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Charlie Lee Sums Up Litecoin’s 10 Years Historical past. Half 4: SegWit Activation

Right now is the day, Litecoin’s tenth anniversary. Congratulations to Charlie Lee and everybody concerned within the challenge through the years. We’re exploring Litecoin’s historical past via the eyes of its creator. We lined its honest launch, the long-hard street to exchanges adopting LTC, and we launched 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 types for SegWit. “I spotted that right here’s an opportunity for Litecoin to do one thing to assist Bitcoin. If we will get SegWit on Litecoin, it will probably filter all of the FUD and show that SegWit is protected and a great 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 essential incentive for Litecoin to undertake SegWit:

“Since SegWit may doubtlessly pave the best way for applied sciences that develop the worth proposition of cryptocurrencies, the transfer towards accepting the improve has reignited pleasure across the usually less-popular cryptocurrency. Litecoin’s worth has almost tripled for the reason that finish of March consequently.”

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

LTC worth chart for 10/13/2021 on FX | Supply: LTC/USD on TradingView.com
Charlie Lee Talks To Litecoin‘s Miners

Through the finish of 2016 and the start of 2012, Lee talked to everybody. Certainly one of his first victories was to get “Innosilicon, one other LTC ASIC maker,” to his aspect. On this a part of the story, we will see how laborious Jihan Wu was enjoying. A “big 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 would possibly 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. And so they had been in a position to persuade a few of their prospects to assist SegWit.

Certainly one of their prospects was an enormous LTC miner. He owned about 5% of the hashrate. Having him was big.

— 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 immediately. 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 really flipped flopped. They might 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 needed 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 an increasing number of 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, an increasing number of 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 also can activate a smooth 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 properly.

UASF stands for Consumer Activated Tender Fork. What it means is that as a substitute of getting the smooth fork (SegWit) being miner activated, the consumer decides to activate the smooth 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 historical past, “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 put up asserting it. Amongst different issues, it says:

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

Charlie Lee displays, “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 keen to take. It’s higher than an all out conflict between the miners and I.”

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

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

— Charlie Lee (@SatoshiLite) Might 10, 2017

After that, a number of historic transactions came about

On THE SAME DAY, a infamous Bitcoin developer accomplished the primary Lightning Community transaction.
Just a few days later, Lee posted an nameless “$1m bounty on a SegWit tackle:” The textual content says:

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

Just a few months later, Bitcoin activated SegWit via a UASF. “It’s laborious 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 within the first Lightning Community request/ cost transaction on Litecoin. That man Jack Mallers has a technique to get entangled 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 means. It was an important proof of idea and paved the best way for decentralized exchanges.”
And later, he did one other Atomic Swap however this time with Bitcoin.
And the subsequent month, Lee did “the 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 an incredible, superb story? We discovered a lot. And, although we stated this was the final chapter within the Litecoin 10-year historical past, Charlie Lee has one other story to inform. Be 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

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