Litecoin Reaches Agreement on Segwit Upgrade, Price Rises

Bitcoin Watch Shop

The litecoin miners and developers have reached an agreement to activate segregated witnesses (segwit) and to increase litecoin’s blocksize of 1MB once its blocks are over 50% of the currency’s capacity.

The agreement is signed by Charlie Lee, Litecoin’s founder, F2Pool, BW, Bitmain, LTC1BTC, Huobi, OKCoin and others. It, however, states that it is not binding on the litecoin network:

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

The signatories “condemn any illegal aggressive acts like DDoS,” and “do not advocate a flag-day “UASF” that does not go though [sic] any users or community voting process. This type of forced upgrade without community consensus put Litecoin in a risk of split.”

The document does not provide any reason for activating segwit. It appears it was put to a vote of the participating members, with litcoin’s governance model now seemingly shifting to:

“Litecoin protocol upgrade decision should be made… through the roundtable meeting voting process, and activated by miner voting.”

Interestingly, the

Read more ... source: TheBitcoinNews

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