We are pleased to release Litecoin Core 0.17.1. This is a new major version release, including new features, various bugfixes and performance improvements, as well as updated translations. It is recommended for all users to upgrade to this version.
If you are running an older version, shut it down. Wait until it has completely shut down (which might take a few minutes for older versions), then run the installer (on Windows) or just copy over
/Applications/Litecoin-Qt (on Mac) or
litecoin-qt (on Linux).
If your node has a txindex, the txindex db will be migrated the first time you run 0.17.1 or newer, which may take up to a few hours. Your node will not be functional until this migration completes.
The first time you run version 0.15.0 or newer, your chainstate database will be converted to a new format. This will take anywhere from a few minutes to half an hour depending on the speed of your machine.
Note that the block database format also changed in version 0.8.0 and there is no automatic upgrade code from before version 0.8 to version 0.15.0. Upgrading directly from 0.7.x and earlier without redownloading the blockchain is not supported. However, as usual, old wallet versions are still supported.
The chainstate database for this release is not compatible with previous releases, so if you run 0.15 and then decide to switch back to any older version, you will need to run the old release with the
-reindex-chainstateoption to rebuild the chainstate data structures in the old format.
If your node has pruning enabled, this will entail re-downloading and processing the entire blockchain.
Litecoin Core is extensively tested on multiple operating systems using the Linux kernel, macOS 10.10+, and Windows 7 and newer (Windows XP is not supported).
Litecoin Core should also work on most other Unix-like systems but is not frequently tested on them.
From 0.17.1 onwards macOS <10.10 is no longer supported. 0.17.1 is built using Qt 5.9.x, which doesn’t support versions of macOS older than 10.10.
- Upgrading from 0.13.2 or older currently results in memory blow-up during the roll-back of blocks to the SegWit activation point. In these cases, a full
- The GUI suffers from visual glitches in the new MacOS dark mode. This has to do with our Qt theme handling impacting older versions of Litecoin Core, but is expected to be resolved in 0.17.1.
account parameter has been renamed to
When litecoin is configured with the
-deprecatedrpc=accounts setting, specifying a label/account/dummy argument will return both outgoing and incoming transactions. Without the
-deprecatedrpc=accounts setting, it will only return incoming transactions (because it used to be possible to create transactions spending from specific accounts, but this is no longer possiblewith labels).
-deprecatedrpc=accounts is set, it’s possible to pass the empty string “” to list transactions that don’t have any label. Without
-deprecatedrpc=accounts, passing the empty string is an error because returning only non-labeled transactions is not generally useful behavior and can cause confusion.
-includeconf=<file>can be used to include additional configuration files. Only works inside the
litecoin.conffile, not inside included files or from command-line. Multiple files may be included. Can be disabled from command- line via
-noincludeconf. Note that multi-argument commands like
-includeconfwill override preceding
as litecoin.conf will still include
- Block storage can be limited under Preferences, in the Main tab. Undoing this setting requires downloading the full blockchain again. This mode is incompatible with -txindex and -rescan.
-wallet=<path> option now accepts full paths instead of requiring wallets to be located in the -walletdir directory.
-wallet=<path> is specified with a path that does not exist, it will now create a wallet directory at the specified location (containing a wallet.dat data file, a db.log file, and database/log.?????????? files) instead of just creating a data file at the path and storing log files in the parent directory. This should make backing up wallets more straightforward than before because the specified wallet path can just be directly archived without having to look in the parent directory for transaction log files.
For backwards compatibility, wallet paths that are names of existing data files in the
-walletdir directory will continue to be accepted and interpreted the same as before.
Previously, wallets could only be loaded or created at startup, by specifying
-wallet parameters on the command line or in the litecoin.conf file. It is now possible to load, create and unload wallets dynamically at runtime:
- Existing wallets can be loaded by calling the
loadwalletRPC. The wallet can be specified as file/directory basename (which must be located in the
walletdirdirectory), or as an absolute path to a file/directory.
- New wallets can be created (and loaded) by calling the
createwalletRPC. The provided name must not match a wallet file in the
walletdirdirectory or the name of a wallet that is currently loaded.
- Loaded wallets can be unloaded by calling the
This feature is currently only available through the RPC interface.
Partial spend avoidance
When an address is paid multiple times the coins from those separate payments can be spent separately which hurts privacy due to linking otherwise separate addresses. A new
-avoidpartialspends flag has been added (default=false). If enabled, the wallet will always spend existing UTXO to the same address together even if it results in higher fees. If someone were to send coins to an address after it was used, those coins will still be included in future coin selections.
The default minimum transaction fee
-mintxfee has been lowered to 0.0001 LTC/kB after relaxing the minimum relay and dust relay fee rates in prior releases.
It is now possible for a single configuration file to set different options for different networks. This is done by using sections or by prefixing the option with the network, such as:
If the following options are not in a section, they will only apply to mainnet:
wallet=. The options to choose a network (
testnet=) must be specified outside of sections.
A new ‘label’ API has been introduced for the wallet. This is intended as a replacement for the deprecated ‘account’ API. The ‘account’ can continue to be used in V0.17 by starting litecoind with the ‘-deprecatedrpc=accounts’ argument, and will be fully removed in V0.18.
The label RPC methods mirror the account functionality, with the following functional differences:
- Labels can be set on any address, not just receiving addresses. This functionality was previously only available through the GUI.
- Labels can be deleted by reassigning all addresses using the
- There isn’t support for sending transactions from a label, or for determining which label a transaction was sent from.
- Labels do not have a balance.
Here are the changes to RPC methods:
Ethereum Co-Founder Anthony Di Iorio Bets Big on the Future of Cardano and Polkadot
Anthony Di Iorio, a Canadian entrepreneur and the co-founder of leading smart contract platform Ethereum, said that he believes in the potential of Cardano (ADA) and Polkadot (DOT).
In an interview with crypto proponent Anthony Pompliano, Di Iorio, who is also the CEO and founder of Canadian blockchain startup Decentral and crypto wallet Jaxx, revealed that he has a diversified investment portfolio featuring several top projects, including Cardano and Polkadot.
A Big Fan of Cardano and Polkadot
“Now I’ve kind of fallen back to just simplicity. I’m in a number of different projects, but the majority of my stuff is in the top projects. I’m a big fan of Polkadot, I’m a big fan of Cardano.”
Di Iorio went on to narrate why he was so sure of the future of these two projects. He had joined the Ethereum development team earlier in 2012 when he met Vitalik Buterin at a Bitcoin conference.
He has formed strong relationships with other co-founders of Ethereum, including Vitalik Buterin, Cardano’s founder Charles Hoskinson, and Polkadot’s current CEO Gavin Wood.
Di Iorio admitted that while he worked with these men, he knew that they were goal-oriented and would help push these projects further.
“Big fan of Charles, let’s say that. You know, taking some different approaches in the way that they’re doing things, much more on the academic side of what he’s done and bringing stuff forward. Real big fan of Gavin Wood… Knowing those guys from the days back at Ethereum – and knowing their drive and knowing their competitiveness and their smarts – I was able to see those projects for the last few years and know that they were gonna get to where they’ve gotten up to.”
Not Getting Lost in DeFi
Despite all the recent hype about DeFi, Di lorio pointed out that he is keeping his investments simple and investing in larger projects.
“Most of my stuff is in the top few things, Ether, Bitcoin, Cardano, Polkadot. I like Cosmos as well. And there’s a few others, but I’m not getting lost in all the DeFi stuff. I just think there’s not enough time, not enough energy. It’s a full-time gig to be running a lot of that stuff and keeping on top of stuff, so I’ve simplified my life quite a bit over the past few years.”
Featured image courtesy of Business Insider
What you should know if your bank is exposed to Bitcoin
On one hand, El Salvador recently became the first nation to officially declare Bitcoin as its legal tender, and on the other, several nations have recently opined that their indigenous banks face a ‘threat’ from the world’s largest crypto-asset. Nevertheless, the rise in the adoption of cryptocurrencies has been accompanied by regulators taking the fast-growing market seriously.
Banks will now face “the toughest” capital requirements for their holdings in Bitcoin and other crypto-assets under global regulators’ plans to brush off the insecurity offered by the “volatile” crypto-market.
Using money laundering, reputational challenges, and massive price swings as the base of their proposal, the Basel Committee on Banking and Supervision is in the news after it explicitly stated that the banking industry faced “increased risks” and “financial stability concerns” from crypto-assets.
Accordingly, they have now placed Bitcoin in the “highest risk” category. The aforementioned committee comprises a host of nations and global institutions as its members.
The Basel Committee isn’t alone, however, with a Bank of International Settlements exec recently commenting that El Salvador’s Bitcoin policy is an “interesting experiment.”
*BITCOIN PUT IN HIGHEST RISK CATEGORY IN BANK CAPITAL PROPOSAL
— *Walter Bloomberg (@DeItaone) June 10, 2021
What’s more, the panel proposed a 1250% risk weight be applied to a bank’s exposure to Bitcoin and certain other cryptocurrencies. Bloomberg’s estimates highlighted,
“In practice that means a bank may need to hold a dollar in capital for each dollar worth of Bitcoin, based on an 8% minimum capital requirement.”
However, stablecoins and other tokens tied to real-world assets are set for lower capital requirements. The report further highlighted,
“The capital will be sufficient to absorb a full write-off of the crypto asset exposures without exposing depositors and other senior creditors of the banks to a loss.”
The proposal did not specify any specific timeline, and hence, the implementation of these rules can take a couple of years. The proposal is, however, open to public comment before it comes into effect. It should also be noted that the committee said that the initial policies were “likely to change” several times as the market “evolves.”
Even though banks like HSBC have been cautious about stepping into crypto-trading, a few big names, like Standard Chartered Plc have announced their entry into the space.
As for Bitcoin, it fell by over 3.7% in the last 24 hours to trade at $35,418 at press time.
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Why Amp is the Best Altcoin You’ve Never Heard Of
Crypto Summer Pt. 2
I work with a crypto wizard.
Yesterday the wizard gave me a piece of advice: “Hey man, your fly is down.” After that, he told me to look into Amp, otherwise known as Crypto-Square.
Through this ERC-20 token, retailers can accept Bitcoin, Litecoin or Ethereum without having to wait 10 minutes or more for the network. Today Nordstrom, Lowes, Baskin Robbins, GameStop, Ulta Beauty, Office Depot, AMC Theaters, and Petco are just some of the stores that support Amp.
That’s right, you can go to these retailers and use Flexa’s SPEDN app (pronounced spend) to easily buy things with Bitcoin or other cryptocurrencies.
And if that wasn’t enough, Coinbase just listed Amp yesterday. Coinbase-approved altcoins often skyrocket in price as 56 million users are nothing to scoff at.
Here’s everything else you should know about this project.
There’s only one thing that Flexa and ConsenSys created Amp to do: Act as collateral. Amp guarantees that real-world transactions go through instantaneously due to collateralization.
Flexa, the company that created Amp, is the puppet master attempting to make cryptocurrency the new global financial system. They initially launched a Flexa token years ago, but ditched it for Amp and a close partnership with ConsenSys.
“The new Amp token demonstrates Flexa’s unrelenting commitment to DeFi and to building new technologies that will democratize access to payments for people all over the world,” Tyler Spalding, CEO of Flexa wrote in a blogpost.
Flexa eventually wants to use Amp to guarantee home purchases, loan distributions, and fiat exchanges.
Can you guess it? Go ahead — on three…
Oh, sorry I got excited.
Staking on Amp is just like providing to a liquidity pool on Uniswap or any other DeFi protocol. I just imagine a giant Uncle Sam poster pointing at you saying “we need your tokens.”
This is another reason why Amp works. It follows the old Army adage “K.I.S.S.” or Keep it Simple Stupid. In the past few months, Amp is one of the only altcoins I feel like I can explain to my mother. That’s a good thing.
Three words should make you very bullish about an altcoin: ‘Real-World Use’
Many altcoins over-engineer their projects to death and bog their white papers down with technical mumbo jumbo to make you think their team is smarter than you. Amp is not one of these projects. It keeps it simple, stupid.
Moreover, Amp is the leading technology making it possible for retailers to exchange cryptocurrencies. It’s so ahead of the pack that dozens of businesses are already using it.
It’s a no-brainer 10x, in my opinion.
Amp is trading at $0.06 at the time of publishing with a market cap of $2.59B (for reference the market cap of Ethereum is $276 B)
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