Litecoin (LTC) is preparing to welcome a monumental upgrade into its ecosystem that may likely impact the price of its native asset.
New Litecoin Upgrade to Utilize PSBTs
Per the announcement shared on X, Litecoin hinted at the upcoming upgrade on Litecoin Core v0.21.3 which would leverage Partially Signed Bitcoin Transactions (PSBTs) as one of the new features to be launched. PSBTs is a technology usually utilized by hardware wallets as a standardized format for passing around in-process transactions. Hardware wallets can easily distinguish between signing and transaction building with the PSBTs.
This technology has been restructured so that it accommodates MimbleWimble Extension Block (MWEB) transaction components. Clients would be required to get and verify MWEB data from peers and to achieve this feat, LTCSuite libraries have been developed.
The verification is a couple of technical processes that involve getting MWEBUTXOs, HogExAndMWEBHeaders, and MWEBLeafset from peers running v0.21.3. Next, the data is verified and so is the output determined. Consequently, transactions are created to speed up money transfers. The MWEB support is still being tested and the code is under review to ascertain its success.
Ⓜ️🕸️: An update to Litecoin Core is coming very soon! One element of the new update will be the addition of PSBTs, the technology behind hardware wallets, which has been rearchitected to support #MWEB. #LTCDev #Litecoin #MondayMotivation ⚡️🚀 pic.twitter.com/GSAZRWxNXz
— Litecoin (@litecoin) March 4, 2024
In the long run, the MWEB support as well as other future upgrades will contribute to enhancing Litecoin’s value and improving its security and privacy. It may also affect the LTC, although the extent of this impact is not certain. It is worth noting that so much excitement has yet to be expressed by members of the Litecoin community, at least not enough to trigger a slight jump in the price of LTC.
Within the last 24 hours, the token has dipped by about 1.71%. At the time of this writing, LTC was trading at $88.81. This growth is unusual considering the rally in the price of Bitcoin (BTC) and other top assets.
More Upgrades In the Crypto Ecosystem
Beyond Litecoin, more blockchain networks are exploring upgrades as a way to shift the paradigm in how people embrace them.
The Terra Luna Classic (LUNC) community developers are working on publishing some crucial chain upgrades that could put Terra Classic on a major utility path and push its ecosystem tokens LUNC and USTC prices to new highs.
Justin Sun, the founder of the TRON Blockchain has also teased plans to welcome an upgrade this month. As part of the upgrade, Tron Core Devs have unveiled plans for the release of the GreatVoyage-v4.7.4(Bias) version.
The announcement of these upgrades comes amidst a significant price rally for Bitcoin (BTC). The flagship cryptocurrency has now surpassed $67,000 levels over the past few days. The consistency of this bullish momentum may trigger more positive news from other blockchains in the coming days as they look to capture a share of the bull run.
