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Top 3 Cryptocurrencies Signaling SegWit

It may take quite some time before Segregated Witness is activated on the bitcoin network. Until that happens, various altcoins are favoring the implementation of this protocol, by the look of things. While Litecoin has started to signal SegWit activation, MonaCoin and Vertcoin are taking a similar route. All of this seems to confirm SegWit is quite a powerful solution that is well worth exploring. Below is a list of all cryptocurrencies confirmed to consider SegWit activation in the future.

3. MonaCoin

Although most people may not give MonaCoin a second thought, the altcoin has managed to gain a lot of traction in Asia. Some people on Bitcointalk proclaimed MonaCoin is dead in the water, but the developers are still actively working on the project as we speak. In fact, they recently ported the SegWit code from Litecoin to start signaling support with their own ecosystem.

According to one of our sources, it took the developers very little effort to port SegWit to MonaCoin. Since MONA is a Litecoin clone, the developers only had to change a handful of lines of code to make sure SegWit signaling is capable with the MonaCoin ecosystem. A soft fork on the network was activated on March 8th, and miners are currently able to signal for SegWit support. If the support reaches 75% consensus, the solution will activate within the next 10,080 network blocks.

2. VertCoin

A lot of people were surprised to find out VertCoin is looking to integrate Segregated Witness. Or to be more precise, the developers are open to the idea, yet it is up to the community to determine whether or not SegWit will be effectively activated. P2Pool developers have updated their software to include SegWit signaling support for VertCoin and successfully mined two network blocks without any problems. Every VertCoin miner running their own P2Pool node should upgrade the software to the latest version.

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It is interesting to see VertCoin take this route, as there is no dire need for a solution such as SegWit. Then again, this code update solves malleability attacks which can affect any cryptocurrency blockchain in existence. Moreover, it will provide more feedback as to how SegWit affects these networks once it is activated. Whether or not SegWit will activate on the VertCoin network, remains to be seen, though. Then again, it is rather exciting to see various altcoins considering to implement this solution.

1. Litecoin

Most people are keeping an eye on whether or not SegWit will ever activate on the Litecoin network. Signaling for Segregated Witness started a few weeks ago, yet we are still far away from reaching the required support threshold. SegWit needs at least 75% before activating on the Litecoin network, yet support sits around the 24% mark for the time being. Some people feel this shows even altcoin users do not like Segregated Witness, although it is still too early to tell if there is a chance of success.

At the same time, people have to keep in mind Litecoin is no longer the “superior” altcoin it was several years ago. A lot of mining pools are – allegedly – hosted in China, yet most of the Chinese bitcoin mining pools seem to reject the idea of Segregated Witness altogether. This will impact the adoption rate for SegWit in the Litecoin ecosystem, although there is still a very long way to go before we can determine how this situation will evolve.It is an intriguing situation, though, that much is certain.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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