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Charlie Lee Sums Up Litecoin ‘s 10 Years History. Part Three: SegWit Intro

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Litecoin, an Antminer by Bitmain

The last time we checked with Litecoin, its creator Charlie Lee left Coinbase to focus on his own project. The mission at hand was implementing SegWit in the Litecoin blockchain, which is easier said than done. This story is as exciting as they come. It has twists and turns and it ends with a bang. Through the following tale, we’ll learn a lot about consensus. One of the most mysterious aspects of the cryptocurrency space is how decisions are made. Are you ready to learn through a practical example?

Related Reading | Charlie Lee Sums Up Litecoin’s 10 Years History. Part One: Fair Launch

But before we get into it, let’s let Mr. Lee himself define Segwit:

“SegWit stands for Segregated Witness. It’s basically an upgrade that would separate out the signature (i.e. witness) from the transaction.”

By extracting the signature, the transactions occupy less space. So, there’s more space in each block to add more transactions. SegWit effectively increases the block size limit of the blockchain.

That being said, let’s get back to Litecoin ’s 10-year history.

Why Did Charlie Lee Wanted Litecoin To Implement SegWit?

At the time, in the Bitcoin network, miners were blocking SegWit. “Basically the fear was that once SegWit is activated, miners can steal any coins sent to SegWit addresses. Anyone technical enough knows that this was not true.” So, Lee’s plan was to implement SegWit on Litecoin to show everyone that the upgrade was safe, and thus help clear up the FUD that surrounded it.

Bitcoin’s Testnet wasn’t helpful in this case because its coins are worthless, so it doesn’t provide an incentive for bad actors to attack it. So, it couldn’t “test out the game theory of the blockchain.” On Litecoin, on the other hand, there would be “incentives for people to attack it. If miners can steal millions from anyone-can-spend coins, they would.” Besides helping Bitcoin beat the FUD, Charlie Lee had other reasons to implement SegWit in his project.

“So you may wonder why I’m pushing for SegWit. Litecoin does not have a block size problem. That’s right, and SegWit is not just a block scaling solution. I would even say block scaling is just a side benefit of SegWit. The main fix is transaction malleability, which would allow Lightning Networks (LN) to be built on top of Litecoin.”

LTC price chart for 10/12/2021 on Gemini | Source: BTC/USD on TradingView.com

The Foundation Of The Litecoin Foundation

A quick subsection, because this series is about Litecoin’s history. While the SegWit story evolved, Warren Togami stepped down as lead developer. Shaolin Fry joined the team specifically “to help us get SegWit activated on Litecoin.” Loshan and Thrasher also joined to help with the code. 

At the same time, they created The Litecoin Foundation with Xinxi Wang, Franklyn Richards, and Charlie Lee himself as Directors.

Enter The Bad Guy Of The Movie

It’s time for the Litecoin and SegWit story to meet that legendary period known as The Blocksize War. At the time, mining was a relatively centralized affair and Bitmain was the… main player. They produced the “most efficient ASICs” and miners were heavily incentivized to vote with them… or else. 

The co-founder of Bitamin, Jihan Wu,is a big supporter of scaling Bitcoin onchain,” Lee informs. That means, he was against SegWit and against The Lightning Network as scaling solutions. Jihan Wu was in the camp of simply forking Bitcoin to increase block sizes, a notion that the community ended up rejecting. However, at the time, Wu was singlehandedly stopping SegWit adoption in Bitcoin. And he had great influence over Litecoin too.

So, how could Charlie Lee and his band of misfits circumvent this huge obstacle blocking their way? “The difference between Bitcoin and Litecoin is me,” he said. “Bitcoin is more decentralized. There’s no one to come out to speak on what their vision of Bitcoin is.” Lee could and did promote his support of SegWit among the miners and try to seduce some of them to vote his way. “Anyways, this was what I set out to do. I met and talked to many miners throughout the end of 2016 to early 2017.” 

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

We know that his plan worked, but it was a lot harder than expected. Jihan Wu had the resources and influence to render his efforts obsolete, plus he had an ace up his sleeve. How did Charlie Lee proceed? How did he make SegWit on Litecoin happen and who stepped up to the plate to help him? Find all of that and more in tomorrow’s next and final episode of Litecoin ‘s 10-year history.

Featured Image by InstagramFOTOGRAFIN from Pixabay - Charts by TradingView

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Tezos Price Prediction – How Much Will XTZ Be Worth in 2021?

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Tezos Price Prediction – How Much Will XTZ Be Worth in 2021?
  • Bullish Tezos  price prediction ranges from $7.96 to $9.55.
  • Tezos  prices might also reach $10 soon.
  • XTZ bearish market price prediction for 2021 is $3.15.

In Tezos  (XTZ) price prediction 2021, we use statistics, price patterns, ADX, and much other information about XTZ to analyze the future movement of the cryptocurrency. 

Tezos is a blockchain network that’s based on smart contracts, in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced — meaning it can evolve and improve over time without there ever being a danger of a hard fork. This is something that both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.

Let us see about the Tezos price prediction 2021.

Current Market Status of Tezos (XTZ) 

According to CoinGecko, the Tezos price is trading at $6.86 with a 24-hour trading volume of $329,958,203, at the time of writing. However, Tezos has decreased by 4.7% in the last 24 hours.

Currently, Tezos trades in cryptocurrency exchanges such as Binance, Tokocrypto, OKEx, FTX, and Bybit.

Tezos (XTZ) Price Prediction 2021

Tezos (XTZ) holds the 34th position on CoinGecko right now. Tezos price prediction 2021 explained below with a daily time frame. 

XTZ/USDT Showing Ascending Channel Pattern (Source: TradingView)

The price action contained between two parallel upward sloping lines defined as an ascending channel. Higher highs and lower lows distinguish this price pattern. An ascending channel formed by connecting the swing lows with a lower trend line and the swing highs with an upper channel line.

A breakout above an ascending channel may indicate that the upward trend will continue, whereas a breakdown below an ascending channel may indicate that the trend will change.

Currently, XTZ is trading at $7.049. After this, XTZ may continue to fall or rise according to the direction of breakout. With this pattern, XTZ might reach the resistance level at $9.55 soon. If the trend reverses, then the price of XTZ may fall to $4.54.

Tezos (XTZ) Support and Resistance Level

The below chart shows the support and resistance level of Tezos (XTZ). 

1638342905 811 Tezos Price Prediction – How Much Will XTZ Be Worth
XTZ/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support levels of Tezos.

  • Resistance Level – $8.38
  • Support Level 1 – $6.29
  • Support Level 2 – $4.24
  • Support Level 3 – $3.15

The chart depicts the bullish performance of Tezos over the previous month. However, this trend will continue to reach a resistance level at $8.38 soon. Even more, if the trend reversed then Tezos might fall to $3.15 presenting a bearish signal.

Tezos (XTZ) Average Directional Index (ADX)

Let us now look at XTZ’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

The above chart represents the ADX of Tezos. Currently, Tezos lies in the range at 21.024, so it indicates a weak trend.

Conclusion

Tezos is one of the cryptos which is great for long-term investment. In addition, Tezos price prediction is bullish for a short-term. It has a good chance of reaching $9.12 within the end of this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the Tezos ecosystem, the performance of Tezos would rise reaching $8.38 very soon. But, it might also reach $10 if the investors believe that Tezos is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Pundi X[new] Price Prediction 2021 – Will PUNDIX Hit $4 Soon?

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Pundi X[new] Price Prediction 2021 - Will PUNDIX Hit $4 Soon?
  • Bullish PUNDIX price prediction ranges from $2.07 to $3.60.
  • The PUNDIX price might also reach $4.
  • PUNDIX bearish market price prediction for 2021 is $1.20.

In PUNDIX price prediction 2021, we use statistics, price patterns, ADX, and much other information about PUNDIX to analyze the future movement of the cryptocurrency. 

Pundi X is a pioneering blockchain-powered device developer with the goal of transforming retail businesses with its blockchain-based point of sale solution. On its blockchain, the solution enables retail merchants and consumers to conduct instantaneous in-store transactions.

Current Market Status of Pundi X[new] (PUNDIX)

According to Coingecko, the price of PUNDIX is $1.63 with a 24-hour trading volume of $41,785,439 at the time of writing. However, PUNDIX dropped to 4.12% in the last 24 hours.

Moreover, PUNDIX has a circulating supply of 258,491,637 PUNDIX. Currently, PUNDIX trades in cryptocurrency exchanges such as Binance, FTX, Upbit, KuCoin, and Bitrue. 

Pundi X[new] (PUNDIX) Price Prediction 2021

Pundi X[new] (PUNDIX) holds the 151st position on CoinGecko right now. Pundi X[new] price prediction 2021 explained below with a daily time frame. 

PUNDIX/USDT Higher High and Higher Low Pattern (Source: Tradingview)

When the peaks and troughs on a chart ascend, an uptrend is occurring. Prices in that uptrend can be seen as higher highs and higher lows. Prices from the previous period that were seen as highs are now even higher than they were before the uptrend began.

Not only do the highs finish higher, but the lows from a previous period of time gain value and end up being higher than before. This indicates to a trader that prices are rising and the overall value is rising, indicating that it is time to sell and make a profit before a downtrend occurs.

Currently, PUNDIX is waving at $1.63. After this, PUNDIX may continue to fall according to the higher high and higher low pattern. With this pattern, PUNDIX might reach the resistance level at $2.26 soon. If the trend reverses, then the price of PUNDIX may fall to $1.54.

Pundi X[new] (PUNDIX) Support and Resistance Level

The below chart shows the support and resistance level of Pundi X[new] (PUNDIX). 

1638342167 307 Pundi Xnew Price Prediction 2021 Will PUNDIX Hit 4
PUNDIX/USDT Support and Resistance Level (Source: Tradingview)

From the above chart, it is observed that the following are the resistance and support level of PUNDIX.

  • Resistance Level 1 – $2.07
  • Resistance Level 2 – $2.70
  • Resistance Level 3 – $3.60
  • Support Level 1 – $1.20
  • Support Level 2 – $0.59

The chart depicts the bullish performance of PUNDIX over the previous month. However, this trend will continue to reach resistance level at $2.26 soon. On the contrary, if the trend reversed then PUNDIX might fall to $1.54 presenting a bearish signal.

Pundi X[new] (PUNDIX) Average Directional Index (ADX)

Let us now look at PUNDIX’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

The above chart represents the ADX of PUNDIX with the range at 50.54, so it indicates a strong trend.

Conclusion

The Pundi X[new] is one of the cryptos which is great for long-term investment. In addition, PUNDIX price prediction will be bullish for a short-term period. It has a good chance of reaching $2.26 this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the PUNDIX ecosystem, the performance of PUNDIX would rise reaching $2.26 very soon. But, it might also reach $4 if the investors believe that PUNDIX is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Aion Price Prediction 2021 – Will AION Hit $0.80 Soon?

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Aion Price Prediction 2021 - Will AION Hit $0.80 Soon?
  • Bullish AION price prediction ranges from $0.25 to $0.56.
  • The AION price might also reach $0.80.
  • AION bearish market price prediction for 2021 is $0.15.

In AION price prediction 2021, we use statistics, price patterns, ADX, and much other information about AION to analyze the future movement of the cryptocurrency. 

Aion is a multi-tier blockchain platform designed for blockchain interconnection. AION tokens are used to launch new blockchains, monetize inter-chain bridges, and secure the network as a whole. Nuco, which was founded in the spring of 2016, created AION.

Aion has a fortune system that offers members of the community for providing technical support, documentation, and other assistance.  Currently, AION is mined using a modified Equihash Proof-of-Work mining algorithm.

Current Market Status of Aion (AION)

According to Coingecko, the price of Aion is $0.198 with a 24-hour trading volume of $14,426,731 at the time of writing. However, AION surged to 4.06% in the last 24 hours.

Moreover, AION has a circulating supply of 494,841,926 AION coins. Currently, AION trades in cryptocurrency exchanges such as Binance, BiONE, KuCoin, Bitrue, and Pionex.

Aion (AION) Price Prediction 2021

Aion (AION) holds the 398th position on CoinGecko right now. AION price prediction 2021 explained below with a daily time frame. 

AION/USDT Falling Wedge Pattern (Source: TradingView)

The falling wedge pattern is a continuation pattern formed when price bounces between two downward sloping, converging trendlines. It is a bullish chart formation, but it can also indicate reversal or continuation patterns depending on where it appears in the trend.

Currently, AION is waving at $0.198. After this, AION would continue to follow the pattern where the price chart would show uptrend. Moreover, the price of AION will breakout at $0.20 and might reach the resistance level to $0.64. If the trend reverses, then the price of AION may fall to $0.15.

Aion (AION) Support and Resistance Level

The below chart shows the support and resistance level of Aion (AION). 

1638341486 196 Aion Price Prediction 2021 Will AION Hit 080 Soon
AION/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support levels of AION.

  • Resistance Level 1 – $0.25
  • Resistance Level 2 – $0.38
  • Resistance Level 3 – $0.56
  • Support Level 1 – $0.15
  • Support Level 2 – $0.09
  • Support Level 3 – $0.06

The chart depicts the bearish performance of AION over the previous month. However, AION will follow a bullish pattern and will rise. On the contrary, if the trend reversed then AION might fall to $0.15 presenting a bearish signal.

Aion (AION) Average Directional Index (ADX)

Let us now look at AION’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

The above chart represents the ADX of AION lies in the range at 45.07, so it indicates a strong trend.

Conclusion

The AION is one of the cryptos which is great for long-term investment. In addition, AION price prediction is bullish for a short-term. It has a good chance of reaching $0.64 within the end of this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the AION ecosystem, the performance of AION would rise reaching $0.64 very soon. But, it might also reach $0.80 if the investors believe that AION is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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