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Litecoin [LTC] creator involves community consensus into solving UTXO dust issue

Priyamvada Singh

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Litecoin [LTC] creator involves community consensus into solving UTXO dust issue
Source: Pixabay

Charlie Lee, the Founder of the 7th largest cryptocurrency that was built to compliment Bitcoin [BTC] in the ecosystem, Litecoin [LTC] recently conducted a Twitter poll. Here, the computer scientist asked the voters to opine regarding a solution for unspent dust in Litecoin’s UTXO. He also published a Reddit post to address the issue, wherein he gave details of the problem.

Charlie Lee's Twitter poll | Source: Twitter

Charlie Lee’s Twitter poll | Source: Twitter

Lee gave the community three options to solve the issue, namely, ‘Do nothing’, ‘Mark them unspendable’, ‘No opinion’. No opinion won the maximum number of votes whereas ‘Mark them unspendable’ and ‘Do nothing’ followed.

In his Reddit post, the Founder wrote that the issue was pointed out by Sergi Delgado Segura and Jameson Lopp, two well-known people in the cryptocurrency space. Jameson Lopp even posted a separate tweet of his own to address the matter, tagging Segura. He stated:

“/”Nearly 80% of Litecoin UTXOs are dust at any fee rate because ~60% of LTC UTXOs have a value of 1 liteoshi.” – @sr_gi #ScalingBitcoin”

Here, one of the former figures in the blockchain space, Vitalik Buterin joined the Twitter thread to drop a suggestion. He advised that the litoshis could be burnt. Furthermore, he stated that the Litecoin team should consider an ongoing tax where all UTXOs can lose 1 litoshi per N blocks.

Between 2011 and 2012, the Litecoin network faced a complication wherein an attacker managed to create a lot of dust with little to no cost, revealed Lee. Furthermore, a total of 12,272,034 1-litoshi outputs were created before 4th January 2012. He added:



“This is out of about 23,538,000 UTXOs in total today. So about 52% of the whole UTXO set is 1-litoshi spam. Total value of all these outpus is 0.12272014 LTC, which is about $7 today.”

Even though the transactions can be marked as unspendable, there is an intense skepticism that revolves around the solution. This is because the community believes that Bitcoin and Litecoin were created following two principles, censorship resistance and immutability. The softfork will prevent the dust from being spent, hence implementing and advocating for censorship.

Charlie Lee also wrote that censorship on someone’s money today will be equivalent to setting up an example for tomorrow within the community. This is why he conducted a public poll to seek an opinion of the community and act accordingly.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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