Litecoin from genesis to the moon by Charlie Lee
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Litecoin From Genesis To The Moon Charlie Lee (coblee) Coinbase, Inc.
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Transcript of Litecoin from genesis to the moon by Charlie Lee
Litecoin
From Genesis To The Moon
Charlie Lee (coblee)
Coinbase, Inc.
Let there be Lite
● Open source fork of Bitcoino 4 times the total coins - 84 million litecoins
o ¼ the block confirmation time - 2.5 minutes
o Scrypt proof of work
● “Silver to Bitcoin’s gold”
● Launched on October 13, 2011
● $3.80 per ltc, ~$125 million market cap
Altcoins before Litecoin
● Namecoin
● Ixcoin
● I0coin
● SolidCoin
● GeistGeld
● Tenebrix
● Fairbrix
Designing a Successful Altcoin
1. Good name
2. Branding/Marketing
3. Attract miners
4. Fair launch
5. Don’t change what’s not broken
1) Name - Litecoin
● Lite version of Bitcoin
● Faster transactions
● Lower fees
● litecoin.org not taken
2) Branding - Silver to Bitcoin’s Gold
● Silver medal
● Currency
● Valuable
● Cheaper
● Paired with gold
● Not competing with Bitcoin
● Memory hard proof of work
● CPU only
3) Mining - Scrypt Proof of Work
4) Fair Launch
● Source/binary released a week before
● Launch time selected by forum poll
● Genesis block withheld - mine on testnet
● Launched with a config change:block_nTime=1317972665
block_nNonce=2084524493
● No premineWell... genesis block and 2 blocks
5) Bitcoin Lite
● Keep as close to Bitcoin as possible
● Follow in its footsteps
● Complementing Bitcoin
Metrics of Success
1. Network Security
2. Market capitalization
3. Exchange liquidity
4. Merchant support
5. Currency usage
1) Network Security1 Terahash, 40x increase past year
bitinfocharts.com
2) Market Capitalization3x increase past year, same as Bitcoin
bitinfocharts.com
3) Exchange Liquidity
BTC $77,000,000
LTC $8,500,000
cryptocoincharts.info
10/9/2014
3) Exchange Liquidity
BTC $77,000,000
LTC $8,500,000
NBT $600,000
DOGE $500,000
PPC $400,000
PTS $200,000
cryptocoincharts.info
10/9/2014
4) Merchant Support (446)
coinmap.org
7/18/2014
4) Merchant Support (4999)
coinmap.org
7/18/2014
5) Currency Usage80x increase past year
bitinfocharts.com
Metrics of Success
1. Network Security - 1 Terahash, 40x y/y
2. Market capitalization - 1/30 of BTC, 3x y/y
3. Exchange liquidity - 1/10 of BTC, 10x others
4. Merchant support - 1/10 of BTC, GoCoin
5. Currency usage - 1/6 of BTC, 80x y/y
Stages of Crypto-Currency Users
1. Miners
2. Speculators
3. Merchants
4. Consumers
5. Astronauts
Stages of Crypto-Currency Users
1. Miners
2. Speculators
3. Merchants
4. Consumers
5. Astronauts
● Security
● Liquidity
● Acceptance
● Usage
● Moon
Stages of Crypto-Currency Users
1. Miners
2. Speculators
3. Merchants
4. Consumers
5. Astronauts
● Security
● Liquidity
● Acceptance
● Usage
● Moon
Stages of Crypto-Currency Users
1. Miners
2. Speculators
3. Merchants
4. Consumers
5. Astronauts
● Security
● Liquidity
● Acceptance
● Usage
● Moon
Stages of Crypto-Currency Users
1. Miners
2. Speculators
3. Merchants
4. Consumers
5. Astronauts
● Security
● Liquidity
● Acceptance
● Usage
● Moon
Why Litecoin?
● Faster confirmations
● Lower fees
● Alternate secured blockchain
o Backup
o Robustness
o No single point of failure
Questions?
