This week at the Litecoin Summit, Litecoin Foundation executed a stress test for the Litecoin [LTC] network by sending 0.1 LTC to 1,263 addresses. This was mainly to increase the movement of the campaign called #PayWithLitecoin that was aimed toboost the rafficker endorsement of the cryptocurrency.
The Litecoin School of Crypto released a report wherein all the details regarding the quantity transactions has been implemented, and in the content the statistics and the takeaway incorporated which provided by a famous Litecoin fan Twitter handle. The transactions were started by Loshan, an LTC developer who completed the transfer of funds in just two transactions using a so-called script. This is done by using the batching concept.
Batch processing is the processing of transactions in a group or batch. No user interaction is required once batch processing is underway. This differentiates batchprocessing from transaction processing, which involves processing transactionsone at a time and requires user interaction. David Harding as a Bitcoin expert declared that one can save 80% on transactions fees by batching the transactions.
The technique is available for anybody to initiate as this service is offered by plenty of popular wallets, such as Electrum-LTC, which has the pay-with-many aspect, stated by Liteschool.com. However, Loshan used Litecoin to make the batched transactions.
A typical Litecoin transaction is equal to 0.2 KB, and the sizes of the two batches of transactions were detected to be 25.989 kB and 17.32 kB according to portal. What is more the fees for the two transactions were 0.00099979 LTC/kB and 0.0000998171478 LTC/kB. The merest fee for an LTC transaction is equal to be 0.001 LTC/kB.
On the other hand, duration aspect of the transaction, only took 0.5 seconds to broadcast a transaction holding over 750 addresses calculated by liteschool.com. Hence, it took barely a second to grant payments to a sum of 1,263 addresses.
In the past few days, Litecoin also granted adoption by many cryptocurrency exchanges, the just completed addition to the support being Bittrex. The platform opened Litecoin for the USD market preceding this month. Furthermore, the Litecoin Founder Charlie Lee gist more intendment on the adoption form of the ecosystem rather than markets and price contemplation. Charlie Lee stated that a short-term market value is not worth ministering. Lee also persuades long-term actualizations.