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Charlie Lee Sums Up Litecoin ‘s 10 Years Historical past. Half Three: SegWit Intro


The final time we checked with Litecoin, its creator Charlie Lee left Coinbase to give attention to his personal venture. The mission at hand was implementing SegWit within the Litecoin blockchain, which is simpler mentioned than finished. This story is as thrilling as they arrive. It has twists and turns and it ends with a bang. By the next story, we’ll be taught lots about consensus. One of the vital mysterious features of the cryptocurrency house is how selections are made. Are you able to be taught by a sensible instance?

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However earlier than we get into it, let’s let Mr. Lee himself outline Segwit:

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

By extracting the signature, the transactions occupy much less house. So, there’s more room in every block so as to add extra transactions. SegWit successfully will increase the block measurement restrict of the blockchain.

That being mentioned, 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 had been blocking SegWit. “Principally the concern was that when 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 indicate everybody that the improve was secure, and thus assist clear up the FUD that surrounded it.

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. So, it couldn’t “take a look at out the sport principle of the blockchain.” On Litecoin, then again, there could be “incentives for folks to assault it. If miners can steal thousands and thousands from anyone-can-spend cash, they’d.” Apart from serving to Bitcoin beat the FUD, Charlie Lee had other causes to implement SegWit in his venture.

“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’d even say block scaling is only a aspect good thing about SegWit. The primary repair is transaction malleability, which might permit Lightning Networks (LN) to be constructed on prime of Litecoin.”

LTCUSD price chart for 10/12/2021 - TradingView

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

The Basis Of The Litecoin Basis

A fast subsection, as a result of this collection is about Litecoin’s historical past. Whereas the SegWit story developed, Warren Togami stepped down as lead developer. Shaolin Fry joined the workforce particularly “to assist us get SegWit activated on Litecoin.” Loshan and Thrasher additionally joined to assist with the code. 

On the similar time, they created The Litecoin Basis with Xinxi Wang, Franklyn Richards, and Charlie Lee himself as Administrators.

Enter The Unhealthy Man Of The Film

It’s time for the Litecoin and SegWit story to satisfy that legendary interval generally known as The Blocksize Conflict. On the time, mining was a comparatively centralized affair and Bitmain was the… primary participant. They produced the “best ASICs” and miners had been closely incentivized to vote with them… or else. 

The co-founder of Bitamin, Jihan Wu,is a giant supporter of scaling Bitcoin onchain,” Lee informs. Which means, 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 group ended up rejecting. Nevertheless, on the time, Wu was singlehandedly stopping SegWit adoption in Bitcoin. And he had nice affect over Litecoin too.

So, how might Charlie Lee and his band of misfits circumvent this big impediment blocking their means? “The distinction between Bitcoin and Litecoin is me,” he mentioned. “Bitcoin is extra decentralized. There’s nobody to come back out to talk on what their imaginative and prescient of Bitcoin is.” Lee might and did promote his assist of SegWit among the many miners and attempt to seduce a few of them to vote his means. “In any case, this was what I got down to do. I met and talked to many miners all through the tip of 2016 to early 2017.” 

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We all know that his plan labored, but it surely was lots 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 proceed? 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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