The Litecoin scaling debate seems to come to an end soon. In an 8-hour meeting of the Litecoin Global Roundtable, the largest Litecoin miners debated for a long time whether to update the network of the fourth largest digital currency. Among the participants was Charlie Lee, the programmer of Litecoin.
According to a protocol published on medium, the Miners want to take the path of a „Segregated Witness (SegWit) Soft Fork“ for Litecoin. The meeting was held yesterday from 12-18pm (Beijing time) via WeChat.
SegWit was originally intended for the cryptosoft
SegWit is known for being able to increase transaction flow without the need to change the hard coded block size in the cryptosoft. Litecoin, like Bitcoin, currently has a mandatory block size of 1MB and faces the same problem as cryptosoft Bitcoin in the long run: not enough transactions are verified per block, which ultimately slows down the network and transaction speed and increases transaction fees.
While the stakeholders advocated a collaborative approach with community integration, they do not see User Activated Softfork (UASF) as an alternative.
It is written in the crypto trader
„We agree that the protocol upgrade should be done under a collaborative consensus, not by developers and miners going it alone. We support that the Litecoin protocol upgrade decision should be based on user needs, roundtable voting, and crypto trader Miner activation. “
Supporters of the proposal included Bitmain (Antpool), BW.com, BATPool, F2Pool and LTC1BTC. Together they represent 68% of the current hash rate. Should LTC.top also agree to the proposal, that would already be 84%. According to the organizer, LTC.top should be owned by LTC1BTC.
Through a voting process, the participating members unanimously approved the following plan for the Litecoin Protocol upgrade:
A SegWit Soft-Fork to be enforced in the Litecoin network
Once the use of Litecoin block capacity exceeds 50%, we begin preparing a solution to increase the 1MB block size by a Hardfork or Softfork.
„Charlie [Lee] promised to provide a solution to increase the block size once this (block size) is half full,“ said Jihan Wu, founder of the Bitmain mining pool.
At present, it is still unclear when the update can be implemented. First of all, all miners must install the latest software update to signal their support for SegWit.
To be able to perform an update, at least 75% of the miners must signal their support. The 75% must be held afterwards for at least 2 weeks. Currently the support is about 70%.
According to the organizers of the roundtable, the stock exchanges such as Bitstamp, BTC-e and Poloniex will now also be brought together.