Litecoin is usually used to test new options and other changes that are planned for the Bitcoin code. However, now the Creator of the Altcoin, Charlie Lee, reported on the implementation of his own idea – the implementation of a more advanced way to calculate the commission for transactions. It is possible that, if successful, this mechanism will also be implemented for the Bitcoin network.
Updating the Litecoin network will be implemented as a soft fork, thanks to which the miners will be able to assign a minimum commission in the block itself, Charlie Lee reported. This option will allow users to see the minimum possible commission amount for a quick transaction. Before everyone had to determine the amount of remuneration, now this information will be reported by the miners. Payment of the commission in the specified amount will guarantee the execution of transactions in the shortest possible time.
In addition, the Creator of Litecoin said that in the near future it is planned to reduce the minimum commission from 0.001 to 0.00001 coins. We believe that this step is necessary due to the growth of coin quotations, which caused an increase in the commission for dollar terms. The Litecoin network has always positioned itself as a fast and cheap alternative to Bitcoin.