Litecoin founder plans to activate Segregated Witness and convince miners to do so

Golden Finance News - On April 20, Litecoin founder and Coinbase engineering director Charlie Lee said that Jiang Zhuoer, the founder and operator of a major mining pool, plans to mine a few Segregated Witness (SegWit) blocks to test his mining pool's system, after which the initial testing phase of supporting Segregated Witness will be completed.

Jiang Zhuoer's Litecoin mining pool LTC1BTC is still mining isolated witness blocks. Image source: Golden Finance

However, according to data from various mining statistics providers, Jiang Zhuoer’s Litecoin mining pool LTC1BTC is still mining SegWit blocks.

Initially, Jiang Zhuoer planned to test his system and mining pool by mining SegWit blocks. He intended to stop after mining a few SegWit blocks. However, on April 21, the Litecoin mining community and industry released the "Litecoin Global Roundtable 001 Resolution", which disclosed the general consensus of the mining community and industry to the public.

In order to follow the resolution and the community's vision, Jiang Zhuoer continued to mine the SegWit blocks and expressed his support for the SegWit solution.

Jiang Zhuoer continues to mine the SegWit block, expressing support for the SegWit solution. Image source: Golden Finance

——Litecoin may activate Segregated Witness ahead of schedule

Charlie Lee attended the Litecoin Global Roundtable to discuss the activation of Segregated Witness for Litecoin. As one of the key figures in the community, Charlie Lee played an important role in convincing miners to activate Segregated Witness.

At this rate, Litecoin may activate SegWit ahead of schedule (8,064 SegWit blocks mined). Most mining pools and miners believe that if Litecoin successfully activates SegWit, it will help the Bitcoin network to activate this solution. Some major Bitcoin mining pools such as F2Pool have publicly announced that they intend to implement SegWit on the Bitcoin network once the applicability of SegWit is functionally tested on the Litecoin network.

Currently, only 34.1% of the Bitcoin network's hashrate supports Segregated Witness, and mining pools including Bitfury, BTCC, F2Pool, and Slush Pool are actively promoting the integration of Segregated Witness into the Bitcoin network. On the contrary, some larger mining pools such as Antpool and BTC.Top choose to support Bitcoin Unlimited.