Litecoin Scaling Agreement supports SegWit



Site Admin
Apr 2017
Litecoin is up 15% (LTC/USDT) today as their scaling debate may be coming to an end, with miners and exchanges moving to support a SegWit (Segregated Witness) soft fork.

SegWit was created by Bitcoin's development team in response to the 1 MB cap on the total capacity of transactions per block, which has constrained long term scalability. SegWit will increase transaction capacity without changing block sizes. While SegWit was first proposed for Bitcoin, Litecoin is likely to see the SegWit technical upgrade first.

Today's statement endorses a collaborative approach and works to end a UASF (user activated soft fork) as a viable scaling alternative:
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.
Moving forward, miners will need to signal for the upgrade by downloading the latest software, which includes SegWit. In order for the technical upgrade to be accepted, more than 75% will need to signal for the upgrade and this percentage threshold must hold for 2 weeks.

Litecoin is currently the 4th largest cryptocurrency by market capitalization.