Major Litecoin Release: New LTC Core Version to Reduce Minimum Transaction Fee to 0.0001 $LTC/kB

The latest version Litecoin Core 0.17.1 release candidate has been released which “is a new major version release, including new features, various bug fixes, performance improvements and updated translations.”

The official announcement by the Litecoin Project recommends the power users to upgrade the version. But only after “sufficient testing” the final Litecoin Core 0.17.1 will be released that is to be upgraded by all users.

For upgrading, if you are running an older version, it needs to be shut down completely to run the installer. Litecoin Core is extensively tested on multiple operating systems such as Linux kernel, macOS 10.10+, and Windows 7 and newer (Windows XP is not supported), but is not compatible with previous releases and you have to switch to an older version.

It further involves renaming of listtransactions RPC account parameter to label, changes in GUI and configuration options as well.

Coin Selection Feature

With Coin selection, in order to prevent partial spend, a new flag “-avoidpartialspends” is added that if enabled will always spend the existing UTXO to the same address together even if it results in a high fee.

“If someone were to send coins to an address after it was used, those coins will still be included in future coin selections.”

Fee Changes

One of the important highlights of the latest version is the fee which is lowered to 0.0001 LTC/kb.

“The default minimum transaction fee -mintxfee has been lowered to 0.0001 LTC/kB after relaxing the minimum relay and dust relay fee rates in prior releases.”

Partially Signed Litecoin Transactions support

BIP 174 PSBT is a Bitcoin application that proposes a binary transaction format that contains:

“information necessary for a signer to produce signatures for the transaction and holds the signatures for an input while the input does not have a complete set of signatures.”

For Litecoin, “it is an interchange format for Litecoin transactions that are not fully signed yet, together with relevant metadata to help entities work towards signing it. It is intended to simplify workflows where multiple parties need to cooperate to produce a transaction. Examples include hardware wallets, multisig setups, and CoinJoin transactions.”

In this latest version, the option for miner to limit the sizes of their blocks has been now removed. In case miners do want to limit the weight of their blocks, they can use the “-blockmaxweight option.”

However, it has been warned that despite being heavily tested, this version may still contain bugs, so have the backup of your wallet.dat file and report the bug if you encounter any issues.

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