On the 7th of May last year, Segwit, a soft fork update was activated after endorsements by Litecoin. Segwit or Segregated Witness is the name that was given to the implementation of a soft fork change in the transaction format of Bitcoin. This was considered a memorable moment for the LTC as well the BTC community. They have now completed one year since its first initiation.
Charlie Lee, the founder of Litecoin recently tweeted:
“SegWit activated on Litecoin a year ago today!”
The previous year began with three concerning issues for the Bitcoin community. There was an insurgency to increase the blocksize to process more transactions.
The second issue was that about increasing numbers of covert ASIC Boost mining on the Bitcoin network. ASIC is specialized to carry out specific functions such as mining.
Finally the issue of transaction malleability which was one of the most flawed loopholes of the transaction ID verification. The malleability of the transaction means that there are possible ways for a user to potentially alter the transaction ID. This was a major issue as it was reported that if users manipulate the data at a favorable time, extra Bitcoin was sent.
The idea of Segwit was to solve the above mentioned hard-core problems. Instead of a complete Segwit hardfork as suggested by Peter Wiulle, a Bitcoin developer in 2015, it was proposed that a soft fork is carried out.
Even after the benefits offered by segwit such as lightning speed transactions, double the blockchain size, etc. people were skeptical about it.
The announcement of a soft fork update created FUD in the community; hence the miners did not agree to implement segwit. Back then Charlie Lee along with the Litecoin [LTC] team made an attempt and promoted segwit and implemented it onto Litecoin. After the execution of Segwit into Litecoin, the percentage of mined Litecoin hiked as depicted below.
Kyle, a crypto-critic says:
“Litecoin just wants to boast and trying to make a name.”
A Redditor says:
“Thank you, Lee, for helping the mass understand to believe in the soft-fork, could not forget the time the blocksize increased and I was like this is the future baby.”
A Twitterati says:
“Segwit update was a much required fork this was a joint effort from Bitcoin and litecoin but it did not solve all the issues regarding the hacks. Nothing new with it as it keeps happening a new update will be required again.”
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