You’ve probably seen that I recently started advocating for SegWit to activate on Litecoin and Bitcoin. I wasn’t doing any of this before because it would be wasted energy when the code was not finished. But now that the release candidate code is tagged and binaries close to release, I figure it’s time for me to start making some noise.
So you may wonder why I’m pushing for SegWit. Litecoin does not have a block size problem. That’s right, and SegWit is not just a block scaling solution. I would even say block scaling is just a side benefit of…
“I, Charlie Lee, am the creator of Litecoin”
Genesis block: http://explorer.litecoin.net/block/12a765e31ffd4059bada1e25190f6e98c99d9714d334efa41a195a7e7e04bfe2
Genesis address: Ler4HNAEfwYhBmGXcFP2Po1NpRUEiK8km2
Signature: G7W57QZ1jevRhBp7SajpcUgJiGs998R4AdBjcIgJq5BOECh4jHNatZKCFLQeo9PvZLf60ykR32XjT4IrUi9PtCU=
I first discovered Bitcoin in early 2011. Like many, I thought it was brilliant. Bitcoin transactions were decentralized, secure, fast, cheap, and unlimited.
- Decentralized: Thousands of nodes verify and relay all Bitcoin transactions.
- Secure: Bitcoin network was secured by millions of dollars of hardware.
- Fast: Confirmations were fast. Zero confirmation transactions are very safe as double spend attacks are impractical.
- Cheap: You can pay little to no fees. Your transactions will all get mined in the next block.
- Unlimited: At that time, Bitcoin block sizes were tiny compared to the block size limit. Transactions being delayed due to block size…
