Litecoin [LTC] Inventor Includes Public Agreement Into Resolving UTXO Dust Concern
Charlie Lee is the scientist who discovered Litecoin. Litecoin is among the largest cryptocurrencies globally which was introduced to complement Bitcoin. Charlie Lee did a Twitter opinion poll on the currency recently.
Public Opinion Pertaining Unused Dust In Litecurrency
The voters were asked to give their views regarding unspent dust in UTXO. Additionally, he printed a comment to address the problem.
Lee came up with a variety of solutions to correct the situation. The first option was to avoid doing anything and the second had the choice of mark them unused. The last alternative was no opinion. However, the last choice had largest number of followers. It was followed by the other alternatives.
The scientist disclosed in Reddist writing that this matter was revealed by Delgado. Jameson Lopp was the second individual to reveal it. The two experts are recognized in the digital money industry. The latter dispatched a Tweet tagging Sergi Delgado.
Vitalik Buterin who is an expert in blockchain technology joined this conversation. He used Twitter to give his opinion on the matter. The professional suggested that litoshis may be burnt. Besides, Buterin wanted the tax charged on Litecoin to be lowered since it was high. The tax was mainly charged on UTXO.
Challenges That Litecoin Faced in 2011-2012
Litecoin suffered a major setback in 2011 up to 2012 when it experienced problems in the industry. An intruder was able to produce more dust without any expense. Millions of litoshi products were generated in 2012 at the beginning of the year.
Market information also reveals that 52% of the total amount of UTXO will be affected by litoshi spam. The total number is over 23,000,000. The high number is worrying as many individuals might be affected by the spam. It is advisable for the corporation to take action before the situation becomes worse.
Even if these transactions might not be spent, users are still skeptical regarding its use. There is no solution for this problem. This society trusts the two cryptocurrencies were developed by following some philosophies. They include immutability and regulator struggle. Dust will be controlled through the use of softfork.
Charlie Lee indicates about the importance of censoring individual money for setting a precedent for the society. It the reason why he sought the opinions of other individuals by conducting a poll. Afterwards, the organization should act accordingly to correct this situation. The final decision will rely on public views regarding the issue. It is because most individuals face problems while dealing with digital money.