THELOGICALINDIAN - Litecoin seems to be on the aisle appear adopting Segwit the proposed bendable angle and acquiescence band-aid by the Bitcoin amount development aggregation But there seems to be abashing amid users about what absolutely the bendable angle is
Also Read: Litecoin Faces a (Soft) Fork in the Road
Since Litecoin is based on the Bitcoin codebase, it additionally has the best to accept Segwit, and architect Charlie Lee believes this will be the case. With Segwit, he tells Bitcoin.com, the Litecoin association could add new technologies like arcane affairs and assertive defended signature algorithms, as able-bodied as the off-chain Lightning Network. But, he’s noticed one trend in the altercation about Segwit. Apparently, some bodies don’t absolutely get it.
“People don’t apprehend what Segwit is,” Mr. Lee tells Bitcoin.com. “The best accepted negatives about Segwit is that Litecoin does not accept a ascent problem. People don’t apprehend that the capital acumen for Segwit is to fix the transaction acquiescence problem. A ascent bang is aloof a ancillary account of it.”
Not a Vote
Another antecedent of confounding is the role of miners, which is about to action affairs and defended a cryptocurrency, in Segwit.
In a contempo AMA on 8BTC, Mr. Lee answered questions from Chinese-speaking Bitcoiners. Readers always referenced a “vote” which would arresting or appearance abutment Segwit. He took the befalling to alter their understanding.
“Miners are not asked to vote,” Mr. Lee explained. “They are asked to arresting for back they are accessible to abutment a new feature. Signaling is a way to alike amid the miners. The users adjudge whether or not to acquire this new feature.”
He compares the book to the Byzantine General’s problem. “The administrator wants the generals to attack,” he aggregate in the AMA. “If the accepted is accessible to attack, he raises his banderole to arresting that he’s ready. Once 75% of the generals accept their flags up, they alpha the attack. And the added 25% will see that and bound get accessible to advance also. The generals (or miners in this case) are aloof signaling that they are ready. It’s the administrator (or users of Litecoin) that absolutely decides whether or not to attack. And in this example, anniversary accepted can adjudge not to arresting and finer block the attack.”
If the majority of the generals adjudge to not signal, the administrator has a few options. “He can get new generals or he can aloof acquaint the signaling generals to go advanced and attack,” says Mr. Lee, who serves as Coinbase’s Director of Engineering. “This makes the action a bit added risky, but it may accept to be done.”
In this example, the developers do not act as the commander. The users do. “So as developers, we charge to see if the bread-and-butter majority of Litecoin users appetite Segwit,” he says. “From what I am seeing today, the abutment is overwhelmingly in favor. So if it comes to that, we will accept to adjudge what desperate measures to booty to add Segwit to the protocol. But we are not abutting to that point yet.”
Mr. Lee believes there is a “general confusion” that Segwit signaling represents a vote per se. “It’s added of a arresting that Litecoin miners are accessible to abutment new things added to the protocol. In the end it’s the users or the bread-and-butter nodes that adjudge if Litecoin should advancement it’s protocol.”
“Segwit is a Great Feature”
“Segwit is a abundant affection that fixes abounding altered problems including transaction malleability,” Coinbase’s Director of Engineering told Bitcoin.com. “And it can be done with a bendable fork. It’s basically a win, win, win band-aid and about a no-brainer.” In a way, Litecoin is acting as an in-production class for Bitcoin, as Mr. Lee explains.
“Bitcoin users who are borderline about Segwit can see it in activity on a alive arrangement transacting absolute value,” he says “That could advice addition aplomb and advice get Segwit adopted on Bitcoin also.”
What are your thoughts about Litecoin’s accommodation to bendable angle Segwit? Will this be acceptable or a bad affair for the cryptocurrency?
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