Today is the 10th anniversary of Litecoin. Congratulations to Charlie Lee and everyone who has been involved on the project over the years. To celebrate, let’s explore Litecoin history through the eyes of its creator. We got it covered Start of the trade fair, the long hard way to exchange Take over LTC and we areintroduced the SegWit story. It’s time to end it.

Last time we introduced Bitmain co-founder Jihan Wu. He reportedly single-handedly stopped the introduction of SegWit on the Bitcoin blockchain. Lee’s plan was to use Litecoin as a kind of test network for SegWit. “I realized that here Litecoin has a chance to do something to help Bitcoin. If we get SegWit on Litecoin, it can clear all FUD and prove SegWit is safe and a good upgrade for Bitcoin.“To achieve this, he had to convince the miners to be on his side and not on the side of the manufacturer of the most efficient ASICs.

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Corresponding Coindesk, there was another important incentive for Litecoin to take over SegWit:

“With SegWit potentially paving the way for technologies that expand the value proposition of cryptocurrencies, the move to adopt the upgrade has rekindled the excitement about the normally less popular cryptocurrency. As a result, the price of Litecoin has almost tripled since the end of March. “

And this is where today’s story begins.

LTC price chart for 10/13/2021 on FX | Source: LTC / USD on TradingView.com

Charlie Lee speaks to the Litecoin miners

In late 2016 and early 2017, Lee spoke to everyone. One of his first wins was receive “Innosilicon, another LTC ASIC manufacturer” by his side. In this part of the story, we can see how hard Jihan Wu played. A “huge LTC miner“Was basically ready to signal SegWit, but since his machines were in a farm controlled by Jihan Wu, he feared losing access to cheap electricity.

Innosilicon was immediately on board at SegWit. They agreed with me that this is the best way forward. And they were able to convince some of their customers to support SegWit.

One of their customers was a huge LTC miner. It owned about 5% of the hashrate. To have him was huge.

– Charlie Lee (@SatoshiLite) October 8, 2021

The aim was “75% of the blocks signal SegWit within a 2-week time frame.“Easier said than done. LitecoinPool was the first great pool on the SegWit side. Another great mining pool, F2pool, also promised to do the same, but they didn’t do it right away. This turned out to be great for cause, as they gave a clear signal that the market supports the SegWit transition. Lee told, “Over the course of the next month, F2pool actually got flopped. They would signal and then stop signaling. The market reacted accordingly. When F2pool starts signaling, the price will go up and vice versa.

To complicate things, “Jihan wanted me to personally visit him and the miners in China to convince them of SegWit.“Lee didn’t like the power play, but it wasn’t anything. As more and more miners signaled SegWit, Jihan turned to the ace up his sleeve. There was a rumor that “Bitmain built a ton of LTC miners and would put them all on their own to block the upgrade.

Over the next week, more and more miners started signaling SegWit, and it looked inevitable. And then this happened. Bitmain built a ton of LTC miners and would put them all on their own to block the upgrade. 😡https: //t.co/Zvs9srExJJ

– Charlie Lee (@SatoshiLite) October 8, 2021

It was time for Charlie Lee to call the big guns.

The soft fork activated by the user

With both miners and the market clearly signaling support for SegWit, Charlie Lee felt he was right.to pull out the UASF trump card.“One of the wonders of decentralized organizations is that users can also activate a soft fork. “When the majority of users and exchanges run the UASF code, SegWit will be activated.“When that happened, the miners also had to adhere to SegWit and take over.

UASF stands for User Activated Soft Fork. This means that the user chooses to activate the soft fork at a later date instead of activating the soft fork (SegWit) for the miner. When the majority of users and exchanges run the UASF code, SegWit will be activated.

– Charlie Lee (@SatoshiLite) October 8, 2021

The threat from a UASF was too great, so the miners agreed to meet Charlie Lee online and sort things out.

Yes, we will have an online roundtable with @SatoshiLite as soon as possible, no need to wait for June. https://t.co/rVWQjLu5kJ

– Jiang Zhuoer BTC.TOP (@JiangZhuoer) April 20, 2017

And the rest is history, “On April 21st, I met with Jihan, Innosilicon and miners for over 8 hours at IIRC. It was exhausting.“You have agreed this is the blog post announce it. It says, among other things:

“We agree that the log update should be done by community consensus and not be a unilateral action by developers or miners. We advocate that the decision to upgrade the Litecoin protocol should be made based on users ‘needs through the round table voting process and activated by the miners’ vote.

Charlie Lee reflects, “While this seems so bad for a decentralized cryptocurrency that a closed-door meeting is held to make decisions that will affect the future of Litecoin, I felt it was a compromise I wanted to make. It’s better than an all-out war between the miners and me.

On May 10, 2017, SegWit was activated on Litecoin.

SegWit has been activated on Litecoin! pic.twitter.com/lpeklpQpZe

– Charlie Lee (@SatoshiLite) May 10, 2017

After that, some historical transactions took place

“A lot of people have said that Segwit is unsafe because Segwit coins can be ‘spent by anyone’ and can be stolen. So let’s put this to the test. I put $ 1M LTC in a Segwit address. You can see it’s a Segwit address because I sent and spent 1 LTC first to reveal the redemption script. “

  • A few months later, Bitcoin activated SegWit through a UASF. “It’s hard to say how much Litecoin helped with this. I feel like it definitely helped.
  • Days later, Charlie Lee and Strikes Jack Mallers played in tthe first Lightning Network request / payment Transaction on Litecoin. This man, Jack Mallers, has a way of meddling in historical transactions, such as This one here, and This one here.
  • In the same month, Lee did his first Atomic Swap Transaction. “This shows how you can move coins decentrally between different chains. It was a great proof of concept and paved the way for the decentralized exchange.
  • And later he did another atomic swap but this time with Bitcoin.
  • And next month Lee did itthe first cross-chain swap between BTC and LTC via Lightning. “This time it was with the now world-famous Lightning Labs.

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Wasn’t that an amazing, amazing story? We learned so much. And while we said this was the final chapter in Litecoin’s 10-year history, Charlie Lee has another anecdote to tell. Join us tomorrow for another legendary moment in Kryptoland. The infamous story when Charlie Lee sold all of his Litecoin.

Featured Image: Charlie Lee’s image from this tweet | TradingView charts

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