Litecoin founder asks community to provide solution for unspent dust in UTXO, Vitalik Buterin drops suggestion 25126
Pinaz Kazi
Oct 13, 2018 at 6:24 PM

Litecoin founder, Charlie Lee, recently conducted a Twitter poll asking people to provide solution for unspent dust in Litecoin’s UTXO. Lee also published a post on Reddit to address the issue and to give details of the problem.

Lee gave three options to solve the issue – ‘Do nothing’, ‘Mark them unspendable’ and ‘No opinion’. Maximum people voted that they have ‘no opinion’ about it, followed by ‘Mark them unspendable’ and ‘Do nothing’ followed.
In the Reddit post, the founder also wrote that the issue was pointed out by two very well-known people of crypto space – Sergi Delgado Segura and Jameson Lopp.

Lopp even posted a tweet tagging Segura, “/”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”

However, Ethereum co-founder Vitalik Buterin joined the Twitter thread and shared a suggestion. He suggested that the litoshis could be burnt. He also added that the Litecoin team should consider an ongoing tax where all UTXOs can lose 1 litoshi per N blocks.

Reportedly between 2011 and 2012, the network faced a problem wherein an attacker could create a lot of dust with little or no cost. Moreover, a total of 12,272,034 1-litoshi outputs were created before January 4 2012. “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,” Lee added.

In other news, Lee shared that he might step away from the ecosystem to make it more decentralized. However, the community need not be worried about it since he added that it was not happening any time soon.

“I’ll eventually have to step away from Litecoin — I’m talking years down the road, when Litecoin is used and more as a real-world currency. At that point, it wouldn’t make sense for the creator to still be around, dictating things,” he concluded.

See also:

Ethereum co-founder Vitalik Buterin & Coinbase CTO share their view on mainstream crypto adoption & blockchain industry

World Trade Organization says Ripple could impact world’s financial system; highlights Bitcoin, Ethereum and IOTA

Image via Shutterstock

Join our Telegram group