In a recent interview, Charlie Lee, founder of Litecoin [LTC] and the Managing Director of the foundation spoke about the relationship between Litecoin and Bitcoin Cash [BCH], how he was inspired to create the Litecoin foundation and also the coins and projects which he felt were competitors to Litecoin.
Charlie spoke about the initial stages of creating Litecoin where he stated that, “it was mostly just for fun”. He added that while he was testing the Bitcoin [BTC] code base he felt the need to create an altcoin which was far more superior than any other altcoin in the cryptocurrency space.
One of Charlie’s main agenda was to launch the platform in a very fair manner and ensure that there was no pre-mining. Premining is the mining or creation of cryptocurrency coins even before the token is launched for public use. He stated:
“I did not have an advantage over any other platform and I also wanted to create something that complemented Bitcoin [BTC]. So that’s where the “silver to Bitcoin’s gold” came from”
Charlie spoke about the coins or projects which he felt were Litecoin’s competition. He stated that the properties of “sound money” were bringing value to cryptocurrencies around the world. He added:
“Decentralization is inefficient, but it creates a form of money that we’ve never seen before: it’s decentralized, it’s censorship-resistant, and it’s immutable.”
According to Charlie, cryptocurrencies were neither inflatable nor could it be counterfeited. These properties made cryptocurrencies a very powerful form of money which was very valuable and something that was never seen before.
Charlie opined that there weren’t many projects which worked towards incorporating the values of “sound money”. He felt that Bitcoin was the “soundest” form of money followed by Litecoin which was the “second soundest”. Furthermore, Charlie was very interested in Monero [XMR], its privacy and fungibility feature was something which he felt was necessary for both Bitcoin [BTC] and Litecoin [LTC].
Bitcoin Cash according to Charlie was definitely a competitor but the problem with BCH was that they would do everything on-chain which increased the transaction throughput but also sacrificed decentralization. This would result in making it difficult to run a node. He added:
“It’ll be left to big corporations and big miners. Before you know it, it’s centralized around those big players. That’s definitely something I’m not interested in”
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