As expected, a lot of articles were written about Litecoin, since after halving digital silver tried to break the resistance. In fact, the rally was short-lived, as Litecoin remained above the support level of $ 90.
Assumptions about its price, especially dramatic ones, in the light of the possible closure by miners of their business, a lot have been made. Not succumbing to psychological manipulations, Litecoin miners did not stop their activity, even if the block reward was halved.
Charlie Lee tweeted a table from the Blockchair service, explaining that in fact the Litecoin network is in perfect order.
“We mine the block on average every 1.4 minutes, which is much faster than the planned 2.5 minutes,” Lee wrote.
The changes did not negatively affect the market sentiment relative to the coin. Also, according to The Tie, the Litecoin discussions on Twitter were pretty positive.
The change in the attitude of Twitter users to the coin over the past few days compared to the previous 7-day period was estimated using a special metric. It turned out that more than 50% of the audience is still positive about it.
In addition, Litecoin creator Charlie Lee retweeted an article titled “Victory Over FUD: Electric Capital’s Report on Litecoin Developer Activity,” shared by Litecoin Foundation community manager Ilir Gashi.
Gashi denied the data of the report, according to which in 2018 the number of Litecoin developers monthly decreased and at the moment it decreased from 40 to 3.
Despite the fact that in the analysis of Electric Capital, correspondence with GitHub was used, the researchers did not take into account the fact that forks were assigned here and the commits were taken from open source libraries. For this reason, “conclusions contain a distorted picture.”
Forks are primarily copies of repositories that are stored in other user accounts and allow any GitHub user to make changes or updates without affecting the original project. According to the expert, the network update released by Bitcoin Core should also be taken into account:
“despite the fact that Bitcoin Core can release an update to its network, which indicates the activity of developers, it will not include repository branches of other cryptocurrencies that use the same update [are its forks].”
Bitcoin is open source, which means that it can be used by anyone in the ecosystem.
“This means that cryptocurrencies such as Litecoin, which regularly update the code from the Bitcoin network, are for some reason not taken into account. It [the updated code] counts for Bitcoin and does not apply to Litecoin. ”
According to the developers of digital silver, Litecoin is a “clone” [fork] of bitcoin. Charlie Lee planned that Litecoin would complement Bitcoin and become the “lighter version” of the largest cryptocurrency, used in small transactions of everyday payments.
To improve the network, developers make changes or corrections to the code that came from Bitcoin. Therefore, when analyzing the activity of developers on the network, you cannot get an objective picture, considering only those commits that are “unique” to Litecoin, and ignore commits from open source libraries.
Litecoin Project has 37 repositories in total, but, according to Gashi, Electric Capital focuses on only one. In addition, the term “developer” itself is highly speculative.