At the latest Litecoin Summit, the Litecoin Foundation conducted a stress test for the Litecoin network by sending 0.1 LTC to 1,263 addresses. This was primarily to promote the campaign called #PayWithLitecoin that was aimed at increasing the merchant adoption of the cryptocurrency.
Over the weekend, the @LTCFoundation funded 1,263 LTC addresses with 0.1 LTC to encourage conference attendees to #paywithlitecoin at the #Litecoin Summit. Let's look at the data to see what we can learn from it! $LTC https://t.co/EgTiKPVGAJ
— The Litecoin School of Crypto ⚡️ [UASF] (@theliteschool) September 18, 2018
How Was it Done?
Loshan, a litecoin developer, was able to fund these addresses with two transactions using a script. The first transaction had 759 outputs.
While the second transaction contained 504 outputs.
Rather than using individual transactions to send LTC to each address, Loshan used a technique called “batching.” The great thing about this technique is that anyone can use it as it is available through popular wallets such as Electrum-LTC with the “pay to many” feature.
- Transaction sizes were 25.989 kB and 17.32 kB respectively. In contrast, a typical transaction size is around 0.2 kB.
- Transaction fee rates were 0.00099979 LTC/kB and 0.0000998171478 LTC/kB. At first I was surprised by this because the minimum transaction fee rate in Litecoin Core is set to 0.001 LTC/kB. However, Loshan clarified that Litecoin Core uses a fee estimator, which would account for the minuscule difference that we see.
- Transaction fees were approximately 0.026 LTC and 0.017 LTC. Typical transaction fees are around 0.0002 LTC. If he had sent an individual transaction to each address, the total cumulative fees would have amounted to about 0.2526 LTC. Therefore Loshan was able to save a total of 0.2096 LTC, or $11 USD, through batching.
- According to Loshan, it took less than 0.5 seconds to create and broadcast a batched a transaction to 759 addresses. That means the total time to fund 1,263 addresses through two transactions was under 1 second.
Lately, Litecoin also saw adoption by many cryptocurrency exchanges, the latest addition to the support being Bittrex. The platform opened Litecoin for the USD market earlier this month. Moreover, the Litecoin Founder Charlie Lee thrusts more significance on the adoption aspect of the ecosystem rather than markets and price speculation. According to Lee, a short-term market value is not worth attending to, as he believes in long-term achievements.