Please do not downvote because you hate altcoins, read this post found in /Litecoin
and comment your thoughts as civilized bitcoiners that we are.
PD: I am not author of this post, I am only a poster here in BTC
Bitcoin has been an immense success but in this last year it has not developed. With its exponentially rising transaction fee it has lost divisibility; a key property of money. Many small Bitcoin accounts with $10 or less have been rendered useless. This has also meant that businesses selling low cost items and services are no longer viable.
Litecoin shares the majority of Bitcoin’s code and has now had an upgrade to version 2 (Segwit) which is much more capable. All the while Bitcoin stagnates running older code.
How did this happen? Well the first thing to realise is that Bitcoin was set up as an open source project. Unlike Apple privately owning the iOS11 software development. All the work that has gone into Bitcoin has been in the public domain. It’s a part of the ideaology of the libertarian movement.
The second fact to know is that Bitcoin is run by a distributed network of computers. [As a side note doing any real computing on a distributed computing network is a nightmare because it is incredibly inefficient, how Ethereum can ever have any practical application will remain a mystery to me.] This has the advantage that it can’t be shut down, corrupted or changed.
The Bitcoin network is designed to constantly upgrade its armour (by increasing the hashing power). No vested interest or powerful party can do anything without 51% of the network’s hashing power. The whole Bitcoin system is incentivised to be immutable, that is Bitcoin’s power, its permanency and unchangeability.
There is one upgrade route which has been designed in; that is miner consensus. If all miners agree to a software upgrade then that can happen. In the early days of Bitcoin upgrades were done a few times. The major upgrade that Litecoin has carried out is called Segwit (Segregated Witness). This is a clever rearrangement of the Bitcoin code which makes it more efficient, more secure and more capable ([link]1
free transactions, etc.etc.). It was developed with years of research and testing by Bitcoin advocates. So why hasn’t it been done on Bitcoin? Computers that do the calculations and protect the Bitcoin network get paid a Bitcoin reward.
Since 2009, millions of computers have joined the Bitcoin network in order to earn Bitcoin. Over time the computers that do these network calculations have become faster and faster and more and more specialised. Efficiencies of scale have meant that thousands of computers have been put together in mining farms using fast ASIC chips. 90% of the cost of running a mining farm is the electricity.
Mining is incredibly competitive and mining farms typically only make 1% profit. Some miners secretly identified a way to increase their profits, this method is called the ASIC boost. It makes the chips that do the mining 20% more efficient. Because of the weighted electricity cost this translates into a 2000% increase in profits. The ASIC boosters now represent ~35% of the mining power.
The Problem: Segwit the great upgrade designed by Bitcoin for Bitcoin will eradicate the ASIC boosters mining advantage. The selfish profit advantage of these miners combined with the immutability of Bitcoin means there can never be consensus on a Segwit upgrade. Add to this an escalating Bitcoin price which further reinforces the ASIC boosters' profitability.
So there you have it, Litecoin the little crypto underdog which has been running steadily behind Bitcoin since 2011 has come along and implemented Segwit. Litecoin is now massively upgraded compared to Bitcoin. It’s as though Apple after spending years developing iOS11 couldn’t agree on it so Google comes and says here you go we’re releasing a litePhone using iOS11.
Litecoin is such an exciting place to be. Some Bitcoiners feel threatened, they think that they were the chosen ones and Segwit was just for them. That's not the intention of Litecoiners at all. The presence atomic swaps (the interchange of money) between Litecoin and Bitcoin means that Litecoin is massively better off if/or when Bitcoin implements Segwit.
The fact remains that Litecoin is the only major Segwit enabled currency and we have to assume we are going to be on our own for some years to come. We have a lot to do. Here's to the successful rise of Litecoin.
Edit: formatting, thanks /cheshireycat
''' The Rise of Litecoin Go1dfish undelete link unreddit undelete link
1: mast:programmable 2: Lightning:instant
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