Litecoin Reaches Round Table Resolution for Protocol Upgrade

resolution

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. 

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Members of the Litecoin community published a resolution dubbed the “Litecoin Global Roundtable Resolution 001 (2017).” 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.

Litecoin Reaches Round Table Resolution for Protocol Upgrade

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:

“This Global LTC Roundtable Meeting is established to remove misunderstandings and promote industrial consensus. Participating members agree to abide by the results of the vote.”

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 “flag-day USAF” should be Litecoin Reaches Round Table Resolution for Protocol Upgradeimplemented. 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:

“When 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.”

Litecoin Reaches Round Table Resolution for Protocol Upgrade

Final Considerations; Participants in the Resolution

The goal of this resolution or agreement according to the sponsors are to create a more “harmonious community.” 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? 


Images via Shutterstock and litecoinblockhalf.com


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