Litecoin [LTC] has taken over Bitcoin [BTC] in terms of SegWit adoption, as the percentage of blocks utilizing SegWit nears 50%. This comes after a sudden drop was seen in the use of SegWit on 3rd September.
The drop occurred when Litecoin’s number of daily transactions spiked up from around 25,000 to 75,000. This led many to believe that there was a large volume of low-frequency transactions that occurred without the activation of SegWit on them. Relatively, this would be listed as a drop in the percentage use of SegWit transactions, as seen on the graph.
Charlie Lee, the Chairman and Managing Director of the Litecoin Foundation, recently tweeted about the event, stating:
“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.”
SegWit is short for Segregated Witness, and is a protocol update made for the Litecoin and Bitcoin blockchains. It removes the witness data, which is the part of the transaction that holds signatures, and moved it outside the block. This, along with potentially scaling the blockchain, allowed for the fixing of transaction malleability.
This paved the road for layer-2 scaling solutions, as it fixed the flaw where bad actors could change the transaction ID and subsequently the whole block. It also made it possible to fit more transactions into a block, thus increasing the general transaction throughput of the blockchains.
The percentage of Bitcoin transaction that utilize SegWit has stayed under 40% since the activation of the technology, even though SegWit users are paying only 20-30% of all fees on the blockchain.
The case is different with Litecoin, however, as SegWit is used more than it is on the Bitcoin blockchain. As noticed by Charlie Lee, usage is in the high 40%, slowly moving towards 50%. This means that almost 50% of the transactions conducted on the Litecoin blockchain are utilizing SegWit for their transactions.
User KarateMcAwesome stated:
“It’s easy to dramatically raise the percentage of something when nobody uses it. I could take a dump in the woods where nobody else is, and I’ve increased the percentage of people taking a dump in those woods by infinity percent.”
Subscribe to AMBCrypto’s Newsletter
Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more
Crypto News – 24 June – Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more
— AMBCrypto (@CryptoAmb) June 24, 2019
Crypto News – 24 June
Erik Voorhees on Bitcoin: According to the CEO of Shapeshift, Bitcoin’s relative traceability has allowed governments to become comfortable with it
Read more at https://bit.ly/2WVviJW
Max Keiser on gold’s ‘resurgence:‘ Max Keiser made news after he stated that Bitcoin’s growing popularity as a competing store of value and millennials were responsible for gold resurfacing in the conversation about store of value assets
Read more at https://bit.ly/2Xve2zp
Tron back in the top 10: A month after CEO Justin Sun promised to get Tron back in the top 10 of the world’s largest cryptocurrencies, TRX surged by over 6% to achieve the same by overtaking Cardano
Read more at https://bit.ly/31TXekX
Bank of International Settlements on Libra: While talking about Facebook’s Libra, BIS’s report attested to the need for sound public policy, financial regulation, competition regulation, and data privacy regulation
Read more at https://bit.ly/2Fsoptu
Bitcoin short futures position on the rise: According to a Twitter user, 70% of all Bitcoin short futures position are taken by four traders
Read more at https://bit.ly/31Om4CQ
LocalBitcoins’ Russian Ruble trading charts: According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement
Read more at https://bit.ly/2JgRWYz
Howard Chu on Monero: According to the Founder of Symas Corp., Monero was “outstripping” other projects in the space which have larger budgets, in light of the new features added to Monero
Read more at https://bit.ly/2Y8IsEQ
Subscribe to AMBCrypto’s Newsletter