Litecoin SegWit signal is reaching critical 75% threshold – what this means
The Final Lap!
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? It’s possible. 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. It would make it more than just a “test net,” as it would even lead the way instead of Bitcoin in some aspects!
Most importantly, it would mean the people decided the fate of their digital form of wealth, and not a central authority. It would show that decentralization can work and people can come together and resolve issues based on logic and unity.