It is interesting to see how SegWit adoption progresses across the different blockchains. Bitcoin has not seen any major progress in this regard, for various reasons. Litecoin, on the other hand, continues to note strong adoption, giving it a leg up over the world’s leading cryptocurrency.
Overall SegWit Growth on Litecoin
Looking at the chart provided by Blockchair, it is evident the integration of SegWit on Litecoin was received lukewarm. It took a while until the usage percentage moved up in a significant manner. More specifically, by January 2018, Litecoin noted just 2% usage, compared to Bitcoin’s 11%. Not the most impressive growth, albeit a lot has changed ever since.
The situation started to improve a few months later. Both Litecoin and Bitcoin received an influx of SegWit transactions all of a sudden. This resulted in a strong surge to 32% adoption all of a sudden. Whereas Bitcoin’s chart started moving higher from that date onward, Litecoin’s percentage noted a strong dip, before eventually overtaking BTC.
Ever since, Litecoin’s network has continued to note overall SegWit adoption growth. Bitcoin has stagnated quite a bit, and shows no real signs of improvement. Identifying the reason for this situation is difficult. A lot of service providers have incorporated Segregated Witness by default, but there is still plenty of work to be done.
Comparing the statistics today, Litecoin is clearly ahead. Its network has achieved 80% SegWit usage, compared to Bitcoin’s 47%. A very steep difference that will not be overcome all that easily. Bitcoin is clearly behind the curve, and it will remain in that position unless core providers step up their game.
Charlie Lee Offers a Hint
An interesting explanation is provided by Litecoin’s creator Charlie Lee. In his opinion, the reason for Bitcoin’s lack of Segregated Witness use is not difficult to find. He claims how the Blockchain.com team has failed to incorporate this solution. A bit odd, as Segregated Witness was activated on the Bitcoin network several years ago.
— Charlie Lee [LTC] (@SatoshiLite) August 16, 2020
Assuming this claim is true, one has to wonder why Blockchain is taking this route. It is one of the largest Bitcoin wallet providers in the world today. At the same time, there is some concern over implementing SegWit solely. Luke Dashjr has made a claim how this would be harmful to Bitcoin. A controversial statement, but one that may hold some truth.
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