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Litecoin Segwit Activation Date

Litecoin Successfully Activates Segwit - Coindesk

Litecoin Successfully Activates Segwit - Coindesk

A long-debated change originally intended to improve bitcoin has now locked in on the lesser-known cryptocurrency network litecoin. Segregated Witness ( SegWit ) has been the subject of bitcoin's infamous scaling debate for a couple of years now, but it's now getting an opportunity to shine on litecoin, or so its supporters argue, leading some to believe that it will now help revealwhether concerns aboutthe change are valid for bitcoin. The change first locked-in two weeks ago, leading to two more weeks of waiting to ensure demand for the upgrade remained consistent. Earlier today, the change activated at block 1201536 . What does that mean? Litecoin users can now begin using the new style of transaction, and there has been at least one such transaction so far. However, most advocates are excited about the new technologies that can now be built on top of a network with SegWit. For example, the Lightning Network , which could boost litecoin transactions by as much as a million times, can now hypothetically be used to move real money. Litecoin developer Loshan T told CoinDesk: "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." Still, these projects are rather early stage. Developers from the startup Lightning Labs, at least, seem to think that its too early to talk about sending money over the still-experimental network and plan to continue improving their code first. It's unclear what exactly this activation means and what role litecoin will play in the future. Loshan mentioned that some onlookers are skeptical that litecoin really needs the Lightning Network, since litecoin transaction block Continue reading >>

The Long Road To Segwit: How Bitcoins Biggest Protocol Upgrade Became Reality

The Long Road To Segwit: How Bitcoins Biggest Protocol Upgrade Became Reality

The Long Road to SegWit: How Bitcoins Biggest Protocol Upgrade Became Reality Segregated Witness (SegWit) has activated on Bitcoin. As of today, all SegWit-ready nodes on the Bitcoin network are enforcing the new rules, marking Bitcoins biggest protocol upgrade to date. But activation did not come easy, and it did not come fast. This is a look back at the long road to SegWit. Bitcoin transactions consist of two main parts. One part is base transaction data. That covers which bitcoins are being moved and where they are being moved to, as well as some other data. The second part is called the witness. This contains a bit of code with cryptographic signature data, which proves that the owner of a bitcoin really did want to spend the bitcoin. Its this signature data that brings a slight complication with it. In what is referred to as the malleability bug , Bitcoin signatures can be slightly altered by anyone, even after these signatures are created and without invalidating the signatures. This in turn means that the appearance of the whole transaction, and more specifically the transaction identifier, can be altered by those relaying transactions over the Bitcoin network or by miners that include transactions in blocks. Statistics from the 2015 malleability attack on Bitcoin. The red lines roughly represent malleated transactions on the network This doesnt need to be a big problem in itself. Transactions are still valid and will move the bitcoins from the same place to the same place, under all the same conditions. However, it does complicate creating newer transactions depending on unconfirmed transactions: New transactions need to know the transaction identifier they rely on. This, in turn, makes it significantly harder to build certain second-layer protocols on top of B Continue reading >>

Segwit Locks In On Litecoin, Will Activate

Segwit Locks In On Litecoin, Will Activate

Segwit Locks In on Litecoin, Will Activate Litecoin has surpassed the required number of signaling blocks needed to activate Segregated Witness (Segwit) on Wednesday. Segwitis therefore locked in on Litecoin. After Segwit is locked-in, it will activate, wrote Segwits development team. Also read: Litecoin Reaches Round Table Resolution for Protocol Upgrade Early on Wednesday, Litecoin creator Charlie Lee tweeted :Segwit on Litecoin will be locked in in ~19 hours, but we already reached the required number (6048) of signaling blocks. His tweet shortly followed the official Litecoin channels tweet. The activation threshold for Segwit on Litecoin was set to 75 percent by its development team. Specifically, 6048 out of 8064 (75%) blocks are required to reach locked_in status, the Litecoin tracking site Litecoinblockhalf explains . The site shows that currently 6328 out of 7911 or 79.99% of blocks are signaling for Segwit, adding that after another activation period, Segwit will become active. In the meantime, all miners and nodes are encouraged to upgrade their software to the latest version. The development team behindSegwit wrote : After Segwit is locked-in, it will activate. That means all full nodes running Segwit-aware code will begin requiring miners to enforce the new Segwit consensus rules. In February, Litecoin developers led by Charlie Lee initiated the push to add Segwit to their cryptocurrency. However, instead of closely following Bitcoins activation plan, the Litecoin team decided to lower the activation threshold from 95 percent down to 75 percent. Last week, Bitcoin.com reported on the Litecoin communitys Global Roundtable meeting. A resolution was reached during the event between several major mining pool operators and exchanges that trade Litecoins. They a Continue reading >>

Litecoin Segwit Activation: What You Should Know

Litecoin Segwit Activation: What You Should Know

Litecoin SegWit Activation: What You Should Know Litecoin is an established digital asset in the cryptocurrency market , first launched in 2011 and modeled closely on bitcoin. And while bitcoin is its more popular and well-known older brother, surprisingly, litecoin has gotten an increased amount of attention as its market cap has grown to one of the largest in cryptocurrency. The cryptocurrency launched Segregated Witness, which is a technology that was originally designed for bitcoin but failed to get the initial support required to activate it. After SegWit was successfully launched for Litecoin in 2017, Bitcoin developers rolled out SegWit for Bitcoin later that year. Right before litecoin activated the technology, the value of LTCs surged, increasing from $22 to $38 within a short period of time. And the excitement wasnt focused on only what the activation of what SegWit would mean for litecoin, but also on what it meant for bitcoin, since the cryptocurrencies are so similar. But many still wonder what SegWit blockchain technology is and how it works. SegWit is a technology that helps alter the block size limit on a blockchain by removing signature data from the transaction. The Segregated part of the name comes from how the technology works, as it basically separates and then witnesses the transaction to ensure that its safe and secure. Here are a couple of important points about this technology: The required amount of data decreases. The input values covered under signatures reduce the amount of data that is required by hardware wallets and other types of detached signers. Limits are increased. The 1 MB block size limit is increased to 4 MB, and a new block weight is added. This helps avoid the harmful effects of increasing the block size. The above points would Continue reading >>

Segwit Date, Mast On Litecoin Can Ltc Gain Momentum?

Segwit Date, Mast On Litecoin Can Ltc Gain Momentum?

SegWit Date, MAST On Litecoin Can LTC Gain Momentum? Litecoin miners, pools and exchanges have been informed to prepare for the pending CSV and SegWit activation . The date has been confirmed in a note issued by Bitcoin Core contributor, Johnson Lau for around May 11 at block 1,201,536. It could also happen earlier depending on hashrate. The network reached the required number of signaling blocks and locked into its final phase to activate the long-awaited SegWit on Wednesday April 26. The Lightning Network would also be ready for implementation on Litecoin at the same time according to its founder, Charlie Lee. He has also confirmed that Bitcoin Core developers have been working with Litecoin on Confidential Transactions CT and Merkelized Abstract Syntax Trees MAST. According to Lau , MAST which will is aimed at improving flexibility and increasing privacy will make LTC script language 2 generations ahead of BTC. The litmus test for Litecoin would come after the next two weeks. SegWit activation is expected to fix a transaction malleability bug and reduce the size of transactions stored on the blockchain to accommodate more in a block. Afterwards, wallet providers and other major users are expected to deploy SegWit-enabled apps. The idea is to help Litecoin gain wider adoption not only in China where it is highly recognised as a viable digital currency but in other parts of the world. The Lightning Network, on its part, is to enable the Litecoin blockchain connect and share specific information with Bitcoins to create a seamless movement of value between the two networks. If achieved, the scalable instant payment network built on the chain would enable cheaper transactions and faster transaction times. The view that Bitcoin is stuck right now with little or no innovat Continue reading >>

Litecoin Successfully Activates Segwit

Litecoin Successfully Activates Segwit

Join our community of 10 000 traders on Hacked.com for just $39 per month. Litecoin is the biggest digital currency to successfully activate segwit which went live around 6PM London time on the 10th of May 2017 with segwit transactions now available for use depending on the litecoin wallet. The upgrade was overall smooth, despite a slight hiccup with one miner, F2Pool, which for a brief period returned a BTC template to LTC miners, an oversight that was quickly fixed with no known problems at the time of publishing. It is now immediately available to use if your service provider has upgraded to support segwit with Charlie Lee, Litecoins founder, tweeting out the first segwit transaction minutes after its activation. First SegWit transaction on Litecoin! Charlie Lee [LTC] (@SatoshiLite) May 10, 2017 The first segwit transaction on litecoin image from cryptoid The transaction is somewhat heavy, taking up 3KBs of space when average transactions use around 300-400 bytes. However, Marek Palatinus, Slush Pool founder, tweeted out a segwit transaction undertaken by a Trezor hardware wallet which had an average size. The Lightning Network (LN) is now to be deployed, a second layer protocol on top of litecoin which can handle thousands of transactions per second by using the base, on-chain layer, only as a settlement for payments. Charlie Lee publicly stated there were around six LN versions working on litecoin, including from developers at MIT and Blockstream. Most of them are however at command interface levels with GUI wallets expected soon. After LN deployment, the roadmap of Bitcoin Core developers is expected to be followed. That is further capacity compression through Schnorr signatures which aggregates signature data, MAST, which aggregates scripts, and other optimizati Continue reading >>

Can Bitcoin Grow In The Same Manner As Litecoin Did After Activating Segwit?

Can Bitcoin Grow In The Same Manner As Litecoin Did After Activating Segwit?

Can Bitcoin Grow in the Same Manner as Litecoin did After Activating SegWit? Segregated Witness is one of the most intriguing scaling proposals the cryptocurrency world has seen to date. It is already active in many altcoins, but not the currency it was initially designed for. Bitcoin has yet to reap the benefits of SegWit as we speak. With the activation locked in, good things will happen over time. If Bitcoin were to follow Litecoins path, we may even see a price well above US$5,000 in a few weeks from now. To put this into perspective, Litecoin was the first major currency to activate SegWit. At that time, no one knew what the effect would be. That is only normal, as this scaling and anti-malleability solution is designed for Bitcoin first and foremost. However, when Litecoin did activate it, good things have started to happen. With the price increasing to twice its original value over four months, one cant deny the impact of SegWit. That is rather remarkable, to say the least. SegWit Activation can Push Bitcoin to US$7,500 or More Bitcoin, on the other hand, still needs to activate this solution as we speak. The network successfully locked in its activation a few days ago. With this solution in place, interesting things are on the horizon. Bitcoin will start to scale and provide cheaper transactions. Moreover, there will be no more major mempool issues to speak of. Or that is what most people expect at this time, at least. Only time will tell if things play out that way. Should Bitcoin follow Litecoins path, we may see a major price boost in the next few months. It is unlikely the BTC price will go up by 100%, though. The year 2017 is a major Bitcoin bull run already. Activating SegWit seems to be factored into the price as we speak. Then again, we never know for s Continue reading >>

Litecoin Activates Segwit Today As Price Nears $40

Litecoin Activates Segwit Today As Price Nears $40

Litecoin Activates SegWit Today As Price Nears $40 SegWit activation day is here for Litecoin as the fourth-largest cryptocurrency gains another 38% in price. With just several hours to go before its locked-in status changes to activated, investors are celebrating as Litecoins price per token exceeds $35. The surge marks a turnaround in the altcoins fortunes, prices having suffered earlier this week as assets across the board hemorrhaged value . Poloniex, a major altcoin exchange, experienced slowness and loading problems, which some pointed to as a major cause of panic selling resulting in a broad comedown. On Twitter Wednesday, Litecoin creator Charlie Lee appeared naturally upbeat, noting nonetheless that this was just the start for his cryptocurrency. Yup, you got it right on! So much goodness that SegWit unlocks. Though you need to be patient as there is still a lot of work to be done. Charlie Lee (@SatoshiLite) May 10, 2017 SegWit Still King For Investor Confidence The rags-to-riches story has been marked by overwhelming investor appetite for SegWit. The confidence that accompanied Litecoin locking in the technology appeared to engulf any misgivings or even alleged attempts to derail the process. This in turn led to a rapid U-turn for two other altcoins, namely SysCoin and Vertcoin, which both successfully activated SegWit and benefitted from giant price rises. As in the case of Litecoin, criticism that SegWit activation was simply a tool for developers to make money did not stop trading interest. Now, Litecoin will no doubt be eyeing the next step in the chain introduction of Lightning Network transactions. The activation of segwit on Litecoin allows us to deploy Lightning on an active production blockchain, Lightnings Olaoluwa Osuntokun wrote in a blog post las Continue reading >>

Segwit Activated Decentralize Today

Segwit Activated Decentralize Today

Business Developer,Crypto Aficionado and Tech-Geek. Chief Strategist at Waba.Network & Steemit-Witness The 10 of May of 2017 is the date that SegWit finally activated on a major blockchain: Litecoin. It was a hard fought battle that ended with an agreement at the round-table between Chinese Miners and the creator of Litecoin, Charlie Lee. For some bitcoiners this is also a victory and we have seen a few Core developers moving to Litecoin to implement programs that were initially thought for Bitcoin. The most interesting project will come right after activation and it is called The Lightning Network, a decentralized network that uses smart contract functionality to enable instant payments across a network of participants. It is claimed that Confidential Transactions will also be implemented later this year. I am personally really happy about today since I have witnessed the massive effort that was done by Charlie, Xinxi and the rest of the Litecoin developers to convince miners to start signaling. It is hard to say if Segwit will ever activate on Bitcoin, it would sure solve a lot of scalability issues and save users a lot of money on transactions fees. However, the 95% activation threshold that is needed makes it almost impossible to achieve considering the resistance from BU supporters. This article has so far generated $79 on Steemit.com Continue reading >>

Litecoin Price Spikes Amid Segwit Activation

Litecoin Price Spikes Amid Segwit Activation

Litecoin Price Spikes Amid SegWit Activation Image: Litecoin by btckeychain via Flickr Segregated Witness (SegWit), a code update best known for its role in Bitcoins scaling debate, is due to activate on the Litecoin network today. News of SegWit implementation sparked optimism amongst investors. Litecoin had been trading between 1.5 and 5 USD/LTC between 2015 and March 2017. Today, prices stand at around 32 USD/LTC, up 788% since the beginning of the year. The main reason behind the recent rally has been the rising support and adoption of SegWit. Litecoin, like Bitcoin, has a block capability that limits the number of transactions per block. As the network grows, this tends to slow down the confirmation of transactions. SegWit is an update originally developed for Bitcoin. If activated, the soft fork allows a capacity increase and the elimination of transaction malleability . Charlie Lee, a MIT graduate, former Google engineer and the creator of Litecoin, has been advocating for SegWit to activate on Litecoin as well as Bitcoin. SegWit is not just a block scaling solution. I would even say block scaling is just a side benefit of SegWit, Lee wrote in a blog post in January. The main fix is transaction malleability, which would allow Lightning Networks (LN) to be built on top of Litecoin. And there are a bunch more nice features of SegWit. SegWit adoption requires a network consensus which has hindered its upgrade in the case of Bitcoin. 95% of miners have to signal support in a two weeks period in order to activate SegWit. Implementation of SegWit for Litecoin is a positive development for the cryptocurrency and its successful upgrade could possibility trigger the same for Bitcoin, which currently has only 34% of pool support for SegWit. That example of a successful so Continue reading >>

Litecoin's Segwit Activation: Why It Matters And What's Next - Coindesk

Litecoin's Segwit Activation: Why It Matters And What's Next - Coindesk

Litecoin's SegWit Activation: Why it Matters and What's Next In an era when blockchainupgrades have been defined by years of intellectual combat, a new milestone is set to offer a stark contrast to that narrative. Barring any unexpected hiccups, a highly anticipated code change is set to lock-inon the public litecoin blockchain today. With the introductionof Segregated Witness (SegWit), litecoin, the fourth-largest cryptocurrency by market cap, should see a boost in the capacity of its currently limited transaction throughput, among other changes to its protocol. Adding impact to the news is the context in which this upgrade takes place. SegWithas been at the heart of bitcoin's scaling debate since it was first proposed at the end of 2015. On that network, miners have been hesitant to support the change for technical and political reasons, and as such, users have been calling to test the technology on litecoin as a way to determine whether concerns are valid. Since SegWit could potentially pave the way for technologies that expand the value proposition of cryptocurrencies, the move toward accepting the upgrade hasreignited excitement aroundthe normally less-popularcryptocurrency. Litecoin's price has nearly tripled since the end of March as a result. But, what's the big deal? Why are some in the community so eager to seethe change? Litecoin Foundation director Franklyn Richards argued that the upgrade mightpave the way for other technologies to be tested on a live platform, such as the long-proposed Lightning Network and sidechains a sentiment echoed by mining pool F2Pool operator Wang Chun when contacted byCoinDesk. And, oddly enough, some see it as a way to moveforwardbitcoins scaling debate, even if it's unclear exactly how that might happen. As the rules are coded Continue reading >>

Litecoin: The Champion Of Segwit And Lightning Network

Litecoin: The Champion Of Segwit And Lightning Network

Litecoin: The champion of SegWit and Lightning Network Litecoin: The champion of SegWit and Lightning Network Litecoin made a big bet on SegWit and it seems its starting to pay off by Dimitar Bogdanov Friday, 08 Sep 2017, 12:30 BST On Saturday, the Litecoin price (LTC/USD) broke above $90 for the first time ever, bringing the cryptocurrencys year-to-date growth to over 2,000%. This was the culmination of a rally that started in late August and pushed the Litecoin price from the low $50 to an all-time high of $92.07, according to data from cryptocurrency tracker Coinmarketcap. While Litecoin has retreated from these levels, its decline was mostly the result of a slump in the broader cryptocurrency market on Monday, which was prompted by the news of a China ban on initial coin offerings. In fact, Litecoin was one of the big gainers in the next couple of days, when the market started to recover from the Monday crash. So it seems that the Litecoin rally is more than just a temporary spike. But whats driving it? There is a strong case to be made that the whole cryptocurrency market has been on the rise lately and this has inevitably affected the Litecoin price. The growing interest from investors is pushing trading volumes higher and the market size to record levels. The whole cryptocurrency boom has certainly played a significant role in supporting Litecoins rise, but for me, there are two more important factors: SegWit and the Lightning Network. On May 10 Litecoin became the first major cryptocurrency to activate SegWit a scaling upgrade, originally proposed for the Bitcoin network in 2015. This is what prompted Litecoins initial rally this year, allowing the cryptocurrency to wake up after years of inactivity. And, perhaps more importantly, the software change allowed Li Continue reading >>

Litecoin Segwit Is Locked In

Litecoin Segwit Is Locked In

I changed the title to TBD since the percentage dropped and has not gone up yet. feel free to discuss what you think of new things you hear about pools signalling here. i only know 2 sites that are reporting progress on litecoin SegWit: and neither one of these are showing any date and time until the activation. and all the information i read online from users are all over the place, everyone is saying a different time! this is what i understand from how things work, correct me if i am wrong so that this topic may work as a reference if someone had any questions or doubts about it like me: The activation period consist of 8064 blocks. during this time there should at least be more than 75% of the blocks (6048 blocks) signalling SegWit so that it can be "locked-in". there has been 5 completed periods with none of them reaching this threshold. now we are in 6th period. 1605 blocks are mined and 6459 more is remaining. according to the second site: "SegWit will activate on the network during the next period" time between litecoin blocks is 2.4 minutes[1] which means it will take 258 hours or 10.76 days till the end of this period. the hashrate supporting SegWit needs to stay above the threshold for the whole duration. Close in most details. The design time for litecoin is 2.5 minutes per block on average. The threshold of 75 percent can temporarily be below 75 percent during the duration of the activation period. What's important is that it averages out to be 75 or above during the activation period. Because of variance no one knows the exact moment segwit will lock in. We can with reasonable certainty pick a time +/- 12 hours for lock in. If during the time period we reach 6048 blocks signaling it's a given that segwit will lock in at the end of the activation period (so Continue reading >>

Litecoin Rises 40% In Anticipation Of Segwit Activation Today

Litecoin Rises 40% In Anticipation Of Segwit Activation Today

Litecoin Rises 40% in Anticipation of Segwit Activation Today Join our community of 10 000 traders on Hacked.com for just $39 per month. Litecoin began a bull run yesterday, nearly doubling in 24 hours from around $22 to now trading at $38 in anticipation of segregated witnesses (segwit) activation which is now due in a couple of hours . Just over 100 blocks are left at the time of writing for segwit to activate, with litecoins blocks averaging 2.5 minutes. So after some drama between litecoin miners and developers, its finally happening. Segwit will now go live. Litecoin rises in anticipation of segwit activation. If all goes well, then its a non-event for litecoin. The currency is hardly used or accepted by anyone. It already has 4x bitcoins capacity, with segwit increasing it to around 8x, but just 4,000 transactions a day, while bitcoin currently has 250,000. So litecoin users wont really see any change, nor would anyone really care about litecoin or its segwit activation if small blockers were not promoting it as proxy politics for segwits activation in bitcoin. Bitcoin, however, remains split, with the result seemingly being an increase in hashrate support for Bitcoin Unlimited. It has reached 45% during the longer one-week time frame and 53% during the past 24 hours. Thats probably because segwits activation in bitcoin is very different from segwits activation in litecoin where it is largely irrelevant since litecoin has plenty of capacity, but bitcoin currently has none to spare. That means segwits activation in bitcoin would force users to the Lightning Network (LN). That would be a significant transformation of bitcoin with a lot of unknown, a transformation supported by a minority of the hashrate, while the majority now prefers on-chain scaling. The problem Continue reading >>

Upward Momentum In Bitcoin Price Intensifies On Litecoins Role As Segwit Testbed

Upward Momentum In Bitcoin Price Intensifies On Litecoins Role As Segwit Testbed

Over the past month, the price of bitcoin has consistently maintained its upward trend and momentum, increasing from around $1,185 to $1,624 as litecoin moves to implement SegWit. In the past seven days, bitcoin price recorded a 15 percent weekly gain, breaking the $1700 barrier on May 9 for the very first time. The short and mid-term surge of the bitcoin price coincides with the successful activation of the Bitcoin Cores development teams transaction malleability fix and scaling solution Segregated Witness (SegWit) on litecoin. Specifically, Charlie Lee revealed on April 12 that litecoin reached its 75 percent threshold for activation. After the initial approval, litecoin implemented SegWit upon the completion of its two-week lock in period. In the monthly bitcoin price chart provided by various bitcoin market data providers including Cryptowatch, BTC-USD really began to surge when the 75 percent threshold for SegWit activation on litecoin was met. As seen in the chart provided above, the bitcoin price began to surge dramatically on April 16, exactly four days after the SegWit activation threshold was met. It can be said that bitcoin price was not directly affected by litecoins SegWit threshold activation on April 12 because it still had to undergo a two-week lock-in period led by its miners. In other words, the miners had to maintain the 75 percent threshold for two weeks. In the early stages, Bitmain and its litecoin mining pool declined to support the upgrade. Ultimately, Charlie Lee, Director of Engineering at Coinbase and Litecoin founder led the Litecoin Roundtable Agreement and convinced the rest of the miners to activate SegWit. As the probability of SegWit activation and adoption increased, the price of bitcoin continued its upward trend. While many analysts Continue reading >>

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