CRYPTO

Charlie Lee highlights Litcoin’s 10-year history. Part One: Fair Launch


The creator of Litcoin, Charlie Lee, is ready to celebrate the tenth anniversary of the project. And, what better way than to give the public an oral history of Litcoin? Of course, this is a figure of speech. Since it’s 2021, he has given us that “oral history” via a Twitter thread. And what a thread it is. It takes us to the very beginning of the cryptocurrency space and lets us know about our privacy, internal humor and past well-being using documentation and images.

Related Reading | Led by Litecoin, Mid-Cap Altcoins bleed with Bitcoin

In this first installment, Charlie Lee will cover the most important part of the story: the fair introduction of litcoin. People buckle, it’s going to be a wild ride!

Altcoin’s prehistoric Charlie Lee

Many projects saw the light of day after Bitcoin and before Litcoin. He gave the name:

  • Namecoin.
  • Ixcoin
  • Iocoin
  • Solidcoin
  • Tenibrix

And brutally declares, “Each of these coins is now dead. According to Charlie Lee, the cause of death was a lack of justice. “Most of these altcoins have a huge premium. Tenebrix’s 7 million coins, for example, were primed. This means that the creator has the incentive to pump the coin at a higher price so that he can make a huge profit without much work.

Then, Charlie Lee gives us the definition. “Ninja Mining. “”If a coin is not primed, you can get things like ninja mining. That’s when a coin is silently revealed to friends and family.”And tells us that some projects have been launched without disclosing the source code to the public. Kicker, of course, Litcoin was a reaction to all that nonsense. Fairness was extremely important and this is the main reason why the project still exists today.

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

Prehistory of Litcoin

After Charlie Lee decided to name Litcoin, his first job was to buy all the related domains. “What a great step in insight. So now, we don’t have anything like http://litecoin.com that promotes Litecoin cash instead of Litecoin. খরচ 38.85 Good cost!“Shots have been fired! Friendly shot, though, but still shot.

An interesting fact that Lee gives us is that although coding was easy, coding was the hardest thing to create Genesis block. “The hardest part was creating the Genesis block. Satoshi never recorded how he did it and the code was not checked in with the bitcoin source code.. “So, he did.”Some reverse engineering“And made it Block right here. And then, Charlie Lee gave us another amazing factoid. “What a lot of people didn’t know was that I put the title of Steve Jobs ’death in the Genesis hash. This proves that the Genesis block was created after 10/5/11.

Litecoin’s Turn on the thread on the legendary Bitcoin The Forum is an archeological monument from a forgotten time. The story begins:

“Litcoin is some of us who came together at the IRC in an effort to create a real alternative currency like Bitcoin. We wanted to create a currency that is Bitcoin’s gold and silver. Various alternative currencies have come and gone. Some have come up with innovations, but they all have problems. ”

A funny story is that a young Vitalik Butarin hated the name Litcoin and said so in the launch thread:

Back to Twitter thread, Charlie Lee told 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 mine on the testnet immediately to make sure everything worked in their system. This is extremely important.“Set for table …

Litecoin’s Fair Launch

Since everyone wanted “Ready to mine on launch,”Litcoin had the coveted Fair Launch. “To accomplish this, I must share the Genesis block with everyone. But I just can’t do it because people can personally dig a long chain from that Genesis block.. And then, Charlie Lee revealed how he hid it.

And he admits, “So I lied, there was a 2 block premine of 100 coins. Genesis coins cannot be spent.“However, he already told the community in this BitcoinTalk thread:

“Lightcoin will bring 150 primemind coins: only the Genesis block and the first 2 blocks confirm that Genesis is valid.”

Related Reading | The project director of the Litcoin Foundation created the case for LTC’s network effect

Then, Chali Lee created a survey to ask the community when to launch. He did not win the option he wanted. Since justice was his goal, the small community prepared everything for that day. And then, he rickrolled them!

Then, he posted the missing configuration parameters in the Bitcoin thread and everyone went to the race.

And, as they say, the rest is history. To close this chapter, Charlie Lee has removed Binoy, “I think I was able to pull off the most beautiful launch of any currency. And that’s one of the main reasons why Litcoin is so successful. Surprisingly, very few coins have copied the launch of Litcoin.

Join us and Charlie Lee to remember what happened between tomorrow, the launch and the present. The article is going to be full of Easter eggs and such amazing stories.

Featured Image: Screenshot from the Bitcointalk forums | Charts by TradingView





Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button