It has been simply over 2 years since Segregated Witness was activated on the Litecoin community and over these years adoption of the expertise has been considerably average, settling and flatlining at round 50% for almost all of 2019. Since August that quantity has soared, peaking yesterday at 75% and setting a brand new all time excessive for the metric breaking the earlier peak of 66% in November of final 12 months in response to knowledge supplied by Blockchair.
We reached out to Litecoin Core Developer, Loshan who mentioned of the information:
Litecoin led the best way ahead in adopting the bloat-reducing tech: SegWit. Sooner or later, we hope to guide adoption in cutting-edge blockchain expertise.
Segregated Witness has been a contentious change to the community that was shrouded in political disagreement in what got here to be generally known as the block measurement controversy. It enabled a few modifications together with a repair to the malleability difficulty on the community that will assist pave the best way to layer two scaling through the Lightning Community and secondly an efficient blocksize enhance to 4MB by separating out the witness knowledge from a transaction to its personal space, nonetheless the sensible most of a block remains to be restricted to ~2.5MB.
Segwit additionally supplies better transaction effectivity and decreased charges for many who use it as a substitute of the legacy tackle system. Whereas Segwit has change into a majority of the community, adoption of Bech32 (Native Segwit) which gives even better effectivity has been gradual, predominantly as a result of massive service suppliers and exchanges take time to improve their infrastructure.
When Coinbase first rolled out assist for the expertise, adoption swiftly jumped from 9% to 33% in February 2018 and for some time adoption was correlated considerably with that of Bitcoin, together with this most up-to-date spike during the last two months indicating another massive service on the community has quietly upgraded.
