The Litecoin network now has its transaction price reduced by a factor of 10, the team revealed in a blog post. Litecoin (LTC) v0.17.1 brings several improvements to the network, including bug fixes, performance upgrades, and new features.
The post details how the minimum transaction fee has reduced to 0.0001 LTC/kb. Previously, it was 0.01 LTC/kb.
The new upgrade also brings some features to the network, as BIP 174 now adds support for partially signed transactions,
BIP 174 PSBT is an interchange format for Litecoin transactions that are not fully signed yet, together with relevant metadata to help entities work towards signing it. It is intended to simplify workflows where multiple parties need to cooperate to produce a transaction. Examples include hardware wallets, multisig setups, and CoinJoin transactions.
Litecoin founder, Charlie Lee, had previously mentioned that fungibility and privacy were priorities for the Litecoin team, tweeting that Confidential Transactions was on the list,
The team does warn users who are considering upgrading that there are still bugs in the new version and urges caution, asking users to back up their wallet.dat file before upgrading.
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