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Charlie Lee Sums Up Litecoin’s 10 Years Historical past. Half One: Truthful Launch

10/08/2021

The creator of Litecoin, Charlie Lee, is able to have a good time the venture’s tenth anniversary. And, what higher strategy to do it than by giving the general public the oral historical past of Litecoin? After all, that’s a determine of speech. Because it’s 2021, he gave us that “oral historical past” by way of a Twitter thread. And what a thread it’s. It takes us again to the very starting of the cryptocurrency area and, utilizing documentation and pictures, lets us in on the secrets and techniques, the internal jokes, and the wholesomeness of occasions previous.

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On this first installment, Charlie Lee will cowl probably the most essential a part of the story: Litecoin’s honest launch. Buckle up individuals, it’s going to be a wild journey!

Charlie Lee On Altcoin’s Prehistory

Quite a lot of tasks noticed the sunshine of day after Bitcoin and earlier than Litecoin. He names:

  • Namecoin. 
  • Ixcoin
  • Iocoin
  • Solidcoin
  • Tenebrix 

And somberly declares, “Each considered one of these cash at the moment are lifeless.” In accordance with Charlie Lee, the rationale for his or her demise was an absence of equity. “Most of those altcoins have an enormous premine. Tenebrix for instance had 7 million cash premined. Which means the creator has incentives to pump the coin to a excessive worth so he/she will be able to revenue massively with out a lot work.” 

Most of those altcoins have an enormous premine. Tenebrix for instance had 7 million cash premined. Which means the the creator has incentives to pump the coin to a excessive worth so he/she will be able to revenue massively with out a lot work. You get issues like creators bribing exchanges for itemizing.

— Charlie Lee (@SatoshiLite) October 7, 2021

Then, Charlie Lee provides us the definition of “Ninja mining.” “If a coin was not premined, you get issues like ninja mining. That’s when a coin is launched silently to family and friends.” And tells us that a few of these tasks launched with out releasing the supply code to the general public. The kicker, after all, is that Litecoin was a response to all of that nonsense. Equity was essential, and it’s the primary cause that the venture nonetheless exists at this time. 

LTC worth chart for 10/08/2021 on Kraken | Supply: LTC/USD on TradingView.com
Litecoin’s Prehistory

After Charlie Lee settled on the title Litecoin, his first motion was to purchase all of the associated domains. “What a terrific transfer in hindsight. So now, we don’t have one thing like http://litecoin.com selling Litecoin Money as an alternative of Litecoin. $38.85 properly spent!” Photographs fired! Pleasant pictures, although, however pictures nonetheless.

The most effective half was that every one the domains have been accessible. So on 10/4/11, I purchased all of them on GoDaddy. What a terrific transfer in hindsight. So now, we do not have one thing like https://t.co/TFymqt9pKY selling Litecoin Money as an alternative of Litecoin. $38.85 properly spent! 😂 pic.twitter.com/ur0ckkHMsh

— Charlie Lee (@SatoshiLite) October 7, 2021

An fascinating incontrovertible fact that Lee provides us is that, regardless that coding the coin was straightforward, the toughest factor to create was the genesis block. “The toughest half was truly to create the genesis block. Satoshi by no means documented how he did it and the code to do this was not checked in with the Bitcoin supply code.” So, he did “some reverse engineering” and created this block proper right here. After which, Charlie Lee provides us one other wonderful factoid. “What lots of people didn’t know is that I put the headline of Steve Job’s loss of life within the genesis hash. This proves that the genesis block was created after 10/5/11.”

So I needed to do some reverse engineering and managed to create the genesis block on 10/7/11https://t.co/lArbbucLGU

What lots of people did not know is that I put the headline of Steve Job’s loss of life within the genesis hash. This proves that the genesis block was created after 10/5/11. pic.twitter.com/Zn7tnRBgUM

— Charlie Lee (@SatoshiLite) October 7, 2021

Litecoin’s launch thread within the legendary Bitcointalk boards is an archeological artifact from forgotten occasions. The story begins with:

“Litecoin is the results of a few of us who joined collectively on IRC in an effort to create an actual different forex just like Bitcoin.  We needed to make a coin that’s silver to Bitcoin’s gold.  Numerous different currencies have come and gone.  Some introduced innovation, however all of them had issues.”

A hilarious story is {that a} younger Vitalik Buterin hated the Litecoin title and mentioned so within the launch thread:

I forgot to say that I selected Litecoin as a result of Litecoin is the lighter model of Bitcoin. It is quicker, cheaper, and simpler to make use of.

And we acquired to see a younger & unknown (on the time) @VitalikButerin hating on the title. I desire Litecoin over Etherium. Wait, is it Ethereum? 😂 pic.twitter.com/kCLUUNbiel

— Charlie Lee (@SatoshiLite) October 7, 2021

Again to the Twitter thread, Charlie Lee tells us, “The code was accessible for anybody to obtain and compile. To allow them to examine the code to ensure.” And in a while, that “Folks have been in a position to instantly mine on testnet to ensure the whole lot works on their system. This is essential.” The desk was set for…

Litecoin’s Truthful Launch

Since everybody that needed to was “ready to mine at launch,” Litecoin had the coveted honest launch. “To perform this, I after all needed to share the genesis block with everybody. However I can’t simply try this as a result of individuals can mine a protracted chain in non-public from that genesis block.” After which, Charlie Lee reveals how he hid it.

With out these 2 parameters, one can not begin mining on the mainnet, however they’ll simply mine on testnet.

So I lied, there was a 2 block premine of 100 cash. 😂The genesis cash can’t be spent.

Then I did a ballot on what time we should always launch the coin:https://t.co/BWvGGFjNBN pic.twitter.com/AuXkqMB4QT

— Charlie Lee (@SatoshiLite) October 7, 2021

And he confesses, “So I lied, there was a 2 block premine of 100 cash. The genesis cash can’t be spent.” Nevertheless, he had already informed this to the group in that Bitcointalk thread:

“Litecoin will include 150 premined cash: simply the genesis block and the primary 2 blocks to verify the genesis is legitimate.“

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Then, Chalie Lee created a ballot to ask the group when to launch. The choice that he needed didn’t win. Since equity was what he aimed for, he ready the whole lot for the day the small group picked. After which, he rickrolled them!

Over the following few days, I did the whole lot to assist individuals get their system arrange.

A couple of minutes earlier than the precise launch time, I posted this. After all this was a hyperlink to Rick Astley’s video. I needed to. 😁 pic.twitter.com/isJIRPhEDv

— Charlie Lee (@SatoshiLite) October 7, 2021

Then, he posted the lacking configuration parameters on the Bitcointalk thread and everyone was off to the races.

At launch, I posted the config paramters that have been wanted to mine on mainnet. All everybody needed to do was paste that into their litecoin config file, restart their shopper, and they are going to be fortunately mining actual LTC.

After all, there was a mad rush of individuals mining LTC initially. pic.twitter.com/ZyUcQ1UEe3

— Charlie Lee (@SatoshiLite) October 7, 2021

And, as they are saying, the remaining is historical past. To shut this chapter, Charlie Lee leaves modesty apart, “I feel I managed to drag off the fairest launch of any coin. And that is without doubt one of the largest the reason why Litecoin succeeded. Surprisingly, very only a few cash copied Litecoin’s launch.”

I feel I managed to drag off the fairest launch of any coin. And that is without doubt one of the largest the reason why Litecoin succeeded. Surprisingly, very only a few cash copied Litecoin’s launch.

Okay, that is it for now. I’ll tweet extra later about what occurred between launch and now.

— Charlie Lee (@SatoshiLite) October 7, 2021

Tomorrow, be a part of us and Charlie Lee to recollect what occurred between the launch and the current. The article goes to be as filled with easter eggs and wonderful tales as this one.

Featured Picture: Screenshot from the Bitcointalk boards | Charts by TradingView