New LTC address format for Freewallet users
A while ago Litecoin, the seventh-largest cryptocurrency by market cap, activated the Segregated Witness (SegWit) protocol. The protocol was implemented in part to boost the capacity of Litecoin’s currently limited transaction throughput and also to test the waters concerning the long-proposed Lightning Network.
Before the Segwit activation, Litecoin had 2 address formats:
Addresses starting with “3”
Addresses starting with “L”
After the Segwit activation, the Litecoin address format was changed so that all post-activation addresses start with “M.”
What’s the deal now?
We did some work on our wallet and upgraded our existing Litecoin software. Now Freewallet supports not only L-addresses, which are non-P2SH (non-SegWit), but also Litecoin’s P2SH addresses that start with the letter “M”.
Which means for Freewallet users?
All new Litecoin addresses that you create in the wallet will start with “M” and will support Segwit transactions. You don’t need to do anything. We’ve done everything for you. Your transactions are supposed to become faster, unless you’re sending to another Freewallet user, in which case the transaction will be instant and free of charge.
This update was also aimed at making the software even safer and a little bit cheaper.
For most of you, these changes will just bring you benefits and happiness.
What’s the trick?
There are a few users that still use Litecoin addresses starting with “3”. There are not many of you who do that. Starting today, please don’t use that kind of address. If you have to send some LTC to one of those addresses, ask the owner to convert the old address to a new one. There is even an official converter for that.
The assets won’t change, it’s just another address to the same vault. Like if you were to change the address on your building in the offline world. The building would still be the same, but your mailing address would not.
If you have any questions, just contact our support team. They will help you 24/7 with anything you need.