Data from blockchain research and analytical platform Blockchair, has just confirmed that SegWit usage on Litecoin network surpasses that of Bitcoin by over 20%.
Per data obtained for SegWit usage for the month of April, the Litecoin SegWit adoption presented a maximum record of 69% while Bitcoin usage was 48%. The data shows that addresses using SegWit on Litecoin network is far ahead of that of Bitcoin.
SegWit is designed to help increase the size of block on a blockchain network. It helps fix issues of bugs and scalability.
Litecoin SegWit usage has since July 2018 surpassed that of Bitcoin. In October 2019, Bitcoin tried to stay close with Litecoin, present a SegWit usage of 54% while Litecoin recoded 60%.
Image Credit: Blockchair
Since then, Litecoin tried to widen the gap further, but in January 2020, Bitcoin again managed to stay close. However, the data recorded last month shows the highest margin Litecoin had stayed aloof Bitcoin in terms of SegWit usage.
The above graph indicated that the last time Bitcoin witnessed more SegWit adoption than Litcoin was in June 2018.
Thanks to SegWit usage on Bitcoin network, the block size of the first and most important cryptocurrency surged to 4 MB from the preregistered 1 MB limit.
SegWit is the short form of Segregated Witness. Literally, segregation mean to separate while Witness refers to transaction signatures.
SegWit is the process of distinguishing transaction signatures; it is one of the historical upgrade that has made landmark achievement in the history of Bitcoin.
The SegWit code which was released in 2015 went live on Bitcoin in late 2017, it removes signatures from Bitcoin transactions in order to increase the block size limit on a blockchain.
This concept was developed by a core Bitcoin developer Pieter Wuille. Wullie who is also the co-founder of Blockstream has contributed immensely to the improvement of Bitcoin network among which include BIP 66 and Libsecp256k1.
SegWit however is a basic process that has changed the methods of storing data on the BTC network, hence making faster and smoother transaction possible.