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

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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 less complicated stated than carried out. This story is as thrilling as they arrive. It has twists and turns and it ends with a bang. Via the next story, we’ll study rather a lot about consensus. Some of the mysterious features of the cryptocurrency area is how choices are made. Are you able to study by means of 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 will 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 Wished Litecoin To Implement SegWit?

On the time, within the Bitcoin community, miners have been blocking SegWit. “Mainly 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. It couldn’t “take a look at out the sport concept of the blockchain.” On Litecoin, however, there can be “incentives for folks to assault it. If miners can steal hundreds of thousands from anyone-can-spend cash, they’d.” Moreover serving to Bitcoin beat the FUD, Charlie Lee had other causes to implement SegWit in his mission.

“So you might surprise why I’m pushing for SegWit. Litecoin doesn’t have a block measurement downside. That’s proper, and SegWit isn’t just a block scaling answer. I’d even say block scaling is only a facet good thing about SegWit. The primary repair is transaction malleability, which might enable 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 advanced, Warren Togami stepped down as lead developer. Shaolin Fry joined the crew particularly “to assist us get SegWit activated on Litecoin.” Loshan and Thrasher additionally joined to assist with the code. 

On the identical 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 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. 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 large impediment blocking their means? “The distinction between Bitcoin and Litecoin is me,” he stated. “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 means. “Anyhow, 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, but it surely 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 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 last episode of Litecoin ‘s 10-year historical past.

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