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- Litecoin major upgrade with PSBT and MWEB integration enhances privacy and efficiency.
- Litecoin surpasses Bitcoin Cash in on-chain transactions and BitPay adoption.
Litecoin, a pioneering cryptocurrency known for its quick transaction speeds and low fees, is on the brink of embracing a monumental upgrade. This evolution in the Litecoin ecosystem is not just a routine update but a significant leap that might cast ripples across the price dynamics of its native asset, LTC.
The upcoming Litecoin Core v0.21.3 upgrade is set to revolutionize the way transactions are conducted within the network. At the heart of this upgrade lies the integration of Partially Signed Bitcoin Transactions (PSBTs). PSBTs, a technology predominantly utilized by hardware wallets, offer a standardized format for circulating transactions that are in the process of being signed.
This feature is crucial as it clearly demarcates the roles of transaction building and signing, thereby streamlining operations for hardware wallet users.
MimbleWimble Extension Block (MWEB): A Game Changer
What sets this upgrade apart is its compatibility with the MimbleWimble Extension Block (MWEB) transaction components. The integration of MWEB is a strategic move aimed at enhancing privacy and efficiency within the Litecoin network, building on previous reports by Crypto News Flash.
This involves a series of technical verification processes where clients are required to fetch and authenticate MWEB data from peers. Such a feature is pivotal in maintaining the integrity and security of transactions on the network.
Ⓜ️🕸️: An update to Litecoin Core is coming very soon! One element of the new update will be the addition of PSBTs, the technology behind hardware wallets, which has been rearchitected to support #MWEB. #LTCDev #Litecoin #MondayMotivation ⚡️🚀 pic.twitter.com/GSAZRWxNXz
— Litecoin (@litecoin) March 4, 2024
The intricacies of this upgrade involve obtaining data such as MWEBUTXOs, HogExAndMWEBHeaders, and MWEBLeafset from peers running the v0.21.3 version.
This data undergoes a rigorous verification process, culminating in the creation of transactions designed to expedite fund transfers. The ongoing testing and review of the MWEB support code underscore the commitment to ensuring a seamless and successful integration. For a deeper dive into these advancements, a detailed explanation is available in this CNF Youtube video.
Outshining Bitcoin Cash in On-Chain Transactions and BitPay Adoption
A notable achievement for Litecoin, as highlighted by data from Bitinfocharts, is its triumph over Bitcoin Cash in terms of on-chain transactions and adoption by BitPay. This milestone is indicative of Litecoin’s growing prominence and acceptance within the cryptocurrency space, further cemented by its innovative upgrades and the active community supporting it.
What Does It Mean for Price?
The integration of PSBTs and MWEB in Litecoin’s upgrade could potentially enhance LTC’s market value by improving transaction privacy and efficiency, making it a more attractive option for users and investors alike.
At the time of writing, the price of Litecoin native token, LTC, had slightly fallen by 0.81% in the last 24 hours, fell to price of $89.97. But, this represents an increase of 18.99% over the past 7 days.
