Segwit Locks In on Litecoin, Will Activate

Segwit Locks In on Litecoin, Will Activate

Litecoin has surpassed the required number of signaling blocks needed to activate Segregated Witness (Segwit) on Wednesday. Segwit is therefore locked in on Litecoin. “After Segwit is locked-in, it will activate,” wrote Segwit’s development team.

Also read: Litecoin Reaches Round Table Resolution for Protocol Upgrade

Segwit Locked In

Early on Wednesday, Litecoin creator Charlie Lee tweeted: “Segwit on Litecoin will be locked in in ~19 hours, but we already reached the required number (6048) of signaling blocks.” His tweet shortly followed the official Litecoin channel’s tweet.

Segwit Locks In on Litecoin, Will Activate

The activation threshold for Segwit on Litecoin was set to 75 percent by its development Segwit Locks In on Litecoin, Will Activateteam. Specifically, “6048 out of 8064 (75%) blocks are required to reach ‘locked_in’ status,” the Litecoin tracking site Litecoinblockhalf explains. The site shows that currently 6328 out of 7911 or 79.99% of blocks are signaling for Segwit, adding that “after another activation period, Segwit will become active.”

In the meantime, all miners and nodes are encouraged to upgrade their software to the latest version. The development team behind Segwit wrote:

After Segwit is locked-in, it will activate. That means all full nodes running Segwit-aware code will begin requiring miners to enforce the new Segwit consensus rules.

The Road to Segwit Activation

Segwit Locks In on Litecoin, Will Activate
Charlie Lee

In February, Litecoin developers led by Charlie Lee initiated the push to add Segwit to their cryptocurrency. However, instead of closely following Bitcoin’s activation plan, the Litecoin team decided to lower the activation threshold from 95 percent down to 75 percent.

Last week, reported on the Litecoin community’s Global Roundtable meeting. A resolution was reached during the event between several major mining pool operators and exchanges that trade Litecoins. They agreed to establish the groundwork for consensus which allows Segwit to be activated.

Responding to the news of Segwit’s pending activation, the price of Litecoin jumped from $4 per LTC at the end of March to nearly $16 at the time of writing, taking its market capitalization to approximately $743 million.

Segwit Locks In on Litecoin, Will Activate

Other Altcoins Adopting Segwit

Segwit Locks In on Litecoin, Will ActivateLitecoin will not be the first cryptocurrency to add Segwit to their source code. A much smaller altcoin called Groestlcoin has already adopted the change on their mainnet. The three-year-old crypto has a $1.6 million market cap. It trades for less than three US cents but has been busy growing over the years. In January, the Groestlcoin admins updated the code to include Segwit, and by their 3rd anniversary near the end of March, Segwit was activated.

Another altcoin, Vertcoin, could follow shortly behind Litecoin if they stay on schedule with their User Activated Soft Fork (UASF) to activate Segwit on Vertcoin at midnight on May 31. Currently, the majority of mining power for the cryptocurrency is not signaling for Segwit but the developers and the community are pushing ahead for Segwit regardless.

Meanwhile, other altcoins such as Viacoin, Syscoin and Digibyte have also added Segwit to their development roadmaps.

Lightning on Litecoin

Segwit Locks In on Litecoin, Will ActivateBoth Litecoin and Groestlcoin have started working on what comes next after implementing Segwit: deploying the Lightning Network (LN). On Tuesday, French Bitcoin technology company Acinq announced that they have tested their lightning network on the Litecoin testnet, which has been running Segwit for weeks. “With eclair 0.2-alpha3 to be released, we looked at what was needed to make it run on Litecoin,” the startup wrote before exclaiming:

TL;DR We ran eclair on Litecoin (testnet) and it worked. We didn’t even have to change the code!

“In fact, it worked out of the box, all we had to do is change a few configuration parameters,” Acinq claims. While there are some things left to be fine tuned, they believe that “it is very possible that the first LN payment carrying real value will be made on Litecoin.”

What do you think about Litecoin activating Segwit? Let us know in the comments section below.

Images courtesy of Shutterstock, Segwit, Twitter,, Groestlcoin, Acinq and Charlie Lee

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  • Mohamoud Hassan

    safar our trust with bitcoin

  • I am so happy the Segwit will be implemented in 2 weeks on Litecoin. The history will remember that is possible to have a consensus in the cryptocurrency space!

  • Ricky Bickerton

    Mr Lee perfectly timed his hype to revive his dying litecoin that made no advancements in past few years, instead he timed the hype perfectly, he is part of coinbase (which many overlook) so CB accepting LTC is also down to him and perfectly timed. Now you have other alts trying to jump on the SW hype bandwagon. To make it worse they had to lower the consensus to 75% and even then Mr Lee still needed to hold a meeting behind closed doors (which is very bad in crypto world) to get it activated. Mr Lee clearly has a conflict of interest and ulterior motives.

    • Allan Harris

      So many negatives without any attempt to explain what the gripe is all about.
      I wonder then what squeaky clean crypto you support because I can’t think of one that has been as honest as LTC.
      I’m an asshole that thinks BTC, ETH, ETC and DASH are pretty good but I am in fact wrong about that.

    • Robinhood

      What are you talking about you clown?? Nothing but Schill and FUD is what you spread. The meeting was not secret, all the details were made public. You’re just a hateful clown, that missed out on the opportunity.

  • yus

    Good that some little honest reportage is still coming out of, just this week, Mr Ver was away discussing his own version of scaling (on-chain scaling) to enable him use bitcoin to purchase coffee both now and in the far future. Trying to co-opt Bitfury into such a visionless failed project. The community’s 100% Segwit, 100% layers and 100% #UASF! Bitcoin must move forward! Just hearing Litecoin’s about to activate, btc price started jumping, no holding this bull.

    • Mike Myers

      I am part of the community and I assure you I don’t support SegWit. So I think your 100% number is wrong.

  • John DeRegnaucourt

    Sending and Receiving litecoin and having the transaction only take 2.5 minutes (as it is right now) is so refreshing compared to Bitcoin’s 30 minutes to 3 hours and the $1 or more transaction fee. Time is money and I hate waiting even the original 10 minutes.

    With the Lightning Network on Litecoin, transactions will be nearly instant. Looking for Litecoin price to sky rocket after SegWit is fully activated (about 9 days from now).