New Study Shows Litecoin Has a Clear Advantage Over Bitcoin in Regards to Segwit Adoption
- The slowdown of SegWit adoption on Bitcoin is quite natural because some of the operators currently making use of the BTC ecosystem (such as VeriBlock, Blockchain) have not implemented the technology within their existing frameworks.
- Instead, BTC currently makes use of the LN (Lightning Network) as its off-chain scalable solution of choice.
Over the past couple of years, concerns regarding Bitcoin’s scalability have become more and more pronounced — especially since other altcoins are making it easier for people to process monetary transactions in a faster/cheaper manner.
In this regard, it bears mentioning that Segregated Witness (SegWit) — a protocol that enhances tx security and speed — has been around for a few years now. The protocol was first implemented across the Litecoin network back in April 2017 (a decision that was welcomed by the global crypto community at large).
Many believed that SegWit’s success with the Litecoin network would pave the way for the technology to be adopted by the BTC community as well.
As per data released by Longhash author recently, LTC is still miles ahead of Bitcoin when it comes to SegWit adoption.
From a numbers standpoint, we can see that upon its release, BTC showcased a 10% SegWit adoption rate — which, at the time, was nearly at par with Litecoin. Similarly, by Feb 2018, when Coinbase decided to implement SegWit, its adoption rate on the BTC network rose to an impressive 30% (while litecoin’s adoption surged to around the 28% mark).
Following the above stated time period, BTCs adoption rate started to slow down substantially while Litecoin’s adoption of SegWit grew to around the 50% mark (this figure has pretty much remained constant ever since).