HomeNewsCharlie Lee Sums Up Litecoin 's 10 Years History. Part Three: SegWit...

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

The final time we checked with Litecoin, its creator Charlie Lee left Coinbase to concentrate on his personal challenge. The mission at hand was implementing SegWit within the Litecoin blockchain, which is simpler stated than achieved. 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 rather a lot about consensus. One of the vital mysterious points 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 define Segwit:

“SegWit stands for Segregated Witness. It’s principally an improve that will 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 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 had 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 indicate everybody that the improve was protected, 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 unhealthy actors to assault it. So, it couldn’t “take a look at out the sport principle of the blockchain.” On Litecoin, on the other hand, there can be “incentives for folks to assault it. If miners can steal hundreds of thousands from anyone-can-spend cash, they might.” In addition to serving to Bitcoin beat the FUD, Charlie Lee had other causes to implement SegWit in his challenge.

“So chances are you’ll marvel why I’m pushing for SegWit. Litecoin doesn’t have a block measurement drawback. That’s proper, and SegWit is not only a block scaling answer. I’d even say block scaling is only a facet advantage of SegWit. The primary repair is transaction malleability, which might enable 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 advanced, Warren Togami stepped down as lead developer. Shaolin Fry joined the group 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 Dangerous Man Of The Film

It’s time for the Litecoin and SegWit story to satisfy that legendary interval generally known as The Blocksize Struggle. On the time, mining was a comparatively centralized affair and Bitmain was the… foremost 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 towards SegWit and towards 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. Nonetheless, on the time, Wu was singlehandedly stopping SegWit adoption in Bitcoin. And he had nice affect over Litecoin too.

So, how may Charlie Lee and his band of misfits circumvent this enormous impediment blocking their method? “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 attempt to seduce a few of them to vote his way. “Anyhow, 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, however it was rather a lot more durable 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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