Litecoin has surpassed the required number of signaling blocks needed to activate Segregated Witness (Segwit) on Wednesday. Segwit is therefore locked ter on Litecoin. “After Segwit is locked-in, it will activate,” wrote Segwit’s development team.
Segwit Locked Te
Early on Wednesday, Litecoin creator Charlie Lee tweeted: “Segwit on Litecoin will be locked te te
Nineteen hours, but wij already reached the required number (6048) of signaling blocks.” His tweet shortly followed the official Litecoin channel’s tweet.
The activation threshold for Segwit on Litecoin wasgoed set to 75 procent by its development team. Specifically, “6048 out of 8064 (75%) blocks are required to reach ‘locked_in’ status,” the Litecoin tracking webpagina Litecoinblockhalf explains. The webpagina shows that presently 6328 out of 7911 or 79.99% of blocks are signaling for Segwit, adding that “after another activation period, Segwit will become active.”
Ter the meantime, all miners and knots are encouraged to upgrade their software to the latest version. The development team behind Segwit wrote:
After Segwit is locked-in, it will activate. That means all utter knots running Segwit-aware code will start requiring miners to enforce the fresh Segwit overeenstemming rules.
The Road to Segwit Activation
Te February, Litecoin developers led by Charlie Lee initiated the shove to add Segwit to their cryptocurrency. However, instead of closely following Bitcoin’s activation project, the Litecoin team determined to lower the activation threshold from 95 procent down to 75 procent.
Last week, Bitcoin.com reported on the Litecoin community’s Global Roundtable meeting. A resolution wasgoed reached during the event inbetween several major mining pool operators and exchanges that trade Litecoins. They agreed to establish the groundwork for overeenstemming which permits Segwit to be activated.
Responding to the news of Segwit’s pending activation, the price of Litecoin leaped from $Four vanaf LTC at the end of March to almost $16 at the time of writing, taking its market capitalization to approximately $743 million.
Other Altcoins Adopting Segwit
Litecoin will not be the very first cryptocurrency to add Segwit to their source code. A much smaller altcoin called Groestlcoin has already adopted the switch on their mainnet. The three-year-old crypto has a $1.6 million market cap. It trades for less than three US cents but has bot busy growing overheen the years. Ter January, the Groestlcoin admins updated the code to include Segwit, and by their 3rd anniversary near the end of March, Segwit wasgoed activated.
Another altcoin, Vertcoin, could go after shortly behind Litecoin if they stay on schedule with their User Activated Soft Fork (UASF) to activate Segwit on Vertcoin at midnight on May 31. Presently, the majority of mining power for the cryptocurrency is not signaling for Segwit but the developers and the community are pushing ahead for Segwit regardless.
Meantime, other altcoins such spil Viacoin, Syscoin and Digibyte have also added Segwit to their development roadmaps.
Lightning on Litecoin
Both Litecoin and Groestlcoin have commenced working on what comes next after implementing Segwit: deploying the Lightning Network (LN). On Tuesday, French Bitcoin technology company Acinq announced that they have tested their lightning network on the Litecoin testnet, which has bot running Segwit for weeks. “With eclair 0.2-alpha3 to be released, wij looked at what wasgoed needed to make it run on Litecoin,” the startup wrote before exclaiming:
TL,DR Wij ran eclair on Litecoin (testnet) and it worked. Wij didn’t even have to switch the code!
“In fact, it worked out of the opbergruimte, all wij had to do is switch a few configuration parameters,” Acinq claims. While there are some things left to be fine tuned, they believe that “it is very possible that the very first LN payment carrying real value will be made on Litecoin.”
What do you think about Litecoin activating Segwit? Let us know ter the comments section below.
Pictures courtesy of Shutterstock, Segwit, Twitter, Highcharts.com, Groestlcoin, Acinq and Charlie Lee
Need to calculate your bitcoin holdings? Check our instruments section.