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Litecoin: Bitmain Trades Sides, Supports SegWit Activation

Wilma Woo

Wilma Woo | Apr 21, 2017 | 21:10

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Litecoin: Bitmain Trades Sides, Supports SegWit Activation

Wilma Woo

Wilma Woo | Apr 21, 2017 | 21:10


Litecoin’s problematic course towards Segregated Witness (SegWit) activation has ended in an unusual display of unity.

Litecoin Roundtable: We ‘Unanimously Agree’ On SegWit Activation

Following a meeting of Chinese cryptocurrency players including exchanges and miners, a consensus was reached on activating SegWit despite some participants having previously been against the idea.

The so-called Litecoin Global Roundtable included Litecoin creator Charlie Lee, exchanges Huobi and Okcoin and formerly anti-SegWit mining pool Bitmain.

Summarized minutes released from the meeting confirm that subject to community support, participants “unanimously agree” to “implement Segregated Witness softfork on Litecoin.”

“When the usage of Litecoin block capacity is over 50%, we will start to prepare for a solution to increase the 1MB block size limit through a hardfork or softfork,” a proviso adds.

Bitmain Gets Behind Litecoin SegWit

The big surprise from Friday’s events was the support of Bitmain, whose CEO Jihan Wu had previously stated his opposition to SegWit on numerous occasions, both for Bitcoin and Litecoin.

Now, it appears, both Wu and Bitmain have U-turned on the idea.

The Roundtable added:

We want to emphasize that this roundtable meeting represents only the consensus of participating members, and cannot make a decision on behalf of the Litecoin community.

U-Turns Abound

Litecoin’s approaching SegWit activation threshold had caused a significant uptick in its price. Having traded at just under $4 per coin for a considerable period, increasing miner support saw it shoot past $10 and stay at these levels.

As interest increased, however, rumors began spreading of manipulation by Bitmain, which was accused by pro-SegWit Shaolinfry of artificially hindering Litecoin’s activation.

Lee himself appealed to the community to force a user-activated soft fork (UASF) to counter such activities. In a further sign of how the situation has changed, the Roundtable members added that they were now against as UASF with a specific activation schedule, stating:

We do not advocate a flag-day ‘UASF’ that does not go through [sic] any users or community voting process. This type of forced upgrade without community consensus put Litecoin in a risk of split

What do you think about the latest events for Litecoin? Let us know in the comments below!

Images courtesy of AdobeStock

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