Litecoin (LTC) surpasses Bitcoin (BTC) in the use of SegWit, as the percentage of blocks using SegWit approaches 50 percent. This occurred immediately after the sharp decline in the use of SegWit on 3 September. The decline occurred when the number of Litecoin (LTC) daily transactions rose to 75,000 from 25,000.
This led many to believe that there was a huge volume of low frequency transactions that occurred without the activation of SegWit. Relatively, this would be recorded as a decrease in the percentage use of SegWit transactions.
Litecoin (LTC) Price today – LTC / USD
Comment by Charlie Lee
The founder and CEO of Litecoin (LTC) – Charlie Lee-, tweeted the event recently, saying that " Litecoin (LTC) the use of SegWit surpasses Bitcoin (BTC) and is approaching 50 percent thanks to @Blockchair to put the data together. "
Segregated Witness (SegWit )
Segregated Witness – which is long for SegWit – is an update of the protocol implemented for the Bitcoin (BTC) and Litecoin (LTC) blockchains. It deletes the data of the witness, which is the aspect of the transactions that contain the signatures and moves them outside the block. This, together with the potential scalability of the blockchain, has allowed to correct the malleability of the transactions.
This paved the way for second-level scalability solutions, as it solved the problem where hackers could alter transaction IDs and apparently the entire block. It also allows you to add multiple transactions in a block, thereby increasing the overall transaction throughput of blockchain transactions.
Percentages of Bitcoin (BTC) transactions using SegWit
Bitcoin (BTC) percentage transactions using Segregated Witness remained under 40% since the technology was activated, even if SegWit users pay twenty to thirty percent of all blockchain fees.
However, this is not the case with Litecoin (LTC), as a Segregated Witness is used on the Litecoin blockchain (LTC) rather than on the Bitcoin blockchain (BTC). According to Charlie Lee, the use of SegWit on Litecoin's blockchain (LTC) is in the top 40%, gradually approaching 50%. This means that approximately 50% of Litecoin's blockchain (LTC) transactions use SegWit for their transactions.