foundation for a rate that we can grow proactively rather than reactively."
To stay in the race, Charlie's Litening His Load
The decline in commissions is Litecoin's last effort to remain relevant. Although originally sold as a cheaper and cheaper alternative to Bitcoin, Litecoin is now outdated by free or almost free payment books offered by XRP, Nano or other newcomers to the blockchain race.
Although this competitive advantage has started to get boring, Litecoin still has huge advantages in brand recognition and trading lists. In addition to keeping the currency handy for everyday payments, tax reduction also makes Litecoin an even more attractive bridge in the Lightning network, a scaling solution that is still struggling to find effective access routes.
If it works, the Lightning network could be more than a "Litening network".
The author is not invested in Litecoin, but possesses other digital assets.
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