Litecoin Network proceeds one of the largest transactions of 1.15 million LTC for 50 cents
Litecoin Network processed one of the largest transactions taken place till date. The transaction that took place was of a whopping 1.15 million Litecoin [LTC] which is worth $61 million, and all it cost to send was Ł0.00922 ($0.5)
According to the official blog, “The Transaction appears to be a consolidation of funds into a new Multi-Signature / Segwit ‘M’ address from a handful of Legacy addresses. The transaction which created the new richest address on the network was made by the previous richest address on the network which is now lies empty. In the process a staggering 71,618,997 coin days were also destroyed.”
However, who is the owner(s) of the address is hard to know until they themselves come forward. But, according to the post, it is possibly an exchange cold wallet that is used for storing funds. They are held on an exchange offline away from potential attackers.
It is to be noted that a SegWit transaction offers low transaction fee and allows more transactions per block, enabling faster transactions. The transaction malleability which allows users to alter the unique transaction ID prior confirmation has also been patched.
Litecoin.com shared the news of the transaction in a tweet. The transfers were reportedly done to a Segwit M address in order to increase the security. If the owner of the address is not a person, it could very well be some exchange trying to secure their funds by moving it to a secure cold wallet.
A Twitterati user on The Blockchain, replied,“Why .50? Didn’t BTC have a 180+ million dollar transaction in the last 4-6 weeks and it cost less than .15? Shouldn’t LTC be way cheaper on the LN? Or are we adding up the 4 individual Tx’s it took to send this LTC? So many questions….”
It was replied by Windr, who said, “For large transactions, it’s safer to use main net and wait for 6 confirmations. Lightning is great for receiving many transactions because it divides the tx fee by the weight of individual collected transactions. This transaction is likely singular, so there’s nothing to divide.”
See also: Charlie Lee: “Bitcoin, Ethereum, and Litecoin are the bellweather cryptos”
See also: Litecoin Core 0.17 release to cut down transaction fees by a factor of 10
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Author: Pinaz Kazi