Franklyn Richards spoke with Tokenbox at The Web Summit recently and discussed Litecoin’s use-cases in the current bear market.
Franklyn Richards said that he doesn’t like using the phrase “Litecoin is silver to Bitcoin’s gold” and explained that it would imply that Litecoin needed Bitcoin to be relevant and that “Litecoin stands tall all by itself” and that it doesn’t need Bitcoin. He added that it was not true and that Litecoin is better than Bitcoin in terms of transaction fees and payment processing.
“… it has tens of thousands of transactions are being made across network daily and hundreds of millions of dollars are being moved across network daily. It’s fantastic as a form of money because it serves and does this few things very well.
It doesn’t attempt to go out its way and do smart contracts built directly into a thing like Ethereum does because we can see how that can lead to disaster.”
Furthermore, he continued saying that Litecoin is striving to become a payment solution globally. He added:
“… and in many ways to already is it’s like say, doing so many trades and transactions all over, well daily, people understand how powerful is technology is and for adopting it.
There’s only a handful of cryptocurrencies which are listed on every single major exchange out there and those three are Bitcoin Litecoin and Ethereum, out of those two are sound money Bitcoin and Litecoin.”
Referencing to his previous statement, Richards said that Litecoin and Bitcoin could very well be the two coins that could be listed on Bakkt exchange. He said Bakkt is being joined by other institutions like Gemini, Coinbase and Fidelity.
Franklyn Richards went on to explain that the people in Bitcoin Foundation got astronomically rich during the early days of cryptocurrencies as people donated “thousands” of Bitcoin to the entity which was spent very “recklessly” by the foundation.
“… of course then they bought in Bruce Fenton who became the executive of the Bitcoin foundation he ordered state and cleaned it up a lot but it hasn’t really been able to recover its name or its standing it had”
Explaining how Litecoin Foundation was different he said that it exists just to help push adoption of technology to institutions, individuals and business at all levels. He said that they sponsored people to work on the core Litecoin code without advocating or directing them to do any particular thing.