Altcoin News

Litecoin Roundtable: “Unanimous Vote” To Decide SegWit Future


Vote has been considered to support SegWit for Litecoin and to support this action a group of Chinese crypto entities from across the scaling debate has gathered together.

The final results of the Global LTC Roundtable Meeting, published today, call for users to make the decision about the coin’s future.

Members who have associate are Litecoin creator Charlie Lee, pro-big block miner Bitmain, Huobi and OKCoin.

An extract from the proposal reads:

“Through a voting process, the participating members unanimously agree to the following plan regarding to Litecoin protocol upgrade:

  1. To implement Segregated Witness softfork on Litecoin.
  2. What makes you to start to prepare for a solution to increase the 1MB block size limit through a hardfork or softfork when the usage of Litecoin block capacity is over 50%.

The results mark welcome consensus in a debate which has led to frequent disarray for Litecoin, with a poisonous stalemate similar to that behind the Bitcoin scaling drama threatening to put pay to its fortunes.

Following support for SegWit growing towards and, afterwards, beyond the required 75 percent boundary, prices increased significantly, taking the price per coin over $10 from a previous $4.

Accusations that Bitmain was deliberately hindering SegWit progress led to Lee making a public appeal for a user-activated soft fork (UASF) to occur. Friday’s post, however, shows a reversal.

One of the roundtable members quote that we do not advocate a flag-day “UASF” that does not go (through) any users or community voting process. This type of forced upgrade without community consensus put Litecoin in a risk of split,” the roundtable members say.

Once the vote is administered, participants nominally agreed to abide by the results of public consensus.



Originally Featured