Litecoin gains traction

After a successful SegWit (Segregated Witness) implementation in May Litecoin saw a huge growth recently. For a long time span Litecoin has been hovering on the $3 range while after SegWit tentative implementation was announced by Charlie Lee, Litecoin main contributor, the second oldest blockchain still running gained a lot of traction among users.
Segregated Witness is a way to scale the protocol by removing signatures from Litecoin transactions: with less space used within blocks, there’s the capacity to add more transactions to the blockchain. SegWit is the update required to kick start the so-called Lighting Network, one of the future implementations to speed up transactions and enabling cryptocurrencies micropayments.
Before and after SegWit activation Litecoin saw an increased adoption among investors and users. 24hr volume on Litecoin is above a million dollar as we write and the price for a single Litecoin is around $50.
Litecoin is probably being used as a real-world test ground for SegWit activation on Bitcoin: Litecoin and Bitcoin share the same code since Litecoin has been created by modifying Bitcoin source code.
Litecoin advantages today rely on its speed and very low transaction costs.



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