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Litecoin Developer Charlie Lee speaks about SegWit

Litecoin Developer Charlie Lee speaks about SegWit

Charlie Lee, the Litecoin Developer speaks out about Segregated Witness on Litecoin. He has advocated Segwit on both Litecoin and Bitcoin, it fixes problems such as transaction malleability and increases capacity and enables networks such as the Lightning network to be built on top of whatever Bitcoin related currency that implements it.

Charlie describes that with lightning network allowing cross-chain transactions, this would be a massive improvement in the ability to transact between different blockchains like Litecoin and Bitcoin:

Think of it being two highways: Today, Bitcoin is packed full of cars and Litecoin is empty. Even with Bitcoin packed, the cars are not coming to use the Litecoin highway today because it’s not connected and it’s inconvenient (centralized exchanges and slow on-chain transfers) to go across. LN will build bridges over the highways. But a side benefit is that these bridges will connect both highways together. Maybe the bridges on Bitcoin are enough such that cars will still stay on the Bitcoin highway. My bet is that the convenience and the cheaper tolls on Litecoin highway will convince cars to cross over and use Litecoin. But we won’t know until both are built.”  Reference

It is likely that SegWit will activate on Litecoin first due to the division in the Bitcoin community. If it activates on Litecoin and Bitcoin, a scenario like Charlie envisions there is Likely. If it activates only on Litecoin, there is the potential that Litecoin would take up the bulk of the transactions while Bitcoin becomes a store of wealth as only with a fix like SegWit can cryptocurrency increase it’s capacity to any significant degree without insane block sizes.

Segwit is also a soft fork, meaning older nodes will not be excluded from the network. This is the best all round solution. There are some choosing to oppose segwit on ‘Political’ grounds which is absurd, as it is a good solution. With a digital currency which can potentially change the way people transact, this is really relevant and decisions like this should not be made on political grounds only.

It is likely Litecoin will achieve the 75% consensus needed to activate, and this will be good for Litecoin and the CryptoCurrency industry as a whole, with Bitcoin to hopefully follow in it’s footsteps!

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