Wright Silver's war – written before the market halved

The tidal sound of the evening in Ivory Coast and the fine white sand between the toes are in the memory of Li Qiwei. The book memories that were mobilized along with the brain's founding block were: the room where the younger brother and his brother Li Qiyuan (the co-founder of Bitcoin China) lived in the wealthy neighborhood of Africa, and the struggles from the ancestors about China's drifting to Côte d'Ivoire. . Li's ancestors founded a business in Côte d'Ivoire, Africa, and the money relied on the “gold” brought from the country.

After Li Qiwei was 13 years old, his family moved to the United States. He was admitted to the Massachusetts Institute of Technology, specializing in computer technology. After graduation, my brother Li Qiyuan (Stanford Business School) moved to Silicon Valley, the Great Bay Area Technology Center in the United States. Their common hobby is to collect gold coins online, and also to do some gold trading on the foreign exchange platform. Looking at the global block node map, Li Qiwei's flashing coordinate nodes move from Africa to the Americas, rather than the hash value update of the self-learning environment. However, in the brain founding block of Li Qiwei, the core book memory is the family's firm understanding of the ancient currency of gold. This cognition was later transferred to the Litecoin.

Google's revelation

The beautiful sunshine in California is still abundant, and Mountain View still has a train every day between San Francisco and San Jose. At that time, Google’s new headquarters construction plan did not start, and the old headquarters was still in Mountain View.

What will Google bring in 2009? In the book, Google’s code thought has this answer: “The Google team will repeatedly consider sacrificing simple code when pursuing less important functions.” Google also has a very strong unit test culture. A good project test is half the battle. Every new project in Google has a sharing tool. This way all programmers will complete it through test practice. The practical ideas of openness, collaboration, and code are embedded in the minds of every Google programmer.

After Li Qiwei walked out of the MIT campus, he was a three-year software engineer and a four-year senior software engineer at LinkedIn (the fat man who was one of the PayPal gangs) and Internet insurance giant GWRE. In August 2007, he joined Google. After joining Google, he served as a software engineer for YouTube Mobile, Chrome OS and Play Games. If the first two working experiences are just tempering code skills, then the one that really affects him most in code thinking is Google. The two keywords of code streamlining and practicality are once again incorporated into his brain block as account book memory. After knocking on the code for many years, he vaguely got an idea: the code serves the business, and the technology is only the auxiliary. It is important to judge and understand the trends of an industry.

Ublich was arrested in October 2013, and the clerk read the verdict at the court scene, for a total of seven counts. Ublich, who founded the Silk Road in one hand, calmly accepted his guilty verdict and turned to smile to his family and supporters—they were young men and women who did not trust the government like the Tea Party. The Tea Party is not a political party but a grassroots movement. The Tea Party movement belongs to the rightist populist movement in the United States. Li Qiwei is also a member of many supporters who support Ublich. The original intention of all support stems from his love of encryption technology, his family's understanding of gold, and his original opinion on the Silk Road website. Article.

BTC and gold

In 2008, the smog of the US subprime mortgage crisis has not yet dispersed. In a reporter's hearing on the crisis, when the MP asked whether gold was a currency, the then Federal Reserve Chairman Ben Bernanke's answer was “Gold is not a currency.” When asked about the value of gold, Bernanke’s answer was “traditional”. ". The crisis has not eased, but the time has passed eight years. In a speech to the president, Trump mentioned: "Although it is not easy to return to the gold standard, it will be a good thing if it can be done." There is a group in the Republican Party in the United States who advocates the restoration of the gold standard. Tradition. The United States does not want gold to become a currency.

Li Qiwei's understanding of gold is still an ancient currency, not just a precious metal. This hobby spread to the precious metal coins he collected. In October 2011, his concept of access to Bitcoin was on the Silk Road website. Due to the special privacy of the Silk Road website, the above general currency can only be bitcoin. When he tried to acquire Bitcoin in his own way, he had a different understanding of Bitcoin's mining mechanism (mining algorithm). He gave feedback to Mike Hearz, the core developer of the Bitcoin community, and bought a BTC from him (there was no exchange at the time).

The development of financial technology and the Internet yesterday brought virtual currency today. Blockchain technology has received increasing attention from mainstream financial institutions. Some people firmly believe that gold and bitcoin have interoperability logic. Because money is essentially the result of competition between different payment instruments in market transactions. Of course, the currency itself may also be a commodity. Historically, precious metals such as gold have stood out because of the stability of value (a certain kind of stable currency) and the cost of saving transactions. Li Qiwei's understanding is that the technical characteristics of Bitcoin can be counted as gold in virtual currency, but in the long run it is not suitable for small payments. In that case, the best way he can think of is to clone and transform the existing currency.

His first project, Airbix, was cloned from Tenebrix. Now look at Li Qiwei's first blockchain project, Airbix, which now looks more like a warm-up and experiment.

Tenebrix was the first cryptocurrency to use other workload proofing algorithms, originally designed to prevent passwords from being brute-forced. Tenebrix's goal is to implement an electronic currency that does not rely on GPUs and ASIC chips by using this memory-consuming algorithm. Li Qiwei made two mistakes in the development. The first mistake was to carry out the pre-drilling operation before the release. The second mistake was that the client's software was wrong and vulnerable to a 51% power attack, so Fairbix failed for dozens of days. After the failure he started the Litecoin project.

Silver in Wright

When Nakamoto was designing the bitcoin system, in order to control the overall circulation of Bitcoin (essentially in the simulation of gold, because the gold reserves are limited, the mining rate will be slower and slower, so Bitcoin is also become digital gold. Bitcoin production, also known as mining, stipulates that after every 210,000 blocks generated, bitcoin production is halved. At the beginning, each block generates 50 bitcoins, and then gradually halved until it approaches zero. The idea that gold and silver are money is deeply rooted in Li Qiwei’s mind. He learned the lessons of the last failed blockchain project. After a lapse of one month, this time his code base for Bitcoin changed more like a skilled surgeon, accurately picking up the Google Spirit scalpel.

Li Qiwei made some modifications and adjustments to the BTC code base to make it have silver value. There are three main points:

1. Adjusted the block generation time. Shorter to 2.5 minutes compared to 10 minutes in Bitcoin, providing faster transaction confirmation.

2. Adjusted the total amount of money. Compared with Bitcoin's 21 million, it has risen to 84 million, which is four times the amount of currency issued by Bitcoin.

3. Adjusted the mining mechanism. Litecoin used the Scrypt encryption algorithm first proposed by cryptographer Colin Percival in the workload proof algorithm, making it easier for holders to mine Litecoin on a regular computer.

On October 8, 2011, the founding block of Litecoin was first dug up. After that, many altcoins stand out. Although the altcoins claim to be improved or different from the bitcoin payment system, there are still some differences in essence. Such as dog currency, future currency, unlimited currency, prime currency, etc. The competition for the altcoin currency has intensified, reaching more than 1,000 varieties in the encryption market in 2013-2014.

But in the past many years, Litecoin has been ranked second in the market value of digital virtual currency, second only to Bitcoin. As of May 2019, the market value of circulation has reached 7 billion US dollars, accounting for about half of the market capitalization of Bitcoin. The current total market value is ranked sixth.

Litecoin has no concerns about the interests of the Bitcoin community in technology development, and it is more efficient. The development of virtual currency technology is very simple for Li Qiwei. The difficulty is how to get more people to agree on the Litecoin. Regarding propaganda, he said: "Bitcoin is the gold in digital currency, and Litecoin is more like a supplement to Bitcoin. If Bitcoin is used for large payments like gold, then Litecoin can be used like silver. Small payment. The two currencies are interconnected and can be converted and seamlessly connected at any time."

Wright's winter

Sometimes the storm is so strong that you have no choice but to take up the sails.

– George Martin

On December 5, 2013, the central bank and the five ministries and commissions issued the "Notice on the Prevention of Bitcoin Risk", denying the currency property of Bitcoin, and the bitcoin price plunged. Everyone will have their own brilliant moments, and everyone will have their own moments. As the earliest participant in the Wright project, the founder of the Wright community remembers the dilemma that Wright had almost failed, and I think that was the time when his life was dark. He said that OK played a big role in the key of Wright.

"When Wright was in the worst time, the bear market fell and fell to five dollars. At that time, the team had few developments to leave, and the team did not leave too many people. Including Charlie, because to raise a family, also Going to Coinbase. The whole community was very miserable and very disheartened. The group of people in Wright's Chinese community reduced from 1400 to 400 and walked 1000. The situation was very bad, plus On the cloud coin network of Li Xiaoli, I was screaming at that time? I forgot, at that time, I changed my name to Yunco.com and put Wright off the shelf. In fact, there was a lot of wind noise at that time, saying that Wright might not have this piece. What development, many exchanges will start to off, this is the worst time. At this time I began to find important participants in the blockchain industry within the circle." In order to ease the tension, he paused "Continue to say: "This domino is very dangerous once it is rolled out. The cloud currency has already been released. At that time, there were many rumors that other exchanges had to be removed from Wright. OK if it is also Words, or words there shaken, Wright might really be dead. At that time Wright turnover, 90% in the country. Once there is no liquidity, Wright might be finished. "

PZ travels around the country and seeks support from Wright in the entire cryptocurrency community. When I met the person in charge of OK, the Wright community received the greatest support. "Wright will continue to work regardless of the situation in the future."

On the trading platform of OK, Litecoin has gained recognition of its value. In just three months, the number of users exceeded 100,000, and the daily transaction amount reached 80 million yuan. OK also completed the 10 million-level A round of financing, and became the largest digital currency trading platform in China.

In the world of blockchains, the technological base determines economic architecture. When bitcoin mining relies on computer cpu and graphics cards, the entire design choice of Litecoin makes computer mining more dependent on memory. His mining mechanism has also become a major branch of algorithmic mining, and it has brought about the comprehensive development of the community and applications.


The person who creates bitcoin is called Nakamoto, and it may be an institution or organization.

His name is Nakamoto, and the Japanese name is actually the abbreviation of Samsung, Toshiba and Motorola. On the network, Ben Cong deliberately concealed his identity. The active time on the Internet is generally when the people in the northern hemisphere sleep, it is when he is active, the activity time at 5 o'clock and 11 o'clock in Greenwich is drastically reduced, watching his English papers, proficient in various English proverbs. The degree is judged to be an American. In short, who he is, few people in the world know.

Li Qiwei is the only living Nakamoto, but he is a low-profile Nakamoto.

The most successful thing about Wright is the mental positioning that is tied to Bit, "Bit Gold, Wright Silver." The halving date of Bitcoin is June 13, 2020, and the probability of Litecoin will be halved on August 6, 2019. Because it is calculated by halving the block time, there may be some errors in time, and it is possible to usher in a wave of market.

Prior to 2016, Wright offered a relatively high speed of recognition, which took on some of the liquidity transfer when the Bitcoin network was crowded, while absorbing the spillover value of Bitcoin. The torch relay of Bitcoin Lightning Network is more like a successful marketing. Lightning Network is just one of many technologies that extend Bitcoin payments, but it is undeniable that it seems to be the most promising one. It has not been updated in the code library of Litecoin for 5 months. It only needs to wait for Bitcoin's mature application technology. Finally, direct code debugging and copying can continue to share the dividend brought by Bitcoin.

Wright Memorabilia:

October 7, 2011 Litecoin was released through the open source client on Github, marking the birth of Litecoin, founded by Li Qiwei.

July 3, 2013 Mt.Gox launched an API for LTC trading to prepare for the official launch.

June 2014 Online wallet service provider Hive added support for Litecoin; Litecoin core v0.10.2.2 was released.

On August 26, 2015, the Litecoin halved for the first time. Currently (2017) each block can generate 25 Litecoin.

On July 3, 2016, the Litecoin Kernel Development Team and the Litecoin Association released the “Lite Currency Official 2016 Development Roadmap”, which announced that it will release functions such as “Separation Witness”, “Lightning Network” and “Smart Contract”. The new version, something that is noisy in the bitcoin community, is the first to experiment with Litecoin.

February 9, 2017 Charlie Lee revealed during the AMA event at Babbitt that it plans to force a segregation testimony. The next day, the main network of Litecoin will open the activation process (voting) of the isolated testimony.

April 2017 The Litecoin Foundation was officially registered in Singapore to provide financial support to the development team; the 12-day BW mine pool voted to support the Wright currency segregation testimony.

On April 21, 2017, the Wright Global Roundtable Forum announced that all members agreed to implement isolation verification on Litecoin.

May 11, 2017 The Segregated Witness is officially activated in the 1201536 block of Litecoin, and Litecoin users can use the segregated witness to this new trading method.

June 9, 2017 Litecoin founder Li Qiwei announced that he will no longer focus on the development of Litecoin for Coinbase.

June 21, 2017 The founder of Litecoin officially announced the launch of the Litecoin Lightning Network.

August 1, 2017 Litecoin core v0.14.2 released.

August 8, 2019 The Litecoin is expected to halve for the second time.

Written by: Macbeth

Source: God said blockchain