After SegWit, Litecoin Stands Chance to Rise Like Bitcoin
SegWit has activated on Litecoin and the first transaction from the upgraded version has been made on the network. Some of its users have voted that the main technology/feature they are most interested in seeing added to the network is the Lightning Network (77% of voters) for instant scalable off-chain transactions.
They leave behind MAST (4%) for smart contracts as it is with Ethereum, the Confidential Transactions feature (15%) and Schnorr (4%) which enables on-chain scaling.
LN has the potential to make Litecoin become what has been touted to be the first of its kind: a digital currency for day to day micropayments; a cryptocurrency that the world could easily relate with if only the acceptance level gets higher especially by established businesses online.
At the moment, Litecoin is not as popular as Bitcoin which is a digital currency too but also serves as a store of value or commodity. However, Litecoin could become popular for its frequent use and considering that its price still fits into many pockets unlike Bitcoin which is getting more and more expensive by the day.
Though the SegWit activation has not really increased its price as some had expected – this could be due to the rising price of Bitcoin to about $1850 as at the time of this writing, Litecoin’s outlook is positive. Its ability to help serve the need for real life applications would help speed up market penetration for itself and other useful cryptocurrencies. The price would definitely come with the spread.
Many are looking forward to try the Lightning Network and there have been several live demonstrations of its transaction on Litecoin since the network activated SegWit. It is almost instantaneous. The hard part now is to make users see the speed of transaction so as to encourage massive adoption. it could scale to millions of users and merchants until Bitcoin has a scaling solution. Until then, Litecoin stands the chance to be the major alternative currency to Bitcoin which could see it gain steady growth in the next couple years. Its price would also appreciate to a point that it could not be ignored by the market anymore.
According to Charlie Lee, some of the implementations of Lightning Network that are currently available – though most have been tested on Litecoin but still need some work to make them ready for end users – include Amiko Pay, Blockchain’s thunder, ACING’s eclair, Blockstream’s c-lightning, MIT Media Lab’s lit and Lightning Lab’s lnd.