Litecoin's scaling debate may be coming to an end.A group of miners and exchanges is throwing support behind a new proposal, an agreement that follows weeks of increasingly acrimonious debate over whether the technical upgrade would be enacted on the litecoin network, the fourth-largest cryptocurrency by market capitalization.Backed also by the cryptocurrency's creator, Coinbase employee Charlie Lee, the statement endorses a "Segregated Witness soft fork on Litecoin", which would bring a scaling upgrade first proposed for bitcoin to litecoin, most likely sooner than it could be activated on the bitcoin blockchain.According to organizer and litecoin community member 'PZ', the meeting was held on WeChat for over eight hours, from 12pm to 8pm Beijing Standard Time today.Created by bitcoin's development team, the SegWit upgrade has long been lauded for the creative way it seeks to increase transaction capacity without needing to alter hard-coded block size rules.Litecoin, like bitcoin, also has a 1 MB cap on the total capacity of transactions per block, and as such, it faces similar scalability constraints long term.

Overall, the statement endorses a collaborative approach and blasts the use of so-called user-activated soft forks, or UASFs, as viable scaling alternatives."We agree that protocol upgrade should be made under community consensus, and should not be unilateral action of developers nor miners.We advocate that Litecoin protocol upgrade decision should be made based on the needs of the users, through the roundtable meeting voting process, and activated by miner voting."bitcoin litecoin charts, BATPool, F2Pool and LTC1BTC – a combination that represents roughly 68% of the hashrate.litecoin goldThat number rises to approximately 84% if you include LTC.top, which is reportedly controlled by the same owners as LTC1BTC according to the meeting's organizer.bitcoin core reddit

Notable among the participants, however, is Bitmain, which threw its support behind a potential block size increase as well in the future – provided that capacity usage rises over a certain threshold.Speaking to CoinDesk, Bitmain co-founder Jihan Wu confirmed he was personally in attendance at the meeting, despite his long opposition to the same upgrade on the bitcoin network.He said that it was the combination of SegWit, with a promise to support on-chain scaling solutions, that ultimately led Bitmain to back the proposal.bitcoin price history gbp"Charlie [Lee] promised to provide solution of increasing the block size when it is half full," he said.dogecoin ethereumGoing forward, it's unclear how quickly the capacity upgrade could be enacted on litecoin.bitcoin atm asia

Miners will now need to signal for the upgrade by downloading the latest software that includes support for SegWit.More than 75% will need to signal for the upgrade, and this figure will need to be held for two weeks, according to the original proposal, published with the software in January."When the usage of litecoin block capacity is over 50%, we will start to prepare for a solution to increase the 1 MB block size limit through a hard fork or soft fork," the statement reads.ethereum benefitsAccording to organizers, efforts are being made to bring other parties and stakeholders within the group, including exchange services Bitstamp, BTC-e, Bitfinex and Poloniex.litecoin to goldLitecoin has surpassed Ethereum Classic for the #4 position based on overall market capitalization — the most used standards in measuring the viability of cryptocurrencies today.bitcoin 30 gh/s

Litecoin is described as ‘the lite version of Bitcoin’ and has been seeing explosive growth over the last few days.Why is that?Simply put, money is valuable to people, cryptocurrency is a measure of value, and there are only so many tokens created — leading to an increase in the value of that coin when more people buy it, increasing the market cap for that coin.Litecoin’s price has been sitting around $22–29 the last month or so until just recently, June 9th, when Coinbase’s Charlie Lee announced he was resigning from Coinbase to help further develop the Litecoin and its community.This has been a problem for the coin because after scanning various forums, it seems as though a high level of developer participation is not present.It makes sense that somebody coming from a seemingly failing Coinbase would join a cryptocurrency with so much potential like Litecoin.Which, in turn, makes sense why the coin price is going up.News hits the media, takes a couple days to hit the community and outside consumers and BAM — that’s how coins like Litecoin go from it’s current $47ish price to 2x, 3x, 4x’ing to $100, $150, or $200+.Nobody will ever know how to properly predict these prices, but these types of indicators help us make more informed decisions on where we allocate our own resources.Sounds like a match made in heaven to me.

As I continued my research, I found an article that explains a $12,000 donation the Litecoin Foundation received alongside Lee’s move to resign from Coinbase to work on Litecoin full-time.From Coin Telegraph:Yes, something as simple as this can cause prices to surge in this young cryptocurrency market.The astounding characteristic about this industry is that community participation is the primary driver.Value is literally created by using the currency which, in turn, fuels an entire community and it’s own engagement.Truly how business should work — a vote with your resources.Right now, in America especially, business abuses the consumer as much as the consumer is willing to let them.To the same tune, consumers are not able to keep up with the vast complexities of cryptocurrency and blockchain technology, as a whole.Coming together as a community, being engaged, and moving your money where your trust is becomes extremely important.Money put into a coin is a testament to that coin’s technology…or the ridiculous speculator participants.Please do your research before participating in the cryptocurrency space and only allocate money you are willing to lose completely.