Charlie Lee Sums Up Litecoin’s 10 Years History. Part Four: SegWit Activationon October 13, 2021 at 9:49 am

At the moment is the day, Litecoin’s tenth anniversary. Congratulations to Charlie Lee and everybody concerned within the undertaking over time. We’re exploring Litecoin’s historical past via the eyes of its creator. We coated its honest launch, the long-hard street to exchanges adopting LTC, and we introduced the SegWit story. It’s time to complete it. 

The final time, we launched Bitmain’s co-founder Jihan Wu. Reportedly, he was singlehandedly stopping SegWit adoption within the Bitcoin blockchain. Lee’s plan was to make use of Litecoin as a Testnet of kinds for SegWit. “I noticed that right here’s an opportunity for Litecoin to do one thing to assist Bitcoin. If we are able to get SegWit on Litecoin, it could filter all of the FUD and show that SegWit is secure and an excellent improve for Bitcoin.” To perform that, he needed to persuade miners to aspect with him and never with the producer of essentially the most environment friendly ASICs.

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In keeping with Coindesk, there was one other vital incentive for Litecoin to undertake SegWit:

“Since SegWit might doubtlessly pave the best way for applied sciences that increase the worth proposition of cryptocurrencies, the transfer towards accepting the improve has reignited pleasure across the usually less-popular cryptocurrency. Litecoin’s value has practically tripled for the reason that finish of March in consequence.”

And that is the place right now’s story begins.

LTC value chart for 10/13/2021 on FX | Supply: LTC/USD on TradingView.com

Charlie Lee Talks To Litecoin‘s Miners

Throughout the finish of 2016 and the start of 2012, Lee talked to everybody. One in all his first victories was to get “Innosilicon, one other LTC ASIC maker,” to his aspect. On this a part of the story, we are able to see how arduous Jihan Wu was enjoying. A “large LTC Miner” was able to sign for SegWit in precept, however, since his machines had been in a farm managed by Jihan Wu, he was afraid that he may lose entry to low-cost electrical energy.

Innosilicon was instantly on board with SegWit. They agreed with me that it is the greatest path ahead. They usually had been capable of persuade a few of their clients to assist SegWit.

One in all their clients was an enormous LTC miner. He owned about 5% of the hashrate. Having him was large.

— Charlie Lee (@SatoshiLite) October 8, 2021

The target was to get “75% of blocks sign for SegWit inside a 2-week timeframe.” Simpler stated than accomplished. LitecoinPool was the primary nice pool to aspect with SegWit. One other large mining pool, F2pool, additionally promised to do it, however they didn’t straight away. This turned out to be nice for the trigger as a result of they supplied a transparent sign that the market supported the SegWit transition. Lee narrates, “over the subsequent month, F2pool truly flipped flopped. They’d sign after which cease signaling. The market reacted accordingly. When F2pool began signaling, the worth will go up, and vice versa.” 

To complicate issues, “Jihan wished me to personally go to him and the miners in China to persuade them about SegWit.” Lee didn’t just like the power-play, however that was nothing. As increasingly miners signaled for SegWit, Jihan turned to the ace up his sleeve. There was a rumor that “Bitmain was constructing a ton of LTC miners and was going to show all of them on themselves to dam the improve.

Over the subsequent week, increasingly miners began signaling for SegWit and it began to look inevitable. After which this occurred. Bitmain was constructing a ton of LTC miners and was going to show all of them on themselves to dam the improve. https://t.co/Zvs9srExJJ

— Charlie Lee (@SatoshiLite) October 8, 2021

It was time for Charlie Lee to name within the large weapons.

The Consumer Activated Tender Fork

Since each the miners and the market had been clearly signaling in assist of SegWit, Charlie Lee felt he had the proper “to drag the UASF trump card out.” One of many wonders of decentralized organizations is that the customers may activate a mushy fork. “If nearly all of customers and exchanges run the UASF code, SegWit will activate.” If that occurred, miners needed to comply and undertake SegWit as effectively.

UASF stands for Consumer Activated Tender Fork. What it means is that as an alternative of getting the mushy fork (SegWit) being miner activated, the person decides to activate the mushy fork in a future date. If nearly all of customers and exchanges run the UASF code, SegWit will activate.

— Charlie Lee (@SatoshiLite) October 8, 2021

The specter of a UASF was an excessive amount of to bear, so the miners agreed to satisfy with Charlie Lee on-line and work issues out. 

Sure we are going to do roundtable on-line with @SatoshiLite ASAP, not want to attend for June. https://t.co/rVWQjLu5kJ

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

And the remainder is history, “On April 21, I met with Jihan, Innosilicon, and miners for over 8 hours IIRC. It was exhausting.“ They reached an settlement, that is the weblog submit asserting it. Amongst different issues, it says:

“We agree that protocol improve must be made below group consensus, and shouldn’t be unilateral motion of builders nor miners. We advocate that Litecoin protocol improve determination must be made based mostly on the wants of the customers, via the roundtable assembly voting course of, and activated by miner voting.”

Charlie Lee reflects, “Though this appears so unhealthy for a decentralized cryptocurrency to have a closed door assembly to make selections that have an effect on the way forward for Litecoin, I felt prefer it was a compromise I’m prepared to take. It’s higher than an all out conflict between the miners and I.

On Could tenth, 2017, SegWit was activated on Litecoin.

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

— Charlie Lee (@SatoshiLite) May 10, 2017

After that, a couple of historic transactions came about

“Lots of people have been saying that segwit is unsafe as a result of segwit cash are “anyone-can-spend” and could be stolen. So lets put this to the take a look at. I put up $1MM of LTC right into a segwit deal with. You may see it’s a segwit deal with as a result of I despatched and spent 1 LTC first to disclose the redeemscript.”

A number of months later, Bitcoin activated SegWit via a UASF. “It’s arduous to know precisely how a lot Litecoin helped with this. I really feel prefer it positively has helped.
Days later, Charlie Lee and Strike’s Jack Mallers starred in the first Lightning Network request/ payment transaction on Litecoin. That man Jack Mallers has a option to become involved in historic transactions, like this one, and this one.
That very same month, Lee did his first Atomic Swap transaction. “This reveals how one can transfer cash between totally different chains in a decentralized approach. It was an important proof of idea and paved the best way for decentralized exchanges.
And later, he did another Atomic Swap however this time with Bitcoin.
And the subsequent month, Lee didthe primary ever cross-chain swap between BTC and LTC by way of Lightning.” This time it was with the now world-famous Lightning Labs.

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Wasn’t that a tremendous, superb story? We discovered a lot. And, regardless that we stated this was the final chapter within the Litecoin 10-year historical past, Charlie Lee has one other story to inform. Be a part of us tomorrow for the notorious story of Charlie promoting all of his Litecoin. One other legendary second in crypto land.

Featured Picture: Charlie Lee’s image from this tweet | Charts by TradingView

The post Charlie Lee Sums Up Litecoin’s 10 Years History. Part Four: SegWit Activation appeared first on Binance.

At the moment is the day, Litecoin’s tenth anniversary. Congratulations to Charlie Lee and everybody concerned within the undertaking over time. We’re exploring Litecoin’s historical past via the eyes of its creator. We coated its honest launch, the long-hard street to exchanges adopting LTC, and we introduced the SegWit story. It’s time to complete it. 
The post Charlie Lee Sums Up Litecoin’s 10 Years History. Part Four: SegWit Activation appeared first on Binance.NewsNews – Binance

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