Day 4 of the LITECOIN SegWit Network Vote (signalling) is almost over - to decide to fork to big changes....watch the voting here (see link) + BTC/LTC Comparison Chart!
On February 3 this week, Litecoin miners began to signal (vote) on the Segwit integration. (Segregated Witness)
Some of you know that I have been personally watching the Litecoin market and news, knowing this was coming for about 2 full weeks now.... why????
Generally Litecoin has been called the "silver to Bitcoin's gold" -- because the 2 crypto currencies share so many common features and coding. That is why the BITCOIN community is watching the progress on this vote on the network.
Litecoin Upgrades include:
Fix malleability,
Possible block size capacity optimization. (Likely meaning more transactions processed / block and speed up the transaction queue.
Furthermore, implementing Segwit means the Lightning Network can be applied to the Litecoin protocol as well.
( The Lightning Network: A protocol made to increase the speed of transactions & assist Bitcoin’s current tech. limits in regards to scaling on the network as-is. It is commonly known that right now, it can only process fewer than 10 transactions per second, vs. the thousands that other payment processors are handling currently. )
It is pretty cool, you can watch the network/miners' (voters) process here! -- http://litecoinblockhalf.com/segwit.php
At the time I am writing this, ~18% of the network has voted in favour of this "fork" --- the threshold for it to implement is 75% of miners/witnesses/votes to approve it and then it will kick in. (see the 6th line from the bottom on the link above there)
It should be noted that Litecoin developers as well as the currency’s creator Charlie Lee have all endorsed the soft fork, and the community is pretty excited about it. I know I am for the reasons stated above.
Litecoin creator Charlie Lee said recently ( Jan. just in the last few weeks):
“So you may wonder why I’m pushing for Segwit,” Litecoin does not have a block size problem. — But with Segwit and Bitcoin’s current block scaling deadlock, I see a potential for Litecoin to help Bitcoin break through this deadlock. Litecoin can take a lead and be a positive force in the cryptocurrency space. We have been drafting behind the Bitcoin race car for many years. It’s about time to take a turn out front.”
Excerpt from here: https://segwit.org/my-vision-for-segwit-and-lightning-networks-on-litecoin-and-bitcoin-cf95a7ab656b#.5ej4tp40e
More basics about Litecoin 101:
Widely regarded by many to be the strongest blockchain, second only to Bitcoin’s security and hashrate.
Litecoin coding which is nearly identical to Bitcoin was released on Github by Charlie Lee in October 2011.
Since that point, the network has increased considerably in terms of hashrate which is ~2,973 GH/s this week and Lee sees the experiment of using Litecoin’s fairly large network as an excellent proving/testing ground for Bitcoin as such.
Just recently, many of us on Feb. 3, 2017 this past week, either had problems or knew people that did when 3, 896,000 Bitcoin worth of transactions were mired in the BTC mempool and the crypto currency's transaction queue was bogged right down for over 24 hours.
- That is why many are watching Litecoin deployment of Segwit as it could bring great hope for the future of Bitcoin etc. - That currency as we know, is currently divided (in a big way) as to how to handle the currency's future and forks and decisions, the arguments have been ongoing and legendary for some time now.
I am hoping this network vote goes well and "signals" great improvements across the board for everyone and every currency, especially addressing the Bitcoin concerns!!
Check this chart out comparing the 2 Crypto's head to head and a personal note..... when you are looking on Coin Exchanges, when was the last time you saw Litecoin NOT in the top 5 coins traded.... and the worst --- top 10?????
If you feel my posts are undervalued or you want to donate to tip me - I would appreciate it very much.
Bitcoin - 18J6RRuzX4V7b2CDbx7tWZYNBLkkGWsvWX
DASH - XgZvsvSZgPkNbmGbRhc3S1Pt2JAc7QHwiS
Monero - d8ecb02c09f70ec10504b59b96bc1f488af28b05933893dfd1f55b113e23fbff
Ethereum - 0x3Ad69Ff057C9533ca667B2d7E3E557F5eeFd4477
LiteCoin - LKdsnvSXk9JW99EiNicFMGKc1FXiBo9tUE
Stratis (STRAT) - SNsJp6v1jXvKWy4XcXSXfNQ9zhSJJppJgv
Synereo (AMP) - 1KnrL6wFHaT4gjJ2YJ5f6WmKTDJNsaBS8s
Expanse (EXP) - 0x819b9cce8630ab638198eabfd7496786c20d629a
ZCash (ZEC) - t1aCPEYELkGaf3GtgGTiCEDo7XfPm4QEwmL
@aunt-deb -- here is an update along what we have discussed recently also.
Thanks! Hope to have some time tomorrow to do some reading.
This post has been ranked within the top 50 most undervalued posts in the first half of Feb 08. We estimate that this post is undervalued by $4.52 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Feb 08 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
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Thanks
https://twitter.com/BarryDutton/status/829159046217420800
are the numbers really boding well for segwit activation here? im not sure how to read the results haha
Great question. I believe so.
If I look at the contents of the blog post showing the general favour of the community, the developers, the fellow that started it Charlie Lee and the fact that 18% are already voted in favour of this with around 1.5 weeks to go, and this is the 4th day ---- my interpretation is that this is good news.
Said another way, they will have another ~10 days to complete the rest of the 75% needed to fork / make the changes.
wonderful! hoping it pulls through :)
"The silver to Bitcoin's gold." ;)
Interesting that Litecoin is taking the lead here. Interestingly, LTC has been surprisingly stable in fiat terms: it's hung around $4 for - gawd, a year?
I decided earlier in the day to pull this lifetime view of the coin...
It is now at the all time low, after all this time. I am much newer to Crypto than you as we know but to see the lifetime view of the coin, is along the lines of what you are saying for sure, it seems pretty stable. If I was in better shape, I would buy some learning what I have learned but man, this car running me over has really ruined me. It is always nice hearing from you.
https://poloniex.com/exchange#btc_ltc
It is so late at night but I was not done learning yet. Adam Meister -- @bitcoinmeister did this video just today actually w the founder of LiteCoin Charlie Lee I talked about here, a full hour with him on video chat!!! It is really good.
Great post Barry!
Ive been having a look at Lite coin recently as an investment. I bought some years ago but cashed them out and bought into anther alt coin:
Like you say it is steady and there is something to be said for that.
But what I love about what you wrote here was the explaining of how important the link is between is big brother Bitcoin and how it can help its current problems.
For me that is big news and one I have not heard so much of. Not sure why?
I think I might buy a $100 worth today. Cant lose really.
Nice one Barry great job done there
Your comments really encourage me man. My posts I work hard at earn nothing on here with the issues it seems, like with a lot of other worthy people and content.
I really am bummed out by this most days.
So it was nice to read your comments today, I am so glad it helped a bit. I have to work harder than some people with my research since many have been involved in Crypto longer than me and I am learning a lot which is nice of itself.
I think if you invest in some, you will not likely be sorry. Feel free to tip me anytime or send me some pizza LOL!!!
TY for your nice comments today. I really do mean what I say.
Very good information dear friend @barrydutton thank you very much for sharing
God bless ya man. TY buddy.
Part of my #Crypto101 series/posts