Will the Lightning Network make Litecoin more widely used?

Abiky

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Quote from: MacT on May 22, 2017, 01:26:30 PM

Lightning might not help at all, but the fact that the dev team is surfacing publicly and have laid out a year long plan should.

Yeah. As long as Litecoin continues to follow Bitcoin's footsteps, then it may become stable and successful for the long term, even if it lacks innovation. The adoption of SegWit on Litecoin will serve as a testing ground for Bitcoin, as well as the Lightning Network when it becomes active.

It shows that both Litecoin and Bitcoin will remain as solid cryptocurrencies for years to come. Considering that Litecoin is silver to Bitcoin's gold, it may continue to be used for quite a long time.

Nevertheless, we will see what will happen with SegWit and Lightning Network on Litecoin before it gets implemented on Bitcoin. It would need to be heavily tested before it can become used on the world's largest cryptocurrency. Just my thoughts. Grin

MacT

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Lightning might not help at all, but the fact that the dev team is surfacing publicly and have laid out a year long plan should.

European Central Bank

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Quote from: Sumo on May 22, 2017, 01:05:00 PM

I'm a bit confused and maybe you guys can help clear up some things for me. Is Lightning Network, MAST, Confidential Transactions and Schnorr Signatures something unique to LTC development or is it part of Segwit?

it's all stuff proposed for bitcoin but obviously it's not on there yet. they're porting it over to litecoin. maybe litecoin will get some unique stuff eventually.

Sumo

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I'm a bit confused and maybe you guys can help clear up some things for me. Is Lightning Network, MAST, Confidential Transactions and Schnorr Signatures something unique to LTC development or is it part of Segwit?

Abiky

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Quote from: tokeweed on May 21, 2017, 12:02:49 AM

I don't think the Lighning Network will help Litecoin that much in gaining more unique users. I see LTC as something like a testnet for Bitcoin, and a very good one. If Segwit and LN is proven good and running well in LTC, I think we might see more and more miners slowly activating Segwit. And if it does activate, LTC's technical advantage is nullified.

Yeah. Litecoin would really serve its purpose as a testing ground for Bitcoin, to have an idea of what to expect in the future if Bitcoin adopts it too. As the LTC network is much smaller than Bitcoin's, it achieved consensus at a quicker rate than its counterpart, leaving the path towards the activation of SegWit.

The good side about this, is that now Litecoin would be much faster and capable to handle more transaction throughput than Bitcoin, when the block size increases over time, not to mention that it solves a very important flaw such as transaction malleability.

Nevertheless, while the future of Litecoin is uncertain, one thing for sure is that it will survive alongside Bitcoin for many years to come. Just my thoughts. Grin

Herbert2020

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lightning network, no i doubt it because litecoin transactions were already fast enough, it really doesn't need a kind of an offchain solution to make it any faster.
SegWit however was a good addition for many reasons, not only it fixed the malleability issue but also it opens up way for some more development, LN is just one of them. and besides it mostly can open up way for bitcoin's SegWit so that is a win.

and don't confuse the price rise with more usage, the rise will come and it will go to the moon but not because it is used more.

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Quote from: Abiky on May 19, 2017, 08:03:24 PM

As Litecoin has reached acceptance from its miners towards SegWit adoption, it has greatly increased its transaction capacity. Now the path is open towards the activation of Lightning Network to help make Litecoin even more useful for micropayments and off chain transactions.

The question is whenever the Lightning Network would be the most viable solution for Litecoin, to help make it become widely used in the mainstream world? In my own opinion, I think that it will do so, eventually making it closer towards reaching Bitcoin's marketcap in the long term. When this comes, people would use Litecoin more for their daily transactions, while Bitcoin would only serve its purpose as a store of value.

I'm thinking that maybe Litecoin would become the second largest cryptocurrency in marketcap, right after the Ripple hype is over. This last one, is completely centralized and it would not be long before it devalues in price as truly decentralized cryptocurrencies take the lead.

What do you think? Roll Eyes

I don't think the Lighning Network will help Litecoin that much in gaining more unique users. I see LTC as something like a testnet for Bitcoin, and a very good one. If Segwit and LN is proven good and running well in LTC, I think we might see more and more miners slowly activating Segwit. And if it does activate, LTC's technical advantage is nullified.

MacT

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No. Segwit pumped up ltc because it was there first, and now that other coins have segwit ltc is melting a bit. If ltc gets lightning going AND it is exclusive to ltc AND nothing similar gets added to other popular coins, then ltc could get more used.

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litecoin without a lightning network has a long, long way to go before it has any type of fee or transaction pressure so i don't think it's gonna make a practical difference.

however it will attract more and more developers and curious people so it'll receive a boost from that. i guess a lightning network will introduce some new use cases too like machine to machine stuff.

Abiky

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As Litecoin has reached acceptance from its miners towards SegWit adoption, it has greatly increased its transaction capacity. Now the path is open towards the activation of Lightning Network to help make Litecoin even more useful for micropayments and off chain transactions.

The question is whenever the Lightning Network would be the most viable solution for Litecoin, to help make it become widely used in the mainstream world? In my own opinion, I think that it will do so, eventually making it closer towards reaching Bitcoin's marketcap in the long term. When this comes, people would use Litecoin more for their daily transactions, while Bitcoin would only serve its purpose as a store of value.

I'm thinking that maybe Litecoin would become the second largest cryptocurrency in marketcap, right after the Ripple hype is over. This last one, is completely centralized and it would not be long before it devalues in price as truly decentralized cryptocurrencies take the lead.

What do you think? Roll Eyes

Topic: Will the Lightning Network make Litecoin more widely used? (Read 1336 times)