Litecoin (LTC) overtakes Bitcoin (BTC) in SegWit usage, as the percentage of blocks using SegWit approaches 50 percent. This came right after there was a sharp decline in the usage of SegWit on the 3rd of September. The decline occurred when the number of daily transactions of Litecoin (LTC) skyrocketed to 75,000 from 25,000.
This led many to believe that there was a huge volume of low-frequency transactions that took place without the activation of SegWit on them. Relatively, this would be recorded as a decrease in the percentage usage of SegWit transactions.
Litecoin (LTC) Price Today – LTC / USD
Charlie Lee’s Comment
The founder and CEO of Litecoin (LTC) – Charlie Lee-, tweeted about the event recently, saying that “Litecoin (LTC) SegWit usage overtakes Bitcoin (BTC) and it is approaching 50 percent. Thanks to @Blockchair for putting the data together.”
Segregated Witness (SegWit)
Segregated Witness – which is long for SegWit – is a protocol update made for the blockchains of Bitcoin (BTC) and Litecoin (LTC). It takes out the witness data, which is the aspect of transactions that hold signatures, and moved it outside the block. This, together with potentially scaling the blockchain, enabled the fixing of transaction malleability.
This paved the way for second-layer scaling solutions, as it fixed the issue where hackers could alter transaction IDs and apparently the entire block. It also allows for adding more transactions into a block, therefore increasing the overall transaction throughput of the blockchains.
The Percent of Bitcoin (BTC) Transactions Using SegWit
The percent of Bitcoin (BTC) transactions that use Segregated Witness has remained under 40 percent since the technology was activated, even though the users of SegWit are paying twenty to thirty percent of all the fees on the blockchain.
However, this is not the case with Litecoin (LTC), as Segregated Witness is used on the blockchain of Litecoin (LTC) more than on the blockchain of Bitcoin (BTC). According to Charlie Lee, the usage of SegWit on the blockchain of Litecoin (LTC) is in the high 40 percent, gradually approaching 50 percent. This means that about 50 percent of the transactions carried out on the blockchain of Litecoin (LTC) are using SegWit for their transactions.