Litecoin SegWit Signaling Support Reaches 59%

By JP Buntinx — April 2, 2017

Ever since the litecoin developers implemented SegWit signaling, things have been progressing at an accelerated pace. Even though activating Segregated Witness requires 75% network consensus, it appears things are much closer where litecoin is concerned. As of right now, 59% of network blocks signal SegWit, which is quite an improvement compared to a few days ago.

Litecoin SegWit Signaling is Picking Up Speed

It is interesting to see popular altcoins do what bitcoin fails to achieve so far. The introduction of Segregated Witness signaling for bitcoin has been met with a bit of criticism and lots of agitation. Albeit the economic majority want is nothing to do with Bitcoin Unlimited, the mining pools clearly favor this bitcoin fork. It is evident coming to a conclusion and resolution will not happen anytime soon, unless the UASF takes place.

Over in the litecoin world, things are progressing at a more steady pace by the look of things. As of right now, 59% of all network blocks signal the activation of Segregated Witness, which is a lot higher compared to the support bitcoin has in this regard. Ever since one of the largest litecoin mining pools started signaling SegWit, things have started picking up for litecoin. it will be interesting to see if this trend can be sustained over the next few days and weeks.

Keeping in mind how Litecoin SegWit activation requires “just” 75% network consensus, It is obvious this solution has a very real chance of activating over the next few weeks. After all, 75% consensus makes a lot more sense compared to requiring 95%, which is what the bitcoin developers have proposed. If SegWit were to activate on the litecoin network, it will be interesting to see what this means for the future of this popular altcoin.

Moreover, the litecoin price seems to be doing quite well as of late. Ever since the improved SegWit signaling statistics became evident, Chinese investors have been pushing up the LTC price once again. After a few weeks of hovering around the 0.04 BTC mark, litecoin is now sitting around the 0.065 BTC mark without any issues. At the same time, the bitcoin value continued to climb, indicating litecoin is preparing for another bull run and increase its value once SegWit activates.

Header image courtesy of Shutterstock

litecoin Segwit

About the Author

JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

3 responses to “Litecoin SegWit Signaling Support Reaches 59%”

smd
April 2, 2017
With bitcoin’s 200 KH/s per dollar and litecoin’s 7 H/s per dollar I’ll better keep watching.
Log in to Reply
John DeRegnaucourt
April 2, 2017
If Litecoin can get SegWit activated, then Litecoin has a good chance for an upside greater than 25% of Bitcoin’s value ($250-$270 USD). Litecoin has 84 million total coins as opposed to Bitcoin’s 21 million and it processes blocks in 2.5 minutes as opposed to Bitcoin’s 10 minute block time. It has 4x higher transaction capacity than Bitcoin in its current form, and if SegWit is activated, Litecoin will have the ability to support high-volume (‘coffee purchase’ transactions – near instant time), this is because SegWit fixes a technical problem called ‘transaction malleability’, which then allows side-chain support (known as the Lightning network).
Theoretically, Litecoin should be worth 25% the price of Bitcoin (roughly $270 USD), because it has 4 times as many coins as Bitcoin. However, because of the media’s focused attention on Bitcoin, Litecoin is way undervalued. If SegWit activates on Litecoin and not Bitcoin, Litecoin could exceed the value of Bitcoin because it becomes a better digital coin, with support for both massive transaction volume and transaction speed supported.
In addition, Litecoin is already available to be purchased at Coinbase and nearly all other cryptocurrency exchanges.
One other coin, Viacoin, may activate SegWit very soon. It will be interesting to see what happens to its price when that happens.
Log in to Reply
JAFO
April 3, 2017
not a lot of use for segwit on ltc, cause no one uses ltc and the blocks are not anywhere near full. ltc should just die already. buy btc, eth or dash…ltc is a pump and dump of a now pretty much worthless coin.
Log in to Reply