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Litecoin Foundation Reports 'No Issues' Since SegWit Activation
The litecoin cryptocurrency adopted an upgrade called Segregated Witness just over a month ago and, so far, things seem to be going smoothly.
By Chuan Tian
Updated Sep 11, 2021, 1:26 p.m. Published Jun 14, 2017, 9:00 a.m.
The litecoin cryptocurrency adopted an upgrade called Segregated Witness just over a month ago and, so far, the integration is reported to be issue-free.
The code optimization, known popularly as SegWit, was initially put forward as a way to improve the functionality of bitcoin (paving the way for initiatives such as the Lightning Network), while also making more room for data in each transaction block.
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As CoinDesk previously reported, litecoin proponents began pushing for a SegWit upgrade earlier this year, a move that culminated with an activation on 10th May following back-and-forth discussions between miners and community stakeholders.
Since then, litecoin community members say, there haven't been any problems to report.
The Litecoin Foundation's Xinxi Wang told CoinDesk in an email:
"SegWit is a huge success for Litecoin. There is no issue at all. Various Lightning Network teams are working together with the litecoin team."
Since the integration, some industry startups have moved to embrace the move more fully. On 7th June, hardware wallet provider Trezor announced that its beta series of products would support SegWit for litecoin.
Further adding to interest around the project, litecoin creator Charlie Lee notably announced on 9th June that he was departing Coinbase, where has served as director of engineering after joining the firm in 2013.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase.
Sails in wind image via Shutterstock
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