Litecoin creator Charlie Lee is ready to celebrate the project’s 10th anniversary. And what better way to do this than giving the oral history of Litecoin to the public? That is, of course, a phrase. Since it’s 2021, he gave us this “oral history” through a Twitter thread. And what kind of thread is that. It takes us back to the beginnings of the cryptocurrency space and, through documentation and images, lets us immerse ourselves in the secrets, inner jokes and the sacredness of bygone times.

Related reading | Led by Litecoin, mid-cap altcoins are bleeding with Bitcoin

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

Charlie Lee on the history of altcoin

Many projects saw the light of day after Bitcoin and before Litecoin. He calls:

  • Name coin.
  • Ixcoin
  • Iocoin
  • Solidcoin
  • Tenebrix

And explains somberly: “Each of these coins is dead now. ”According to Charlie Lee, the reason for her demise was a lack of fairness. “Most of these altcoins have a huge premium. Tenebrix, for example, had pre-mined 7 million coins. This means that the creator has incentives to pump the coin to a high price so that he / she can benefit massively without much work.

Most of these altcoins have a huge premium. Tenebrix, for example, had pre-mined 7 million coins. This means that the creator has incentives to pump the coin up to a high price so that he / she can benefit massively without much work. You get things like YouTubers bribing exchanges for listing.

– Charlie Lee (@SatoshiLite) October 7, 2021

Then Charlie Lee gives us the definition of “Ninja mining. “”If a coin hasn’t been pre-mined, you will get things like ninja mining. Then a coin is silently released to friends and family.“And tells us that some of these projects started without making the source code available to the public. The kicker, of course, is that Litecoin was a response to all of this nonsense. Fairness was key and the main reason the project still exists today.

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

Litecoin prehistory

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

The best part was that all domains were available. On October 4th, 2011, I bought them all from GoDaddy. What a great step in hindsight. So now we don’t have something like https://t.co/TFymqt9pKY promoting Litecoin Cash instead of Litecoin. € 38.85 well spent! pic.twitter.com/ur0ckkHMsh

– Charlie Lee (@SatoshiLite) October 7, 2021

One interesting fact that Lee shares with us is that while coding the coin was easy, the hardest part was to create the Genesis block. “The hardest part was actually creating the Genesis block. Satoshi has never documented how he did it and the code for it was not checked in with the bitcoin source code. “So he did”some reverse engineering“And creates this block right here. And then Charlie Lee gives us another amazing factoid. “What a lot of people didn’t know is that I put the headline of Steve Jobs’ death in the Genesis hash. This proves that the Genesis block was created after 10/5/11.

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

What a lot of people didn’t know is that I put the headline of Steve Jobs’ death in 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

Litecoins Start thread in the legendary Bitcointalk forums is an archaeological artifact from forgotten times. The story begins with:

“Litecoin is the result of some of us joining forces on IRC to create a true alternative currency similar to Bitcoin. We wanted to make a coin that was silver to Bitcoin’s gold. Various alternative currencies have come and gone. Some brought innovations, but all had problems. “

One hilarious story is that a young Vitalik Buterin hated the name Litecoin and said this on the introductory thread:

I forgot to mention that I chose Litecoin because Litecoin is the lighter version of Bitcoin. It’s faster, cheaper, and easier to use.

And we saw a young & unknown (then) @VitalikButerin who hates the name. I prefer Litecoin over Etherium. Wait, is it Ethereum? pic.twitter.com/kCLUUNbiel

– Charlie Lee (@SatoshiLite) October 7, 2021

Back to the Twitter thread, Charlie Lee tells us, “The code could be downloaded and compiled by anyone. So they can check the code to make sure.“And later that”People were able to mine on Testnet immediately to make sure everything was working on their system. This is very important.“The table was set for …

Litecoins trade fair start

Since everyone who wanted was “ready to mine at launch,“Litecoin had the coveted trade fair start. “To do this, of course, I had to share the Genesis block with everyone. But I can’t just do this because people can privately dismantle a long chain from this Genesis block. ”And then Charlie reveals to Lee how he hid it.

Without these 2 parameters you cannot start mining in the mainnet, but you can mine in the testnet without any problems.

So I lied, there was a 2 block premine with 100 coins. 😂
The Genesis Coins cannot be spent.

Then I did a survey as to when we should start 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 with 100 coins. The Genesis Coins cannot be spent.“However, he had already said this to the community in this Bitcointalk thread:

“Litecoin comes with 150 Premined Coins: only the Genesis block and the first 2 blocks to confirm the validity of the Genesis.”

Related reading | The project manager of the Litecoin Foundation advocates the network effect of LTC

Then Chalie Lee created a poll to ask the community when to start. The option he wanted didn’t win. In pursuit of fairness, he prepared everything for the day the small church would choose. And then he rickrolled her!

Over the next few days, I did everything I could to help people set up their system.

I posted this a few minutes before the actual start time. Of course, this was a link to Rick Astley’s video. I had to. pic.twitter.com/isJIRPhEDv

– Charlie Lee (@SatoshiLite) October 7, 2021

Then he posted the missing configuration parameters in the Bitcointalk thread and everyone went to the races.

At startup I posted the configuration parameters required for mining on the mainnet. All they had to do was put that in their Litecoin configuration file, restart their client, and they’ll happily mine real LTC.

Of course, at the beginning there was an insane onslaught of people who took down LTC. pic.twitter.com/ZyUcQ1UEe3

– Charlie Lee (@SatoshiLite) October 7, 2021

And as I said, the rest is history. At the end of this chapter, Charlie Lee leaves aside modesty: “I think I managed to get the fairest introduction of any coin. And that’s one of the main reasons Litecoin has been successful. Surprisingly, very, very few coins copied Litecoin’s launch.

I think I managed to get the fairest introduction of any coin. And that’s one of the main reasons Litecoin has been successful. Surprisingly, very, very few coins copied Litecoin’s launch.

Okay, that’s it for now. I’ll tweet more later about what happened between launch and now.

– Charlie Lee (@SatoshiLite) October 7, 2021

Join us and Charlie Lee tomorrow to remember what happened between the start and the present. The article will be as full of Easter eggs and amazing stories as this one.

Recommended image: Screenshot from the Bitcointalk forums | TradingView charts


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