- The Litecoin Foundation, which was working from so long on the multi-sig Electrum LTC wallet, is now migrating to the BitGo’s multi-sig wallet.
- The reason behind this migration as disclosed by the LTC Foundation is users’ convenience.
- BitGo’s multi-sig wallet is more convenient and user friendly as compared to the previous multi-sig Electrum LTC wallet.
Very crucial news released by the Litecoin foundation from their official twitter handle this morning. The Litecoin Foundation, which was working from so long on the multi-sig Electrum LTC wallet, is now migrating to the BitGo’s multi-sig wallet.
As part of our efforts to simplify the management of the foundation’s funds, we are migrating from the multi-sig Electrum-LTC wallet to BitGo’s multi-sig wallet, which provides much greater convenience and nearly the same level of security.https://t.co/7xvoJLhhDp pic.twitter.com/tYZVrB2vc2
— Litecoin Foundation (@LTCFoundation) May 9, 2020
The reason behind this migration as unveiled by the LTC Foundation is user convenience. BitGo’s multi-sig wallet is more convenient and user friendly compared to the Electrum LTC wallet. But, security is somehow going to on the same level.
LTC foundation also requested all current donors to stop using LTC old addresses. To avoid any of the potential donation misplacement. LTC’s old addresses remain on the LTC finance page for the upcoming one month. So that the tracking will be more convenient for the public, and they can track their previous funds. The old addresses will be going to disappear after a month to prevent any of the old address misuses.
Litecoin Chooses Bitgo over Electrum
The new addresses for the BitGo’s multi-sig wallet will disclose shortly on the Litecoin finance page to continue the further transactions. Also, the LTC is directly shifting the donation for their upcoming Litecoin confidential transaction project to their project escrow account to help to continue the donation process. The previous donation funds raised for the same Litecoin sensitive transaction project will also shift to the project escrow account.
The BitGo multi-sig wallet is going to be more anti-theft and secured as it required two or more private keys to release of bitcoin or any other cryptocurrency. Some feature which can be now addressable by the Litecoin users are:
- Rate limits – Rate limit will help users by providing a limit which also includes the daily volume and transfers limit.
- Fast recoveries- This will provide an ASAP feature to retrieve your fund back.
- Multi-users approval:- This feature is also available in the BitGo’s wallet, so multiple parties authorize that transaction before its execution.