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BREAKING: F2Pool Opts to Signal for Segregated Witness on Litecoin

BREAKING: F2Pool Opts to Signal for Segregated Witness on Litecoin

F2Pool, which at the time of writing holds just over 40.6% hashrate, a 10% drop in their 50.6%. This is a positive move from F2Pool, which seems committed to the support of Litecoin and Bitcoin to scale, and is intending to support SegWit on Both coins, they have stated about their full support for the Litecoin developers decision to do this, as shown here (Translated from Russian).

This makes it ever more likely about Segregated Witness activating on Litecoin. This fix will fix transaction malleability, increase transaction capacity and enable the Lightning Network. The Litecoin Developers hope this will also help break the Bitcoin community deadlock and to support the use of Litecoin for small transactions. It is also a soft fork, meaning older nodes will not be rejected from the network.

There is at least one mining pool, prohashing which is refusing to implement SegWit based on a political decision about BitcoinTalk censorship and the fact the fix was developed by core, self-admitting that there is no other reason to oppose it other than the fact Bitcoin Core first developed a working implementation of the solution, see referenced post here. While political reasoning is understandable, if it is the best solution then why not implement it? So, it is likely that prohashing will not signal support for SegWit on Litecoin, but as they hold <1% of hashrate, it is likely they would be forced to mine segwit blocks if it later activates, which it seems likely to do.

It is fine for them to oppose the censorship, but for something as delicate as scaling this, as the Core team appear to have implemented the best solution to the problem, it seems good to support SegWit, especially as the Litecoin developers saw this was the best solution and ported it over to Litecoin. Don’t mis understand us, this pool is an honestly run job and they are making their decision with regards to SegWit, so it would only be fair to say that if you do not support SegWit, mine here or at another non-SegWit pool. But making decisions purely on a political basis for something so delicate in my opinion is a little jumping the gun, but they were some of the first to bring out the BitcoinTalk censorship on anything other than SegWit, see referenced post here. So you can understand their position somewhat.

So it is looking ever more likely that SegWit will activate on Litecoin. We will update as more information becomes available.

 

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