According to the official Litecoin post on Medium, the cost of fees on the Litecoin network will drop tenfold in the next version 0.17. In the future, the average fee on the network will be Ł0.0001 per kilobyte, not Ł0.001 per kilobyte - at the current rate of $0.005, not $0.05.
As explained in the entry, the commission is calculated based on the number of kilobytes used in the block:
At the moment, due to the fact that the blocks are not completely filled, there is no need to pay high commissions, so the company made this decision.
The size of the transaction depends on the amount of information it contains, and not on the amount of funds transferred. Some of the transactions take less than one kilobyte. The Medium post also touched on the importance of fees for all cryptocurrencies, including Litecoin. In the future, when block rewards begin to decrease, network participants will have to find another way to reward miners. Namely, they will receive a commission for transactions of an existing cryptocurrency, and not for its extraction.
Adrial Gallagher, lead developer of Litecoin and head of the Litecoin Foundation, said that “this option will help lay the groundwork for creating a commission rate that changes proactively.” He also predicted that the current bearish trend in cryptocurrency markets will end within three to six months.
Deja Vu
On January 17, 2018, when the Litecoin price was at $187, altcoin creator Charlie Lee also announced the inclusion of a fee market in the Litecoin code.
On January 6, Lee announced his intention to program the fee market, and also proposed a system in which “miners would be able to signal the need for higher fees without servicing transactions with low fees.” This statement is very similar to Gallagher's "preemptive commission rate" statement.
Recall that Charlie Lee sold all of his Litecoin holdings. According to him, he already regretted it, but added that he “initially did not have so many of them.”
According to cryptoglobe.com
You May Also Like
IOHK launches second Cardano testnet for IELE virtual machine
This virtual machine is designed to execute smart contracts on the Cardano network.
Pornhub forges partnership with cryptocurrencies
The world's largest porn site Pornhub now accepts Tron and Zencash as payment methods for content. This is great news for these cryptocurrencies, as Pornhub is a huge business.
