{"id":2367,"date":"2017-05-11T14:33:42","date_gmt":"2017-05-11T14:33:42","guid":{"rendered":"https:\/\/blog.holytransaction.com\/?p=2367"},"modified":"2022-02-15T00:59:57","modified_gmt":"2022-02-14T22:59:57","slug":"litecoin-segwit-approved","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2017\/05\/litecoin-segwit-approved.html","title":{"rendered":"Litecoin Segwit has been finally approved"},"content":{"rendered":"

Litecoin Segwit<\/strong><\/a> has been finally implemented, so this long-debate to change to change the digital currency network can be said to be closed now.<\/p>\n

Originally intended to improve the bitcoin blockchain, Segwit – or Segregated Witness<\/a> – had to solve the so-called block size debate, but it has been used on the lesser known litecoin chain, with some in the community that believes that it will help to finally have a quick implementation on the bitcoin network too.<\/p>\n

Litecoin Segwit: how does it work?<\/h2>\n

Segregated Witness, in fact, is a new system that will allow litecoin to improve its block size, by\u00a0modifying how transaction data is stored by the blockchain itself.<\/p>\n

The change was first locked-in two weeks ago, when the proposal reached\u00a0the 75% threshold level.<\/p>\n

Then, the community had to wait\u00a0two more weeks (8,064 blocks) to ensure that the upgrade approval was consistent.<\/p>\n

After that, yesterday (on May 10th) the change was officially activated at\u00a0block 1201536<\/a>.<\/p>\n

What does it mean?<\/h3>\n

Litecoin users can now start using a new kind of network, and there has been at least one transaction<\/a>\u00a0so far.<\/p>\n

Anyway, several supporters are thrilled about the new techs that can now be created on the Segwit-supported network.<\/p>\n

For example, the Lightning Network\u00a0<\/strong>could boost litecoin transactions<\/a> by million times; thanks to Segwit it can now be used to move real money.<\/p>\n

Developer Loshan T explained to\u00a0CoinDesk:<\/p>\n

“I think today will be a great day for pushing more awesome tech into Litecoin. With SegWit activated on litecoin’s mainnet, I cannot wait until we deploy confidential transactions, Lightning Networks, MAST and Schnorr signatures.”<\/em><\/p><\/blockquote>\n

Unfortunately, these projects are early stage right now, but developers from the Lightning Labs seem thinking that it is too early to talk about sending money over an experimental network, so they plan to continue to develop the chain.<\/p>\n

The future is unwritten<\/h2>\n

It not so clear where the Segwit activation will lead to or what role Litecoin will have in the next future.<\/p>\n

Loshan explained that some in the community are skeptical about litecoin needs of the Lightning Network tech because litecoin blocks are not full yet, but they would like to have trustless cross-chain transactions between bitcoin and litecoin as a potential Lightning use case; and developer believes could be a benefit for both the digital currencies.<\/p>\n

Anyway, at the moment, the Litecoin blockchain<\/a> seems to work properly, without any issue, even after the Segwit activation.<\/p>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

Litecoin Segwit has been finally implemented, so this long-debate to change to change the digital currency network can be said to be closed now. Originally intended to improve the bitcoin blockchain, Segwit – or Segregated Witness – had to solve the so-called block size debate, but it has been used on the lesser known litecoin […]<\/p>\n","protected":false},"author":2,"featured_media":835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,191,468],"tags":[764,1404,1065,1234,1235],"yoast_head":"\nLitecoin Segwit has been finally approved -<\/title>\n<meta name=\"description\" content=\"Litecoin Segwit has been finally implemented, so this long-debate to change to change the digital currency network can be said to be closed now.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2017\/05\/litecoin-segwit-approved.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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