Litecoin (LTC) Unveils Major Protocol Upgrade: Analyzing Its Potential Impact on Pricing

Learn more: https://www.crypto-news-flash.com/lit...

Litecoin (LTC) is on the brink of a significant upgrade to its Core protocol, introducing Partially Signed Bitcoin Transactions (PSBT). This technology, commonly used by hardware wallets, allows for a standardized format for managing in-process transactions, enhancing security and efficiency in transaction building and signing.

The upgrade, revealed through Litecoin Core v0.21.3, also includes adaptations to accommodate MimbleWimble Extension Block (MWEB) transaction components. This involves technical processes for verifying MWEB data, with the LTCSuite libraries playing a crucial role. The aim is to streamline and secure money transfers, with MWEB support currently undergoing testing and code review.

This development is expected to bolster Litecoin’s value by improving its security and privacy features. However, the Litecoin community has not yet shown significant excitement, with no immediate impact on LTC's price. As of this writing, LTC has seen a 1.71% dip, trading at $88.81, despite the general upward trend in the crypto market, including Bitcoin’s surge past $67,000.

In the broader crypto ecosystem, other blockchain networks are also exploring upgrades. The Terra Luna Classic (LUNC) community is working on chain upgrades, aiming to enhance utility and potentially boost LUNC and USTC prices. TRON founder Justin Sun has teased an upgrade for TRON Blockchain, with plans to release the GreatVoyage-v4.7.4(Bias) version. These developments come amid a buoyant period for cryptocurrencies, especially Bitcoin, suggesting a possible wave of positive changes across the sector.