It’s official. Litecoin, one of the oldest and largest altcoins by market cap, deployed Segregated Witness (SegWit) today. The protocol upgrade that wasgoed originally developed for Bitcoin and proposed by the Bitcoin Core development team locked te on Litecoin two weeks ago, and wasgoed enforced by a majority of hash power on the Litecoin network spil of a duo of hours ago.
The Segregated Witness soft fork activated without major issues — however there wasgoed an early slip up by the largest Litecoin mining pool on the network.
“F2Pool had a hiccup where they were not mining Litecoin correctly. For some reason their LTC pool wasgoed returning a BTC template to miners. Wij reached out to them and they motionless it right away,” Litecoin inventor Charlie Lee told Bitcoin Tijdschrift.
Launched te 2011, Litecoin wasgoed one of the very first altcoins to build up significant traction. Spil opposed to some newer altcoins like Ethereum, Ripple and Monero, Litecoin is a straight fork of Bitcoin’s codebase but with a different mining algorithm and some switched parameters, such spil swifter confirmation times. This similarity to Bitcoin does mean that Litecoin suffers from similar weaknesses spil Bitcoin, like transaction malleability.
And, indeed, that it can adopt similar solutions and improvements, like Segregated Witness.
While Litecoin inventor Charlie Lee has bot advocating for activation of the soft fork since late 2016, miner support originally did not go after. This switched following the Global LTC Roundtable Meeting, an online meeting held amongst vooraanstaand stakeholders ter the Litecoin industry, who are based particularly ter China. The participants agreed on “Litecoin Global Roundtable Resolution 001 (2018),” which, among other things, holds that the mining pools would activate SegWit.
With its SegWit activation, the “silver to Bitcoin’s gold” has instantly reclaimed a place ter the zoeklicht, and the markets have bot taking notice. Having lingered ter Bitcoin’s shadow for years at price levels below $Five, Litecoin’s exchange rate surged almost tenfold te anticipation of SegWit. The altcoin reached almost $40 today and is trading around $33 at time of publication.
Perhaps even more significant, some vooraanstaand Bitcoin projects — like .Televisiekanaal Bitcoin library NBitcoin and wallet mSIGNA — announced to port their work to Litecoin now that it has enabled SegWit. Even more notable, Lightning Labs will roll out a version of their lightning network implementation on Litecoin, while ACINQ has tested their lightning software on the altcoin, too. Similarly, Bitcoin Core developer Johnson Lau, one of the authors of SegWit, has indicated that he will realize smart-contracting solution Paal on Litecoin.
Further down the road, Segregated Witness enables more innovations that could be deployed on Litecoin very first. Confidential Transactions, Schnorr signatures and TumbleBit are all te the works for Bitcoin, and shouldn’t take too much effort to port to Litecoin.
Lee himself, furthermore, hopes that atomic interchanges will soon see the light of day, enabling an instant and trustless altcoin exchange and lightning network type of transactions across different digital currencies.
“SegWit opens up the doors to many amazing features that can be added to Litecoin,” Lee said. “These include Lightning Network, Paal, Confidential Transactions, Schnorr Signatures and more. I think Litecoin can voorstelling Bitcoin that SegWit is indeed the best way to improve the protocol. So I think it will help get that happening sooner on Bitcoin.”
Segregated Witness is still pending activation on Bitcoin, where it requires 95 procent hash power support. It has stagnated at around 30 procent so far.