Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The Litecoin community established a roundtable in order to reach a resolution for protocol upgrades. On April 21, the creator of Litecoin, Charlie Lee, tweeted that an agreement has been achieved by jokingly saying the community has decided on a new pope.Â
Also read:Â What is Asicboost? â An Interview With Developer Jeremy Rubin
Members of the Litecoin community published a resolution dubbed the âLitecoin Global Roundtable Resolution 001 (2017).â The resolution is supposed to establish the groundwork for a consensus that will allow for the activation of segregated witness. The arrangement consists of four points of communication.
4 Point Consensual Agreement
The first point of the resolution establishes that the meeting has been set up to resolve differences and make sure there is no miscommunication. The article stated:
âThis Global LTC Roundtable Meeting is established to remove misunderstandings and promote industrial consensus. Participating members agree to abide by the results of the vote.â
The second point of the agreement states that consensus for a Litecoin protocol upgrade should be hinged on a legitimate community vote. The resolution states that there should be no unilateral or nefarious action on the part of subversive elements bent on getting the protocol to conform to their will.
The third point suggests that no forced âflag-day USAFâ should be implemented. The agreement stated that this type of nonconsensual upgrade would risk a hard split in the community.
The fourth point is the most important. It consists of two vectors of agreement. Members of the community unanimously agree to implement segregated witness. They also agree that once the block size reaches 50% capacity, they will then hike the block size by way of either a soft fork or hard fork. The article said:
âWhen the usage of Litecoin block capacity is over 50%, we will start to prepare for a solution to increase the 1MB block size limit through a hardfork or softfork.â
Final Considerations; Participants in the Resolution
The goal of this resolution or agreement according to the sponsors are to create a more âharmonious community.â It appears the Litecoin participants want to communicate their differences in an open and peaceful way for the betterment of the network.
The article mentioned that the wider community is involved in the resolution. This included developers, miners and other participants such as Bitmain, Batpool, F2 Pool, Huobi, and others.
If everything moves according to plan, the Litecoin network is poised to resolve differences without resorting to hostility that could needlessly sever the community and endanger the project.
Do you believe this resolution will work to keep the peace in the Litecoin community?Â
Images via Shutterstock and litecoinblockhalf.com
Do you like to research and read about Bitcoin technology? Check out Bitcoin.comâs Wiki page for an in-depth look at Bitcoinâs innovative technology and interesting history.
The post Litecoin Reaches Round Table Resolution for Protocol Upgrade appeared first on Bitcoin News.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.