Charlie Lee sums up the 10-year history of Litecoin.  Part One: Fair Launch

Charlie Lee sums up the 10-year history of Litecoin. Part One: Fair Launch

Litecoin creator Charlie Lee is set to celebrate the project’s 10th anniversary. And what better way to do that than by giving the public the oral history of Litecoin? Of course, it is a way of speaking. Since it’s 2021, he gave us that “oral history” through a Twitter thread. And what thread is it. It takes us to the beginning of the cryptocurrency space and, using documentation and images, allows us to learn the secrets, inside jokes and wholesomeness of times gone by.

Related reading | Led by Litecoin, Mid-Cap Altcoins Bleed with Bitcoin

In this first installment, Charlie Lee will cover the most crucial part of the story: the fair launch of Litecoin. Buckle up, it’s going to be a wild ride!

Charlie Lee on the prehistory of Altcoin

Many projects saw the light after Bitcoin and before Litecoin. He names:

Namecoin. Ixcoin Iocoin Solidcoin Tenebrix

And gloomily declares: “Every one of these coins is now dead.” According to Charlie Lee, the reason for his disappearance was unfairness. “Most of these altcoins have a great premium. Tenebrix, for example, had 7 million pre-mined coins. That means the creator has incentives to push the coin to a high price so that it can make massive profits without much work. ”

Then Charlie Lee gives us the definition of “Ninja mining”. “If a coin wasn’t mined, you get things like ninja mining. That’s when a coin is quietly tossed to friends and family. And it tells us that some of those projects were launched without releasing the source code to the public. The catch, of course, is that Litecoin was an answer to all that nonsense. Equity was crucial and is the main reason the project still exists today.

LTCUSD Price Chart - TradingView

LTC price chart for 08/10/2021 on Kraken | Source: LTC / USD on TradingView.com

Litecoin prehistory

After Charlie Lee settled on the Litecoin name, his first action was to buy all the related domains. “What a great move in hindsight. So now, we don’t have something like http://litecoin.com promoting Litecoin Cash instead of Litecoin. $ 38.85 well spent! “Shooting! Friendly shots though, but shots nonetheless.

An interesting fact that Lee gives us is that while encoding the coin was easy, the hardest thing to create was the genesis block. “The hardest part was actually creating the genesis block. Satoshi never documented how he did it and the code to do it was not registered with the Bitcoin source code. “So he ‘reverse engineered’ and created this block right here. And then Charlie Lee gives us another amazing tidbit. a lot of people didn’t know is that I put Steve Job’s death headline in the genesis hash. This proves that the genesis block was created after 10/5/11. ”

The Litecoin launch thread on the legendary Bitcointalk forums is an archaeological artifact from long forgotten times. The story begins with:

“Litecoin is the result of some of us coming together on IRC in an effort to create a real alternative currency similar to Bitcoin. We wanted to convert a silver coin to Bitcoin gold. Various altcoins have come and gone. Some brought innovation, but all had problems. “

A hilarious story is that a young Vitalik Buterin hated the Litecoin name and said so in the launch thread:

Returning to the Twitter thread, Charlie Lee tells us: “The code was available for anyone to download and compile. So they can check the code to make sure. “And later, that” People were able to immediately mine testnet to make sure everything works on their system. This is very important. “The table was set for …

Litecoin fair launch

Since everyone who wanted was “prepared to mine at launch”, Litecoin had the coveted launch just right. “To achieve this, of course I had to share the genesis block with everyone. But I can’t just do that because people can privately extract a long chain from that genesis block. ”And then Charlie Lee reveals how he hid it.

And he confesses: “So I lied, there was a premine of 2 blocks of 100 coins. Genesis Coins cannot be spent. However, I had already told the community this in that Bitcointalk thread:

“Litecoin will come with 150 ready-made coins – just the genesis block and the first 2 blocks to confirm that the genesis is valid.”

Related reading | Litecoin Foundation Project Director Defends LTC’s Network Effect

Next, Chalie Lee created a poll to ask the community when to launch. The option he wanted did not win. Since justice was what he was looking for, he prepared everything for the day that the small community chose. And then rickroll did them!

Then he posted the missing configuration parameters to the Bitcointalk thread and they all went off to the races.

And as they say, the rest is history. To close this chapter, Charlie Lee puts modesty aside: “I think I managed to make the fairest toss of any coin. And that is one of the main reasons why Litecoin was successful. Surprisingly, very few coins copied the launch of Litecoin. ”

Tomorrow, join us and Charlie Lee as we look back on what happened between the launch and the present. The article will be as full of Easter eggs and amazing stories as this one.

Featured Image: Screenshot of Bitcointalk Forums | Charts by TradingView

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