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Litecoin SegWit Adoption

Segregated Witness (SeGwit) usage for litecoin has reached an all-time high of 75%, establishing a new milestone for the cryptocurrency.

Litecoin SegWit Adoption

According to a report by Litecoin.com, SegWit usage on litecoin’s network peaked at 75% on Sept. 19, just over two years after the protocol was first activated. SegWit adoption has been somewhat lackluster for litecoin, averaging around 50% of network usage throughout the majority of 2019. The last peak in segwit transactions occurred in November 2018, constituting just over two-thirds of network usage.

Litecoin core developer Loshan told the outlet that growing SegWit adoption is a testament to LTC’s innovation-oriented development,

Litecoin led the way forward in adopting the bloat-reducing tech: SegWit. In the future, we hope to lead adoption in cutting-edge blockchain technology.

Litecoin preceded bitcoin in implementing SegWit integration, which allowed for an increased capacity, while decluttering some of the unnecessary data being carried in transactions. SegWit has been met with controversy since its release in 2017 but has ultimately reduced transaction fees while improving the efficiency of the blockchain.

Crypto exchange Coinbase was one of the major catalysts for increasing segwit adoption on LTC’s network, when it implemented the feature in February 2018. SegWit-based usage jumped from 9% at the time to over 33%.

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Written by Marjorie Contreras

I Love math & how math will help evolvable the new technology. After graduating as Engineer, I start learning about cryptography & blockchain programs. In order to perfect my skills and explore my passion for the blockchain industry, I have been working with many new startups which gave me new exposure in blockchain marketing and startup management.I am eager to join the next companies that I believe in and help them grow. Fin-Tech is where I am stationed at the moment. When I feel that I will be ready, I will move on to other industries and implement disruptive technologies over there so that out-dated systems and ideas will die out and these particular industries shall rise and will give to the community the best that they can present, create and implement.

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