Litecoin Network SegWit Support Climbs To Nearly 70%

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It appears as if things are quietly improving for the litecoin ecosystem. Not only is the LTC rocketing upwards, but the network is inching that much closer to seeing SegWit activated. Although there are still a lot of discussions among bitcoin enthusiasts as to whether Segregated Witness is a good solution, litecoin’s adoption of the protocol will tell the tale.

Litecoin’s Segwit Activation Trucks Ahead

It is quite interesting to see how many people want to see SegWit activate on the litecoin network. While LTC is not the first altcoin in the world to do so – Syscoin and Groestlcoin were well ahead of the curve – many people are keeping a close eye on how things are progressing. Given litecoin’s status in the cryptocurrency ecosystem, it is quite interesting to see what SegWit scaling will do for this undervalued alternative currency.

When it comes to support for signaling SegWit, there is a big difference between bitcoin and ltiecoin. To be more specific, litecoin’s largest mining pool enabled SegWit signaling support a while ago. In the bitcoin world, on the other hand, most of the major mining pools are actively opposing SegWit by running Bitcoin unlimited support. Although not every litecoin mining pool favors SegWit, things are looking much better for this popular altcoin.

This development translates to 67.88% network support for SegWit on the litecoin network as of right now. Keeping in mind how this scaling solution requires 75% network support or more, it is only a matter of time until the activation period begins. When that happens, it will be interesting to see what happens to litecoin and its price. Additionally, it will be a critical time for the bitcoin network as well.

Moreover, Suprnova launched a new litecoin mining pool signaling SegWit support from day one. That is quite an interesting development, as it will help push the network support to 70% and beyond by the look of things. It seems virtually impossible to think of new bitcoin mining pools launching to support SegWit anytime soon. On top of the new mining pool, existing pools are gaining some more hashpower. Happy China received a small nudge, putting their total hashpower at roughly 10% of the entire litecoin network.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

View all posts by JP Buntinx

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