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The Litecoin project is set up update the Litecoin protocol at version 0.17, the team announced via Twitter. The update will see the network tariffs reduced drastically, up to half a point.
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
The improvement is the team's response to increasing transaction costs as the Litecoin token (LTC) has increased in value. Currently, the average transaction fee is around $ 0.05.
The change would bring the price to $ 0.005, a significant reduction that puts taxes at the same levels of 2015. Contrast that with the current Bitcoin transaction quota, which is around $ 0.10, e litecoin becomes a much more viable alternative.
One of the basic principles of Litecoin is to offer a lower transaction cost than Bitcoin. The creator of Litecoin, Charlie Lee, has Analogue bitcoin and Litecoin in gold and silver, 2 forms of digital currency that complement, rather than compete, one with the other and observing how the basics of the user overlap.
Validating the user's request to include a transaction in a block determines the commission rate: the more data, the higher the rate. As more users join the network and tokens are increasingly transferred between portfolios, the rate increases.
The main developer of Litecoin, Adrian Gallagher, considers this improvement as a preparation for the moment when the market expands, saying:
To encourage more adoption and use of Litecoin, I think lowering rates is a good thing. We're not even close to the block boundaries and the size of the disk block is rather small (20 GB) compared to other coins. Technically, people can already adjust their taxes at this time compared to the above due to the tiniest relay relay / dust. Also, I do not think it will take too long before this bear market is over (3-6 months), so it will lay the foundation for a rate that we can grow proactively rather than re-active.
Each cryptocurrency project makes the reduction of transaction rates a top priority, an aspect of scaling that has the same importance as transaction confirmation times. It is an inevitable feature of the network because it is the main mechanism through which harmful behavior is disincentivated.
Litecoin recorded a relatively stable 2018 e has undergone several positive developments during the year. Just last week, the Winklevoss twins supported Gemini gearbox added Litecoin after the approval of the authorities.
Scheduled features present on the project roadmap include confidential transactions and integration of Lightning Network. Both features should guide the adoption of cryptocurrency, which should trigger Litecoin for what many say will be the bullish market of 2019.
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