The final time we checked with Litecoin, its creator Charlie Lee left Coinbase to concentrate on his personal mission. The mission at hand was implementing SegWit within the Litecoin blockchain, which is simpler stated than completed. This story is as thrilling as they arrive. It has twists and turns and it ends with a bang. By means of the next story, we’ll be taught quite a bit about consensus. One of the vital mysterious elements of the cryptocurrency area is how selections are made. Are you able to be taught via a sensible instance?
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However earlier than we get into it, let’s let Mr. Lee himself define SegWit:
“SegWit stands for Segregated Witness. It’s mainly an improve that might separate out the signature (i.e. witness) from the transaction.”
By extracting the signature, transactions occupy much less area. So, every block can maintain extra transactions. SegWit successfully will increase the block measurement restrict of the blockchain.
That being stated, let’s get again to Litecoin ’s 10-year historical past.
Why Did Charlie Lee Needed Litecoin To Implement SegWit?
On the time, within the Bitcoin community, miners have been blocking SegWit. “Mainly the worry was that after SegWit is activated, miners can steal any cash despatched to SegWit addresses. Anybody technical sufficient is aware of that this was not true.” So, Lee’s plan was to implement SegWit on Litecoin to point out everybody that the improve was secure, and thus assist clear up the FUD that surrounded it.
Mainly the worry was that after SegWit is activated, miners can steal any cash despatched to SegWit addresses. Anybody technical sufficient is aware of that this was not true. It was not attainable for miners to steal cash that means. Sadly Bitcoin testnet was not helpful right here.
— Charlie Lee (@SatoshiLite) October 8, 2021
Bitcoin’s Testnet wasn’t useful on this case as a result of its cash are nugatory, so it doesn’t present an incentive for dangerous actors to assault it. It couldn’t “take a look at out the sport principle of the blockchain.” On Litecoin, on the other hand, there could be “incentives for folks to assault it. If miners can steal thousands and thousands from anyone-can-spend cash, they might.” Moreover serving to Bitcoin beat the FUD, Charlie Lee had other reasons to implement SegWit in his mission.
“So it’s possible you’ll marvel why I’m pushing for SegWit. Litecoin doesn’t have a block measurement drawback. That’s proper, and SegWit isn’t just a block scaling resolution. I might even say block scaling is only a facet advantage of SegWit. The principle repair is transaction malleability, which might permit Lightning Networks (LN) to be constructed on high of Litecoin.”
LTC worth chart for 10/12/2021 on Gemini | Supply: LTC/USD on TradingView.com
The Basis Of The Litecoin Basis
A fast subsection, as a result of this sequence is about Litecoin’s historical past. Whereas the SegWit story developed, Warren Togami stepped down as lead developer. Shaolin Fry joined the staff particularly “to assist us get SegWit activated on Litecoin.” Loshan and Thrasher additionally joined to assist with the code.
Xinxi Wang (@TheRealXinxi) and Franklyn Richards (@LitecoinDotCom) joined me as Director to the Litecoin Basis and we had Loshan (@loshan1212) and Thrasher (@thrasher_au) as builders engaged on the code.
Folks began to change into enthusiastic about Litecoin once more!
— Charlie Lee (@SatoshiLite) October 8, 2021
On the similar time, they created The Litecoin Basis with Xinxi Wang, Franklyn Richards, and Charlie Lee himself as Administrators.
Enter The Dangerous Man Of The Film
It’s time for the Litecoin and SegWit story to fulfill that legendary interval often called The Blocksize Battle. On the time, mining was a comparatively centralized affair and Bitmain was the… fundamental participant. They produced the “best ASICs” and miners have been closely incentivized to vote with them… or else.
“The co-founder of Bitamin, Jihan Wu,is an enormous supporter of scaling Bitcoin onchain,” Lee informs. Meaning, he was in opposition to SegWit and in opposition to The Lightning Community as scaling options. Jihan Wu was within the camp of merely forking Bitcoin to extend block sizes, a notion that the neighborhood ended up rejecting. Nevertheless, on the time, Wu was singlehandedly stopping SegWit adoption in Bitcoin. And he had nice affect over Litecoin too.
Sadly that grew to become very contentious. As a result of Jihan had loads of affect, he single-handedly was in a position to block SegWit activation on Bitcoin. And since Bitmain additionally made probably the most environment friendly Litecoin miners, he had loads of affect on Litecoin miners additionally.
— Charlie Lee (@SatoshiLite) October 8, 2021
So, how may Charlie Lee and his band of misfits circumvent this big impediment blocking their means? “The distinction between Bitcoin and Litecoin is me,” he said. “Bitcoin is extra decentralized. There’s nobody to come back out to talk on what their imaginative and prescient of Bitcoin is.” Lee may and did promote his assist of SegWit among the many miners and tried to seduce a few of them to vote his way. “In any case, this was what I got down to do. I met and talked to many miners all through the top of 2016 to early 2017.”
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We all know that his plan labored, nevertheless it was quite a bit tougher than anticipated. Jihan Wu had the assets and affect to render his efforts out of date, plus he had an ace up his sleeve. How did Charlie Lee proceeded? How did he make SegWit on Litecoin occur and who stepped as much as the plate to assist him? Discover all of that and extra in tomorrow’s subsequent and ultimate episode of Litecoin ‘s 10-year historical past.
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