LTC Upgrade to Utilize PSBTs
Litecoin (LTC) is preparing for a significant upgrade that could have an impact on the price of its native asset. The upcoming upgrade, announced on Litecoin Core v0.21.3, will leverage Partially Signed Bitcoin Transactions (PSBTs) as one of its new features.
PSBTs are commonly used by hardware wallets as a standardized format for passing around in-process transactions. This technology has been restructured to accommodate MimbleWimble Extension Block (MWEB) transaction components. The goal is to enhance Litecoin’s security and privacy while also improving its value.
To achieve this, LTCSuite libraries have been developed to enable clients to receive and verify MWEB data from peers. The verification process involves obtaining MWEBUTXOs, HogExAndMWEBHeaders, and MWEBLeafset from peers running v0.21.3. The data is then verified and transactions are created to facilitate faster money transfers.
Impact on LTC Price
While the MWEB support and future upgrades are expected to enhance Litecoin’s value, it is uncertain how much they will impact the price of LTC. Currently, there hasn’t been much excitement expressed by the Litecoin community that would trigger a significant increase in LTC’s price.
In the last 24 hours, LTC has actually experienced a dip of about 1.71%. Despite the rally in the price of Bitcoin (BTC) and other top assets, LTC’s performance has been lackluster.
Other Upgrades in the Crypto Ecosystem
Litecoin is not the only blockchain network exploring upgrades to improve its ecosystem. Other cryptocurrencies are also working on significant upgrades:
- The Terra Luna Classic (LUNC) community developers are working on crucial chain upgrades that could boost the utility of Terra Classic and drive up the prices of its ecosystem tokens, LUNC and USTC.
- Justin Sun, the founder of TRON Blockchain, has announced plans for an upgrade this month. The Tron Core Devs have unveiled the GreatVoyage-v4.7.4(Bias) version as part of the upgrade.
The Impact of Bitcoin’s Rally
These upgrade announcements come at a time when Bitcoin (BTC) has experienced a significant price rally, surpassing $67,000 levels in recent days. The consistent bullish momentum of Bitcoin may lead to more positive news from other blockchains as they seek to capitalize on the current bull run.
Hot Take: Litecoin Prepares for Major Upgrade with PSBTs
Litecoin is gearing up for a major upgrade that will utilize Partially Signed Bitcoin Transactions (PSBTs). This upgrade aims to enhance Litecoin’s security and privacy while also improving its value. However, it remains uncertain how much of an impact this upgrade will have on the price of LTC.
Other blockchain networks are also exploring upgrades to improve their ecosystems, including Terra Luna Classic and TRON Blockchain. These upgrades come amidst a significant price rally for Bitcoin, which may inspire more positive news from other blockchains in the near future.
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