Recap of Litecoin’s 10-Year Rollercoaster Ride – Part 1

Litecoin creator Charlie Lee celebrated the project’s 10th anniversary in his own way. Through a thread on Twitter, summarizes Charlie Litecoin’s “oral story” through documents and photos, and allows us to learn the secrets, funny stories, and good things that have happened over the past decade.

Charlie Lee – The creator of Litecoin

In the first part, Charlie Lee introduces the most important part of the story: The Fair Launch of Litecoin.

Time tHistory of altcoin

There are many projects that arose after Bitcoin and before Litecoin, such as: Namecoin, Ixcoin, Iocoin, Solidcoin, Tenebrix.

But he insists that “all of these coins are dead now”. According to Charlie Lee, the reason for her death was a lack of justice.

“Most of the above altcoins have a very large number of premines. Tenebrix, for example, has 7 million coins that are premine. This means that their creators have an incentive to pump coins at a high price so that they can benefit massively without much work. ”

Then Charlie Lee gives the definition of “ninja mining”:

“If a coin isn’t pre-mine, you get things like ninja mining. Then coins are quietly released to friends and family.

Some projects start without publishing the source code, so very few users can make a profit at first. In such a context, Litecoin is the solution to all of this nonsense. Fairness is very important and that is the main reason why the project is still alive today. ”

BiLTC Price Chart | Source: Tradingview

Litecoin prehistory

After Charlie Lee decided to name the project Litecoin, his first act was to buy all of the domains involved.

“Looking back, it was a great step. Currently, no domain name like http://litecoin.com advertises Litecoin Cash instead of Litecoin. $ 38.85 was effectively spent! ”.

The source: Charlie Lee

An interesting fact Charlie tells us is that while the process of coding this coin is easy, the Genesis block is the most difficult.

“The really hardest part is creating the Genesis block. Satoshi has not documented how he did it, and this block generation code has not been tested against the Bitcoin source code. “So Charlie did” some reverse engineering “and created it Genesis block on October 7, 2011.

Then he revealed another amazing fact:

“What a lot of people don’t know is that I put the title of the article on the death of Steve Job into the hash of the Genesis block to prove that it was created after October 5th, 2011.”

The source: Charlie Lee

The Litecoin launch event was also discussed in the legendary Bitcointalk forum from the start.

“Litecoin is the result of many of us coming together on IRC to create a true alternative currency similar to Bitcoin. We want to create a coin that is like silver as opposed to bitcoin, which is gold. There are many different altcoins that once existed but have also disappeared. Some bring innovation, but all have problems. ”

One funny story is that Vitalik Buterin hated the Litecoin name the previous years and shared the same opinion on the launch event thread:

“I forgot to mention that I chose Litecoin because Litecoin is a lighter version of Bitcoin. It’s faster, cheaper, and easier to use. And we saw Vitalik Buterin in his youth that nobody (back then) “disgusted” the name. I prefer Litecoin over Etherium. Wait, it’s Ethereum isn’t it? “.

The source: Charlie Lee

To get back to the topic on Twitter, Charlie Lee said:

“The code is available to anyone to download and compile. So they can check the code for security. People can mine the testnet immediately to make sure everything is working on their system. This is very important. ”

Litecoin trade fair start

Since everyone who wants to “prepare for the mine at the start”, Litecoin has had an admirably fair start.

“To do this, of course, I have to share the Genesis block with everyone. But I can’t just do that because the people from this Genesis block can dismantle a long private chain. ”

And Charlie revealed how to hide it. He confessed:

“So I lied, there were 2 pre-mine blocks of 100 coins. Genesis coins cannot be spent. ”

However, he told the community on the Bitcointalk thread in a different way:

“Litecoin will have 150 pre-mine coins: only the Genesis block and the first 2 blocks to confirm the genesis are valid.”

Charlie then created a poll to ask the community when to start. The election he wanted was not won. Since Charlie is about fairness, he has everything prepared for the day the community chooses.

The source: Charlie Lee

“Over the next few days, I did everything I could to help people set up their systems. I posted this a few minutes before it started. Here’s a link to Rick Astley’s video, of course.

The source: Charlie Lee

Then he posted the missing configuration parameters on Bitcointalk and everyone went into the race. As I said, the rest made history.

“When I started, I published the configuration parameters required for mainnet mining. All people have to do is put it in their Litecoin configuration file, restart the client and mine LTC. Of course there were waves of LTC miners going wild from the start. ”

At the end of this section he said:

“I think I tried to bring the most beautiful of all medals out on the market. And that’s one of the main reasons why Litecoin is so successful. Surprisingly, very few coins copy the launch of Litecoin. ”

The next section summarizes what has happened so far after the start. Follow Bitcoin Magazine for fun stories about Litecoin to celebrate the network’s 10th anniversary.

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Minh Anh

According to Newsbtc

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