Earlier this week, the Litecoin Foundation conducted a stress test for the Litecoin [LTC] network by sending 0.1 LTC to 1,263 addresses at the Litecoin Summit. This was primarily to promote the campaign called #PayWithLitecoin that was aimed at increasing the merchant adoption of the cryptocurrency.
A popular Litecoin fan Twitter handle, The Litecoin School of Crypto released a report wherein all the details regarding the bulk transactions has been provided, including the statistics and the takeaway. The transactions were initiated by Loshan, an LTC developer who completed the transfer of funds in just two transactions using a script. He did this by using the concept known as batching.
Batching is a technique wherein a user can compress the transaction fee when carrying out cryptocurrency transactions. According to a Bitcoin expert, David Harding one can save 80% on transactions fees by batching the transactions.
Liteschool.com stated that the technique is available for anybody to execute as this service is offered by several popular wallets, such as Electrum-LTC, which has the pay-with-many feature. However, Loshan used Litecoin to make the batched transactions.
Next, the portal explained that a typical Litecoin transaction is equal to 0.2 KB, whereas the sizes of the two batches of transactions were observed to be 25.989 kB and 17.32 kB. Furthermore, the fees for the two transactions were 0.00099979 LTC/kB and 0.0000998171478 LTC/kB. The minimum fee for an LTC transaction is known to be 0.001 LTC/kB.
Switching to the duration aspect of the transaction, liteschool.com stated that it only took 0.5 seconds to broadcast a transaction holding over 750 addresses. Therefore, it took merely a second to make payments to a total of 1,263 addresses.
Recently, Litecoin also saw adoption by many cryptocurrency exchanges, the latest addition to the support being Bittrex. The platform opened Litecoin for the USD market earlier this month. Furthermore, the Litecoin Founder Charlie Lee thrusts more significance on the adoption aspect of the ecosystem rather than markets and price speculation. According to him, a short-term market value is not worth attending to, as he believes in long-term achievements.
Sam Samskies, a Twitter user and a cryptocurrency space enthusiast on the study commented:
“I had no idea there were wallets that allowed you to send to many. Anyone know if any hardware wallets allow you to do this or plan to add this feature?”
Here, The Litecoin School of Crypto responded. It said:
“Would definitely be a nice feature.”
Another blockchain and cryptocurrency follower,TheNvsibleHand also wrote:
“Now that is Lightning Fast to #PayWithLitecoin to near 800 people. Boom Shakka Lakka > 4. According to Loshan, it took less than 0.5 seconds to create and broadcast a batched a transaction to 759 addresses.”
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