Charlie Lee, the Founder of the 7th largest cryptocurrency that was built to compliment Bitcoin [BTC] in the ecosystem, Litecoin [LTC] recently conducted a Twitter poll. Here, the computer scientist asked the voters to opine regarding a solution for unspent dust in Litecoin’s UTXO. He also published a Reddit post to address the issue, wherein he gave details of the problem.
Charlie Lee’s Twitter poll | Source: Twitter
Lee gave the community three options to solve the issue, namely, ‘Do nothing’, ‘Mark them unspendable’, ‘No opinion’. No opinion won the maximum number of votes whereas ‘Mark them unspendable’ and ‘Do nothing’ followed.
In his Reddit post, the Founder wrote that the issue was pointed out by Sergi Delgado Segura and Jameson Lopp, two well-known people in the cryptocurrency space. Jameson Lopp even posted a separate tweet of his own to address the matter, tagging Segura. He stated:
“/”Nearly 80% of Litecoin UTXOs are dust at any fee rate because ~60% of LTC UTXOs have a value of 1 liteoshi.” – @sr_gi #ScalingBitcoin”
Here, one of the former figures in the blockchain space, Vitalik Buterin joined the Twitter thread to drop a suggestion. He advised that the litoshis could be burnt. Furthermore, he stated that the Litecoin team should consider an ongoing tax where all UTXOs can lose 1 litoshi per N blocks.
Between 2011 and 2012, the Litecoin network faced a complication wherein an attacker managed to create a lot of dust with little to no cost, revealed Lee. Furthermore, a total of 12,272,034 1-litoshi outputs were created before 4th January 2012. He added:
“This is out of about 23,538,000 UTXOs in total today. So about 52% of the whole UTXO set is 1-litoshi spam. Total value of all these outpus is 0.12272014 LTC, which is about $7 today.”
Even though the transactions can be marked as unspendable, there is an intense skepticism that revolves around the solution. This is because the community believes that Bitcoin and Litecoin were created following two principles, censorship resistance and immutability. The softfork will prevent the dust from being spent, hence implementing and advocating for censorship.
Charlie Lee also wrote that censorship on someone’s money today will be equivalent to setting up an example for tomorrow within the community. This is why he conducted a public poll to seek an opinion of the community and act accordingly.
The post Litecoin [LTC] creator involves community consensus into solving UTXO dust issue appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: Litecoin [LTC] creator involves community consensus into solving UTXO dust issue
