Every Litecoin Mining Pool Except Antpool now Signals SegWit

TheMerkle litecoin SegWit SignalingA lot of cryptocurrency enthusiasts are keeping a very close eye on the Litecoin ecosystem as we speak. After an agreement was formed after the Litecoin Roundtable Resolution, nearly all LTC mining pools are now signaling SegWit support. At this rate, it is a matter of weeks until Segregated Witness activates on the Litecoin network. An interesting development that is worth keeping an eye on. Litecoin Will Receive SegWit Very Soon Two days ago, the cryptocurrency community received quite an interesting surprise. A document was published on Medium outlining how operators of all Litecoin mining pools came together to discuss

TheMerkle litecoin SegWit Signaling

A lot of cryptocurrency enthusiasts are keeping a very close eye on the Litecoin ecosystem as we speak. After an agreement was formed after the Litecoin Roundtable Resolution, nearly all LTC mining pools are now signaling SegWit support. At this rate, it is a matter of weeks until Segregated Witness activates on the Litecoin network. An interesting development that is worth keeping an eye on.

Litecoin Will Receive SegWit Very Soon

Two days ago, the cryptocurrency community received quite an interesting surprise. A document was published on Medium outlining how operators of all Litecoin mining pools came together to discuss the future of the network. It took about 8 hours until an agreement was reached, although very few people expected such a positive outcome. All parties agreed on activating Segregated Witness on the Litecoin network, which is a rather surprising development.

Not too long ago, it appeared some of the larger Chinese mining pools would continue to stall SegWit activation on the Litecoin network. The same pools opposing SegWit on Bitcoin did so for Litecoin, although they have come around where the LTC network is concerned. All parties endorse a Segregated Witness soft fork, which would provide the scaling upgrade to the network. In doing so, Litecoin becomes the first major cryptocurrency to activate SegWit, after several smaller altcoins had done so in recent weeks.

A lot of people were surprised to learn Bitmain supported this resolution. After all, the company and its mining pool have not been too keen on SegWit for bitcoin, and it is doubtful they will change their stance anytime soon. However, now that all parties agree on activating the scaling solution on the Llitecoin network,  it is possible things will change for bitcoin in the future too. So far, Bitmain has yet to signal Segwit for Litecoin on their mining pool, though.

The other mining pools who were opposing the solution have all switched over to SegWit signaling as we speak. LTC1BTC and LTC.TOP were two of the major pools that had yet to implement the signaling, yet it appears they have done so a few hours ago. That is quite a significant development, as it goes to show Segregated Witness will be activated on the network very soon.  Even if Bitmain were to back out on this agreement – which seems highly unlikely – the pool does not control enough hashpower to delay SegWit activation.

It is good to see such a major cryptocurrency take the plunge on SegWit, even though most people want to see this solution activated on the bitcoin network. Litecoin may take away some of bitcoin’s momentum and market share once SegWit activates, although it remains to be seen if there will be any noticeable difference to speak of. Bitcoin has lost quite a bit of its market share over the past few months, as multiple altcoins are establishing their presence in the cryptocurrency world

For now, the whole Litecoin community is waiting to see Antpool’s first block signaling Segregated Witness. Considering how it is one of the smaller pools, it may take a while until that happens, though. Moreover, this seems to nullify any “risks” associated with bringing the user-activated soft fork to the Litecoin ecosystem, which will put investors’ minds at ease. An interesting development, that much is certain.

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Litecoin Reaches Round Table Resolution for Protocol Upgrade

resolutionThe Litecoin community established a roundtable in order to reach a resolution for protocol upgrades. On April 21, the creator of Litecoin, Charlie Lee, tweeted that an agreement has been achieved by jokingly saying the community has decided on a new pope.  Also read: What is Asicboost? — An Interview With Developer Jeremy Rubin Members of the Litecoin community published

The post Litecoin Reaches Round Table Resolution for Protocol Upgrade appeared first on Bitcoin News.

resolution

The Litecoin community established a roundtable in order to reach a resolution for protocol upgrades. On April 21, the creator of Litecoin, Charlie Lee, tweeted that an agreement has been achieved by jokingly saying the community has decided on a new pope. 

Also read: What is Asicboost? — An Interview With Developer Jeremy Rubin

Members of the Litecoin community published a resolution dubbed the “Litecoin Global Roundtable Resolution 001 (2017).” The resolution is supposed to establish the groundwork for a consensus that will allow for the activation of segregated witness. The arrangement consists of four points of communication.

Litecoin Reaches Round Table Resolution for Protocol Upgrade

4 Point Consensual Agreement

The first point of the resolution establishes that the meeting has been set up to resolve differences and make sure there is no miscommunication. The article stated:

“This Global LTC Roundtable Meeting is established to remove misunderstandings and promote industrial consensus. Participating members agree to abide by the results of the vote.”

The second point of the agreement states that consensus for a Litecoin protocol upgrade should be hinged on a legitimate community vote. The resolution states that there should be no unilateral or nefarious action on the part of subversive elements bent on getting the protocol to conform to their will.

The third point suggests that no forced “flag-day USAF” should be Litecoin Reaches Round Table Resolution for Protocol Upgradeimplemented. The agreement stated that this type of nonconsensual upgrade would risk a hard split in the community.

The fourth point is the most important. It consists of two vectors of agreement. Members of the community unanimously agree to implement segregated witness. They also agree that once the block size reaches 50% capacity, they will then hike the block size by way of either a soft fork or hard fork. The article said:

“When the usage of Litecoin block capacity is over 50%, we will start to prepare for a solution to increase the 1MB block size limit through a hardfork or softfork.”

Litecoin Reaches Round Table Resolution for Protocol Upgrade

Final Considerations; Participants in the Resolution

The goal of this resolution or agreement according to the sponsors are to create a more “harmonious community.” It appears the Litecoin participants want to communicate their differences in an open and peaceful way for the betterment of the network.

The article mentioned that the wider community is involved in the resolution. This included developers, miners and other participants such as Bitmain, Batpool, F2 Pool, Huobi, and others.

If everything moves according to plan, the Litecoin network is poised to resolve differences without resorting to hostility that could needlessly sever the community and endanger the project.

Do you believe this resolution will work to keep the peace in the Litecoin community? 


Images via Shutterstock and litecoinblockhalf.com


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