Creating Litecoin, Charlie Lee has taken over the source code of Bitcoin, by changing a few parameters (including time of block generation and mining algorithm).
Over time a close relationship with Bitcoin Core code become a strong point of the younger cryptocurrency. Platform can test innovations that will later be implemented in Bitcoin.
The source code and built-in functions of Bitcoin has more in common with Litecoin than with Bitcoin Cash. For example, Bitcoin Cash does not support SegWit and updated the Litecoin Protocol, was built even earlier than in the Bitcoin network that has strengthened over the year with the title “more mobile bitcoin”. Lee also stated that he wants to incorporate in Litecoin and other functions, originally designed for Bitcoin: MAST (increased functionality of smart contracts) and confidential transaction.
Since then, Charlie Lee left Coinbase, he concentrated on the development of basic Protocol Litecoin. At the beginning of 2017 Lee wrote a post on Medium describing how SegWit connects the Litecoin and Bitcoin by atomic swaps Lightning Network.
And on Friday Charlie shared the idea softforce Litecoin, which will allow to optimally calculate transaction fees in Litecoin, and later on in the Bitcoin network. When the Bitcoin network was loaded and the user who paid a low fee, expected the transaction to several weeks, the uncertainty in the size of the commissions is a problem for some bitcoin wallets. Among the current possible solution — “replace collection” (replace-by-fee), it is possible to replace already made another transaction with a higher fee, and “child pays for parent” (child-pays-for-parent) when the miners see that there is a transaction with a very good Commission, but to process it you first have to include a transaction with a small Commission.
See also – Prediction: what will happen to the price of Litecoin in 2018?
Charlie Lee proposes a solution in which the miners placed the lowest possible commissions in the header of the extracted block. Softpark will make it impossible for miners to use transactions with the collection falls below the specified minimum.
“I suggest to upgrade to Litecoin through softpark, in which miners will be able to specify their minimum fee in the title block. This will enable the market committees to develop without the need of determining the minimum fees from our side. In addition, this will also facilitate the users of the evaluation commissions,” tweeted Charlie Lee.
However, users of Litecoin-wallet will be able to calculate the average contribution by the sum of the minimums specified in the latest 100 blocks, and the transaction will be confirmed after a few blocks.
This innovation will connect the “demand” and “supply” (users and miners) in the matter of commissions. Under the news on Twitter Charlie Lee sparked the discussion, and users have supported the idea that asking a lot of questions on its implementation:
Well @SatoshiLite! You will soon have brought Litecoin to a new price high with a really super cool product, and not super fake news. This is the difference between the Litecoin project and the others.