Charlie Lee: Segwit to be Activated in 30 Days on Litecoin, 75% Threshold Met ​Bitcoin Core’s scaling solution Segregated Witness (Segwit) is close to being activated on Litecoin.According to Coinbase Director of Engineering and Litecoin founder Charlie Lee, Segwit should be activated in the next 30 days.The activation of Segwit on Litecoin serves as an important phase of bitcoin development.In the past, some of the largest mining pools including F2Pool announced their plans to support Segwit for bitcoin scaling if the solution is well executed and adopted on Litecoin.In an interview, F2Pool-’s co-founder Wang Chun said : “We’ll do it on Litecoin first and then make an evaluation if it is feasible on bitcoin.” There exists a few reasons why certain mining pools are observing the activation of Segwit on Litecoin with caution.One of the major reasons is that Litecoin is very similar to bitcoin in terms of structure, philosophy and monetary policy.Thus, if Segwit is activated on Litecoin without any technical errors, issues and controversy, miners more or less could expect the same result on bitcoin.

The threshold for Segwit activation on Litecoin is 75 percent.Lee announced on April 12 that the 75 percent threshold has been met and the activation period officially starts on April 14.If the 75 percent threshold and community support remain for additional 14 days, Segwit will be officially activated on Litecoin.“We have reached 75% SegWit signaling in the last 24 hours.Activation period starts in 2 days.We then need over 75% for 2 weeks to lock in.SegWit will activate 2 weeks after it locks in.If all goes well, we will have SegWit activated on Litecoin in 30 days.” Upon the activation of Segwit, miners, developers, users and businesses will most likely focus on the impact of the solution on Litecoin’s on-chain capacity and overall scalability.Theoretically, Segwit should be able to expand the block size of bitcoin by up to 3.7x, according to various tests executed on bitcoin’s testnet.Furthermore, Segwit’s transaction malleability solution will provide an infrastructure for two-layer solutions such as Lightning to develop.

If miners including China’s F2Pool perceive a drastic short-term impact on Litecoin’s scalability, it is highly likely that the majority of miners will begin to signal Segwit on bitcoin.city of bitcoin faucetThe threshold for Segwit activation on bitcoin is significantly different to that of Litecoin’s.bitcoin exchange drugsOn bitcoin, 95 percent of nodes must signal their approval of Segwit.uk bitcoin gatewayAlthough multiple bug exploitations of Bitcoin Unlimited led to increased support for Segwit, at this point in time, a major event must occur for Segwit to be activated.hub for bitcoin miningJameson Lopp, the lead engineer and architect of multi-signature technology developer BitGo, noted that the recent surge in Litecoin price correlated with the high probability of Segwit activation.bitcoin scandal japan

While Lopp reaffirmed that correlation is not equivalent to causation, he stated that miners should consider the economic potential of activating Segwit.bitcoin trash dumpLitecoin price (red) vs SegWit signaling (blue.)bitcoin litecoin wikiCorrelation != causation, but miners should consider that this may be an economic signal.bitcoin coffee shop london/WOZ1UvNbQe — Jameson Lopp (@lopp) April 12, 2017ethereum hit 200The CrushTheStreet Staff Is Consistently Researching The Most Important Investment Research.Our Goal Is To Magnify Your Financial Education At These Critical Times.Gain Immediate Access To Our Wide-Range of Top-Conviction Reports Litecoin’s journey towards scaling with SegWit has not been an easy one, but new mining pools have signalled for SegWit’s activation in the last two weeks, resulting in a price surge the likes of which Litecoin hasn’t seen for many years.

For SegWit to become activated, at least 75% of the community must signal for the soft fork (software implementation) to happen.It’s currently at around 70%, so the finish line is in sight, but the last lap could prove to be the hardest of them all… The Overall Majority Want SegWit, But Some Do Not… It’s no secret that there is a heated debate regarding SegWit.The Bitcoin community is more than accustomed to such debates, however, there are rumours of mining pools that have tried to hinder or prevent the 75% threshold from being reached.Rumours online explain that large amounts of hashing power are being added to certain mining pools to tip the balance and reduce the SegWit signalling.Upon exposure, this created more distrust, as people blame the Bitcoin Unlimited supporters and pools for being underhanded.This had caused Litecoin’s progress to dip from a strong 70% down to 60%, but as the week went on, a recovery in activation progress and price ensured that Litecoin’s community truly wants SegWit and that they do not give up easily!

Will There Still Be a Bitcoin Scaling Debate When/if Litecoin Activates SegWit?Can Litecoin stop Bitcoin from splitting in two?With a successful activation of SegWit on the Litecoin network, more users could become more open-minded to the idea of SegWit and embrace it.This recent surge in signalling has almost derailed Bitcoin Unlimited’s campaign of forking Bitcoin’s network, leading many people to believe that there are people who want to deliberately hinder the progress of SegWit.What Happens When SegWit Signalling Reaches 75%?Although the Litecoin and Bitcoin community watch nervously as the percentage for activation changes daily, people are wondering how the process of SegWit activation actually happens.People are also curious about how it will be implemented with the Lightning Network, an off-chain application to enable faster transactions that will be activated after SegWit.When/if 75% approval is reached, SegWit won’t activate right away.The requirement for activation is for the signalling to stay at or above 75% for two weeks in order to ensure SegWit is “locked in” and the community is at an agreement.

If Litecoin Activates SegWit, Could it Take Over Bitcoin?Litecoin activating SegWit and the Lightning Network would mean the title of “digital silver” is truly justified.It would make Litecoin the better coin technology-wise when compared to Bitcoin (although Litecoin is a more advanced version of Bitcoin, it would have a clear edge).The more probable scenario would be that with the amount of attention heading Litecoin’s way, the concept of a digital currency being able to rival the fiat banking system’s volume will bring a media frenzy from not just users, but investors, tech enthusiasts, and many large companies interested in adding Litecoin as a payment option.Bitcoin and Litecoin need each other now more than ever.Litecoin needs Bitcoin’s dominance, but Bitcoin needs Litecoin to solve problems like scaling and other technical issues, as the two networks are technologically similar.Litecoin may complement Bitcoin, rather than overtake it.Litecoin would ethically be the example for all other cryptocurrencies to follow.