• Litecoin has released a major network upgrade to improve security on the network, yet its price is still dropping.
• The digital asset has a circulating supply of 72,400,940 LTC and saw a 5.4% decrease in its total market cap at the time of writing.
• Litecoin’s security feature updates aim to strengthen the security of nodes and networks and protect against surges in network activity.
Litecoin Price Drop Despite Security Upgrade
Litecoin is tanking, per charts offered by CoinMarlketCap, despite releasing a significant network upgrade aimed at improving security on the network. The digital asset, currently trading at $89.44, was 5.5% down at the time of writing, despite recording an increase of over 45% in 24 hours. Litecoin now has a circulating supply of 72,400,940 LTC and saw a 5.4% decrease in its total market cap taking it to $7,512,233,632 as of the time of writing.
Litecoin Security Feature Updates
Litecoin recently announced the release of Litecoin Core version 0.21.2.2 which includes updates that strengthen the security of nodes and networks across the platform. This version also incorporates safeguards against surges in activity throughout the network by setting memory consumption limits so that nodes with less powerful hardware don’t run out of memory during peak times on the platform.
What Makes Litecoin Unique?
Litecoin stands out among other cryptocurrencies due to its faster transaction times and lower transaction fees compared to other platforms such as Bitcoin or Ethereum . Its mining algorithm Scrypt is designed to resist specialized mining hardware making it more decentralized than other platforms available today . It was one of the first cryptocurrencies to implement Segregated Witness (SegWit) which separates transaction signature data from transaction data increasing capacity for users on this platform . With an active development team and community , litecoin offers an innovative alternative for users looking for faster , cheaper transactions when compared with Bitcoin .
Conclusion
Despite releasing new upgrades that improve security across their system , Litecoins price continues to drop . Despite this , litecoins unique features make it stand out among other crypto currencies available today offering faster transactions speeds and lower cost transactions compared with other platforms like Bitcoin or Ethereum while maintaining decentralization thanks to their mining algorithm Scrypt that resists specialized mining hardware .