The launch of cryptocurrency Litecoin (Litecoin) – aldaine which many call the «digital silver» — was for its Creator Charlie Lee (Charlie Lee) is not challenging. He just took the code base of Bitcoin, changed a few parameters (for example, the period of the creation unit and the hashing algorithm), and published the new creation on the website bitcointalk.org.
After more than six years after the launch of this close connection with the code of Bitcoin Core has become one of the main advantages of litecoin.
Sold all my litecoin Charlie Lee is now engaged in the development of a Protocol Litecoin. At the moment the platform is used as a way to test features that will eventually be used in the network of bitcoin.
However, despite the fact that originally litecoin was considered a testing platform functions have already been planned for inclusion in the network of bitcoin, is now ready to integrate some of its own ideas.
The close relationship between Lithiom and Bitcoin
Instead of working on personal development, the developers of Litecoin have almost completely relied on the work of the team of Bitcoin Core. Instead of writing your own code, they just relocated the changes introduced in Bitcoin Core, in the core client litecoin.
This allowed lithino to take advantage of the security and stability inherent to the Bitcoin code base and simultaneously maintain the changed settings included in the original release alithina.
In fact, the code base and functions of Bitcoin Core have more in common with Litecoin Core than with a direct copy of Bitcoin Cash. So, BCH does not include upgrades Segregated Witness (SegWit).
In the past you already wrote about how SegWit will allow the two of cryptocurrency networks more closely to communicate with each other using atomic swaps.
The decision SegWit was activated on the network even before Litecoin than in Bitcoin. In the past, Lee mentioned that to him as soon as possible I would like to see in the network litecoin implementation of other optimizations, originally intended for bitcoin, for example, MAST and Confidential Transactions.
A new method of assessing fees for transactions
Last Friday, Lee tweeted the idea of optimizing the assessment of fees in the cryptocurrency networks. For some cryptocurrency wallets determining the amount of a fee is a real problem, since the bitcoin network became too congested. If the user has paid a very low Commission, its transaction may be delayed for a few hours, days, or even back without confirmation. To resolve this problem, it is planned to use solutions replace-by-fee and child-pays-for-parent.
However, users of bitcoin can also pay too large a fee for the transaction — this occurs when their wallet is not able to correctly evaluate the current state of the market commissions.
The proposal is that the miners were placed the lowest in the amount of the fee in the extracted block in the header of this block. Softpark litecoin will ensure that miners will not include transaction commissions below the minimum size reported in the header block.
According to Lee, users of litecoin wallets can calculate the average size of the Commission, based on the reports of miners last 100 blocks and it should provide confirmation of their transaction in the next block. Since the minimum fee will be included in the block header, this information will also be available for purses based on the Simple Payment Verification (SPV).
Asked to comment on his proposal, Lee said that the second reason for the development of new features is that it will establish market committees in which information about prices is available as the supply side (the miners) and the demand side (users). Currently, the market information commissions bitcoin and litecoin comes from the demand side, through transactions in manule.