Monday, December 5, 2022

Litecoin Begins Activating SegWit as Block Threshold Is Surpassed

Litecoin Begins Activating SegWit as Block Threshold Is Surpassed

It looks like Litecoin will get its SegWit activation soon enough, which might scare some Bitcoiners who oppose the Core-backed upgrade.

Also read: Bitcoin Unlimited Continues Losing Support as Node Count Suddenly Nosedives

SegWit Locked In

Charlie Lee litecoinDuring the afternoon of April 26, Litecoin mined the last block it needed to begin activating SegWit. Therefore, the cryptocurrency will have its SegWit activation fully implemented within a matter of weeks.

Publicly commenting on the milestone, Charlie Lee, the altcoin’s creator, said on Twitter:

“SegWit on Litecoin will be locked in in [sic] ~19 hours, but we already reached the required number (6048) of signaling blocks.”

Shapeshift founder and CEO Erik Voorhees — who also supports SegWit activation for Bitcoin, congratulated the altcoin,

“Congratulations to Litecoin for adopting/activating SegWit! Now your turn, Bitcoin! Do it!”

Developers introduced their cryptocurrency to SegWit as the block size scalability debate reached a fever pitch in the Bitcoin world. In an early 2017 blog post, Lee said he began supporting SegWit because it would both improve his cryptocurrency and prove that Bitcoin can safely activate SegWit itself.

“With SegWit and Bitcoin’s current block scaling deadlock,” he said, “I see a potential for Litecoin to help Bitcoin break through this deadlock.”

“Litecoin can take a lead and be a positive force in the cryptocurrency space.”

The Battle For Litecoin

The cryptocurrency hit the needed milestone just a few days after the establishment of the Global Litecoin Roundtable Meeting, where major mining pools — including one ran by Bitcoin Unlimited supporter Jihan Wu — agreed to allow SegWit implementation for the altcoin “under community consensus.”

Up until the Roundtable Meeting, Wu had not been signalling for SegWit, leading many people in the cryptocurrency community to accuse him of “blocking” the upgrade’s activation.

If Wu allowed Litecoin to implement SegWit, they speculated, he would have less of an argument against SegWit for Bitcoin. Speculators further suspected that Wu opposed SegWit on Bitcoin because it would make miners unable to exploit ASICBOOST.

Now, however, Litecoin will soon see SegWit activation. This will allow developers to implement things such as the Lightning Network, Lee said in January. In turn, that would make the altcoin an even stronger example for the Bitcoin community.

Meanwhile in the Bitcoin world, the scalability debate rages on.

What does Litecoin’s SegWit activation mean for the larger scalability debate? Let’s hear your thoughts down below. 

Images via Flickr, Charlie Lee

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