- Litecoin’s Segregated Witness Usage Peaks at 75 Percent
- Charlie Lee Celebrated the Usage of Litecoin’s SegWit Surpassing That of Bitcoin
Litecoin News Today – About two years ago, Segregated Witness (SegWit) was launched on the Litecoin network. Over the past years, SegWit was only moderated adopted. However, the adoption and usage of the technology have been on the rise since August. The usage of Litecoin’s Segregated Witness just surged to an all-time high of 75 percent.
Litecoin’s Segregated Witness Usage Peaks at 75 Percent
The usage of SegWit on the Litecoin network just picked at 75 percent. According to data from Blockchair, the last time the usage of the technology came close to this figure was on the 11th of November last year. During that period, the usage of Litecoin’s segregated witness got to an all-time high of 66 percent.
Litecoin (LTC) Price Today – LTC / USD
This is a welcomed development and a piece of bullish news for Litecoin and its community. The Litecoin community welcomed this news with open arms. Loshan – a leading Litecoin core developer – said:
“Litecoin led the way forward in adopting the bloat-reducing technology – Segregated Witness (SegWit). In the future, we hope to lead adoption in cutting-edge blockchain technology.”
Charlie Lee Celebrated the Usage of Litecoin’s SegWit Surpassing That of Bitcoin
Earlier this month, the creator of Litecoin (LTC) – Charlie Lee – celebrated the usage of Litecoin’s Segregated Witness on the network surpassing that of Bitcoin’s. In a tweet, he said that the SegWit usage on the Litecoin network surpasses that of Bitcoin and nears 50 percent.
Litecoin SegWit usage overtakes Bitcoin and nears 50%.
Thanks @Blockchair for compiling this data. Check them out. They have a very cool SegWit-aware block explorer for Litecoin. https://t.co/QxC1H4Os7C
— Charlie Lee [LTC⚡] (@SatoshiLite) September 7, 2018
There was quite a series of controversy regarding the topic, especially the launch date of the technology. However, Segregated Witness (SegWit) has been able to resolve the malleability issue on the network. The technology has paved the way for double layer scaling via the Lightning Network. The maximum block size of the network is still limited to 2.5MB. However, by separating out the witness from a transaction into a segregated space, the effective block size has surged to 4MB.
Litecoin’s Segregated Witness has achieved quite a lot since it was launched. In February last year, Coinbase – one of the top digital currency trading platforms in the world – announced support for SegWit. When Coinbase started supporting the technology, the adoption rate of SegWit surged to 28 percent from 9 percent.
The recent upsurge in the adoption of the technology could be linked to some other top firms on the network that have upgraded their systems silently. This piece of bullish news could have a positive effect on the price of Litecoin (LTC), as the digital currency needs more bullish momentum to return to its previous highs.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.