Charlie Lee, Litecoin header

The creator of Litecoin, Charlie Lee, is able to have fun the challenge’s 10th anniversary. And, what higher method 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” via 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 interior 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 truthful launch. Buckle up individuals, it’s going to be a wild trip!

Charlie Lee On Altcoin’s Prehistory

A variety of initiatives noticed the sunshine of day after Bitcoin and earlier than Litecoin. He names:

  • Namecoin. 
  • Ixcoin
  • Iocoin
  • Solidcoin
  • Tenebrix 

And somberly declares, “Each certainly one of these cash are actually lifeless.” In line with Charlie Lee, the rationale for his or her demise was a scarcity of equity. “Most of those altcoins have an enormous premine. Tenebrix for instance had 7 million cash premined. Meaning the creator has incentives to pump the coin to a excessive value so he/she will revenue massively with out a lot work.” 

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 initiatives launched with out releasing the supply code to the general public. The kicker, in fact, is that Litecoin was a response to all of that nonsense. Equity was essential, and it’s the principle motive that the challenge nonetheless exists at present. 

LTC value chart for 10/08/2021 on Kraken | Supply: LTC/USD on TradingView.com

Litecoin’s Prehistory

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

An fascinating undeniable fact that Lee provides us is that, though coding the coin was simple, the toughest factor to create was the genesis block. “The toughest half was really 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 superb 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.

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 various forex much like Bitcoin.  We wished to make a coin that’s silver to Bitcoin’s gold.  Varied various 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 identify and mentioned so within the launch thread:

Again to the Twitter thread, Charlie Lee tells us, “The code was out there for anybody to obtain and compile. To allow them to examine the code to verify.” And later on, that “Individuals had been capable of instantly mine on testnet to verify all the things works on their system. This is essential.” The desk was set for…

Litecoin’s Truthful Launch

Since everybody that wished to was “ready to mine at launch,” Litecoin had the coveted truthful launch. “To perform this, I in fact needed to share the genesis block with everybody. However I can’t simply do this as a result of individuals can mine an extended chain in personal from that genesis block.” After which, Charlie Lee reveals how he hid it.

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 instructed 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 wished didn’t win. Since equity was what he aimed for, he ready all the things for the day the small group picked. After which, he rickrolled them!

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

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 explanation why Litecoin succeeded. Surprisingly, very only a few cash copied Litecoin’s launch.

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 superb tales as this one.

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