Litecoin’s scaling debate may be coming to an end.
A group of miners and exchanges is throwing support behind a new proposal, an agreement that follows weeks of increasingly acrimonious debate over whether the technical upgrade would be enacted on the litecoin network, the fourth-largest cryptocurrency by market capitalization.
Backed also by the cryptocurrency’s creator, Coinbase employee Charlie Lee, the statement endorses a “Segregated Witness soft fork on Litecoin”, which would bring a scaling upgrade first proposed for bitcoin to litecoin, most likely sooner than it could be activated on the bitcoin blockchain.
According to organizer and litecoin community member ‘PZ’, the meeting was held on WeChat for over eight hours, from 12pm to 8pm Beijing Standard Time today.
Created by bitcoin’s development team, the SegWit upgrade has long been lauded for the creative way it seeks to increase transaction capacity without needing to alter hard-coded block size rules. Litecoin, like bitcoin, also has a 1 MB cap on the total capacity of transactions per block, and as such, it faces similar scalability constraints long term.
Overall, the statement endorses a collaborative approach and blasts the use of so-called user-activated soft forks, or UASFs, as viable