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Charlie Lee highlights Litcoin’s 10-year history. Part Three: Segvit Intro


Last time we tested with Lightcoin, its maker Charlie Lee left Coinbase To focus on his own project. The mission at hand was implementing Seguit in the Lightcoin blockchain, which is easier said than done. This story is as exciting as it comes to them. It has twists and turns and it ends with a bang. Through the following story, we will learn a lot about sens reduction. One of the most mysterious aspects of cryptocurrency space is how decisions are made. Are you ready to learn through a real example?

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

But before we get into that, let’s go Mr. Lee himself defined SegWit:

“SegWit means Segregated Witness. This is basically an upgrade that will separate the signature (i.e. witness) from the transaction.

By signing out, the transaction takes up less space. Thus, each block can do more transactions. SegWit effectively increases the block size limit of the blockchain.

That being said, let’s go back to the 10 year history of Litcoin.

Why did Charlie Lee want Lightcoin to implement Segvit?

At the time, on the Bitcoin network, miners blocked Segway. “The basic fear was that once SegWit was activated, miners could steal any currency sent to SegWit addresses. Anyone knows enough technically that this was not true. So, Lee’s plan was to apply Segvit to Lightcoin to show everyone that the upgrade was safe, and thus help clear the surrounding FUD.

Bitcoin’s testnet was not helpful in this case because its coins are worthless, so it does not provide an incentive for bad actors to attack it. Could not “Check out the game theory of blockchain.“On Litecoin on the other hand, May be there “Motivation to attack people. If miners could steal millions of dollars from anyone খরচ they would spend it.“In addition to helping Bitcoin lose its FUD, there was Charlie LeeReasons for implementing SegWit In his project.

“So you might be wondering why I’m pushing for SegWit. Litcoin has no block size problem. That’s right, and SegWit isn’t just a block scaling solution. I would even say block scaling is a side advantage of SegWit. The main fix is ​​the flexibility of the transaction, which will allow Lightning network (LN) will be built on top of Litecoin.

LTC price chart for 10/12/2021 on Gemini | Source: LTC/USD on TradingView.com

The Foundation of the Lightcoin Foundation

A quick subsection, because this series is about the history of lightcoin. As the Segwite story unfolded, Warren Togami resigned as lead developer. Shaolin Fry has joined the team specifically. “Help us enable SegWit on Litecoin. Lotion and Thrasher also joined the code.

At the same time, they created The Litcoin Foundation with Jinsi Wang, Franklin Richards, and Charlie Lee as directors themselves.

Enter the bad guy in the movie

It’s time to meet that legendary time known as the Blocksize War for the Litcoin and Segway story. At the time, mining was a relatively centralized matter and bitcoin was one of those major players. They “The most effective ASICAnd the miners were greatly encouraged to vote with them… otherwise.

The co-founder of Vitamin, Jihan Wu, is a big supporter of Bitcoin Unchain, ” Lee informed. That means scaling against Seguit and against The Lightning Network. Jihan U was only in the camp to increase the block size of Bitcoin, an idea that the community rejected. At the time, however, Wu single-handedly stopped accepting Segwit on Bitcoin. And it also had a great impact on Litcoin.

So, how can Charlie Lee and his abusive team block their way to this huge obstacle? “The difference between Bitcoin and Litcoin is I., ” He said. “Bitcoin is more decentralized. There is no one to talk to about their views on Bitcoin. ”Lee could promote SegWit’s support among miners and try to seduce some of them To vote like him. “Anyway, this was what I set out to do. I have met and talked with many miners from the end of 201 min to the beginning of early 201.

Related Reading | New to Bitcoin? Learn to trade crypto through NewsBTC trading course

We know his plan worked, but it was much harder than expected. Jihan Ur had the resources and influence to make his efforts obsolete, as well as had an ace on his hands. How did Charlie Lee move forward? How did he get Segvit on Litcoin and who climbed on the plate to help him? Find out all of this and more in the upcoming and final episode of Litcoin’s 10-year history.

Featured Image by InstagramFOTOGRAFIN from Pixabay - Charts by TradingView





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