Day 5 of the LITECOIN SegWit Network Vote (signalling) - to decide to fork to big changes....watch the voting here (see link) + BTC/LTC Comparison Chart! (series)
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.
LIVE UPDATED INFO PASTED RIGHT FROM THE SEGWIT SITE AS OF TODAY 1:50 PM EST: (Unedited)
91 out of 6048 blocks achieved!
Activation period #1 block range (8064) 1145088 - 1153152
Current block height 1148090
Blocks mined since period start 3002
Current activated soft forks bip34,bip66,bip65
Current pending soft forks csv,segwit
Next block retarget 1149120
Blocks to mine until next retarget 1030
Next block retarget ETA 1 days, 18 hours, 55 minutes
BIP9 miner support since activation period start 529 (17.62%)
CSV miner support since activation period start 229 (7.63%)
Segwit status started
Segwit activation threshold 75%
Segwit miner support 91 (3.03%)
Segwit start time 01/28/2017 00:00:00
Segwit timeout time 01/31/2018 00:00:01
The Segregated Witness (segwit) soft fork has started signalling!
Ask your pool to support segwit if it isn't already doing so.
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
This post has been ranked within the top 50 most undervalued posts in the second half of Feb 08. We estimate that this post is undervalued by $7.71 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 II. You can also read about some of our methodology, data analysis and technical details in our initial post.
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thanks
So, this has now turned into a series for me, as well it seems to keep myself and others updated! I did not plan this. It just worked out that way --- so the template will stay the same and be re-used and the daily data changed.
#Segwit #LiteCoin
https://twitter.com/BarryDutton/status/829405293087961090
I have problems with my litecoin wallet, maybe unrelated but I just want to sell them now.
I would love to take them off your hands LOL.
Thanks, @barrydutton! More info is always a help!
YW Deb. Have a nice day.
Thanks, you too!
Dodging snowflakes today. Was sunny and warm yesterday. Whiplash... sigh...
The founder of LiteCoin just posted this on his twitter feed, and I was chatting w him about it --- it backs up actually what I was saying the last 2D now about never seeing #LTC out of the top 10 for traded crypto -- this is a weighted chart for volume. @aunt-deb have a look.
I also said this recently relating to my posts on the subject and THIS was also on the Litecoin founder's twitter feed just now LOL. I really am stoked about learning so much that I am speaking similar things as some of these #Crypto wizards we look up to, this is neat.
woooooowwww lol!
This is perfect!!!! Good on ya! lol
Part of my #Crypto101 series/posts
In the data you provided I'm guessing the two most important variables are the following:
I have not really been following this SegWit deployment but it seems like only 3% of the miners are in support of it? SegWit won't be active until it gains 75% support. It's looking like we still have a while to go.
I was not 100% sure of which lines being updated were for specific sets of codes adopted / voted in favour of as opposed to other catergories, you would know for sure, much better than me
but yes, 75% threshold for fork adoption. As opposed to Bitcoin which I believe needs ~90% if they choose to deal w the same SegWit process.
Thanks for taking some time to comment man, I appreciate it.