Litecoin (LTC) will commend its tenth commemoration this year. So who can uncover Litecoin’s insider facts better than its maker Charlie Lee?
It’s a major year for Litecoin, one of the significant cryptographic forms of money after Bitcoin (BTC). Bitcoin is alluded to as gold and LTC as its silver. The silver of the crypto currency market will praise its tenth commemoration in November.
In this unique circumstance, Decrypt made a meeting with Charlee Lee, the author of Litecoin, about the crypto cash he planned. In a meeting, Lee uncovered 9 things Litecoin likes:
Who Is Charlie Lee Creator of Litecoin?
When talking about cryptocurrency and blockchain, it is not without mentioning the name of Litecoin creator Charlie Lee. If we compare cryptocurrencies with the Renaissance, maybe we can’t call Charlie Da Vinci, but he would be someone like Donatello.
Before his adventure in the blockchain and cryptocurrency world, Charlie spent almost a decade at leading tech companies. Among the technology giants he works with are Microsoft, Guidewire and Google. He was at Google when he made the completely changing discovery of his life.
Charlie Lee joined Google in 2007. He was working as a software engineer and took part in many operations in the company. During his six years at Google, he worked on projects such as YouTube Mobile, Google Play Games platform and Chrome OS. It is said that while working for Chrome OS, he met Bitcoin and became interested in cryptocurrencies. Charlie quit Google in 2013, 2 years after Litecoin came out.
Lee admits that his adventure in the crypto world actually began in April 2011 with the Wired article on Silk Road. At the time, he was working for Google and was amateur gold trading. He was impressed by what the technology behind Bitcoin has to offer and he joined the community.
Lee admits that although he has a Computer Science background, he has always been interested in the economy. He had mentioned his interest in Federal Reserve several times before. This makes the relation to crypto money even more understandable.
Their First Job in the Crypto World
Caught the crypto bug in the Silk Road article, Charlie became interested in Bitcoin. Like most people who bought Bitcoin in the early period, he started mining Bitcoin. Shortly after his discovery of Bitcoin, he contacted Bitcoin Core developer Mike Hearn. As his interest in the field increased further, he received 1 BTC from Hearn.
Soon it came to the same point as most crypto enthusiasts; issued its own cryptocurrency. In 2011, many developers were in a hurry to launch the new Bitocin.
Having failed the first time in the cryptocurrency development trial, Charlie didn’t give up. Drawing valuable lessons from his failure with Fiarbix, he developed his own rules of operation for the new coin. In October 2011, it announced to the crypto world that it was finally able to establish Litecoin.
Litecoin originally originated as a clone with a few fixes and changes to the Bitcoin code. The main purpose of these exchanges was to increase the fairness of Litecoin. Lee changed the hash algorithm, block processing speed, and GUI. Lee also increased the maximum supply cap from 21 million to 84 million.
What Charlie Lee’s Likes About Litecoin (LTC)
1-Litecoin hasn’t had a glitch for a very long time
The two digital currencies with the most elevated market esteem – Bitcoin and Ethereum – experienced disappointments in their frameworks, however as indicated by Lee, Litecoin didn’t encounter any disturbances.
He disclosed to Lee Decrypt that Litecoin has been working constant for a very long time, and that this is the situation with a couple of digital forms of money. He additionally said in his explanations that Bitcoin was encountering issues because of the fork, yet Litecoin has been working relentless since November 2011.
2-Ranked Top 10 in Market Value Since Day One
Its rankings may have changed commonly, yet Litecoin was consistently in the best 10 as far as market esteem. It presently positions seventh between Chainlink (LINK) and Cardano (ADA). In any case, Decentralized Finance (DeFi) digital forms of money Wrapped Bitcoin (WBTC) and Uniswap the board token (UNI) are quickly expanding their worth.
Lee said in his remarks that most digital currencies got acclaimed for 15 minutes, however they couldn’t recuperate and Litecoin never left the grandstand.
3-Litecoin’s Mining Algorithm Provides an Advantage in Security
Litecoin utilizes an alternate mining calculation than Bitcoin. This implies that it can rule the encryption levels with the Scrypt calculation. Be that as it may, this calculation isn’t a possibility for Bitcoin Cash. It utilizes the SHA-256 calculation with Bitcoin, yet because of just 2% sway, Bitcoin Cash can be powerless. As indicated by Lee’s assertions, LTC’s Scrypt calculation gives 99% strength.
As indicated by their assertions, there is no motivating force for Litecoin diggers to assault Litecoin.
4-Litecoin Has High Liquidity
Litecoin is recorded on all major digital currency trades. Taking into account that it is utilized as a worth gathering instrument like Bitcoin, has extremely low charges and is utilized as a mechanism of trade because of its quick exchange highlight, its significance develops.
Lee clarified that Litecoin’s present market esteem has reached $ 9 billion and day by day exchanging volume has reached $ 8.5 million, which is an extremely decent element.
5-Has The Most ATM Support Other Than Bitcoin
As per the most recent information given by CoinATM Radar, the quantity of Litecoin ATMs has arrived at 9,245, while the quantity of Bitcoin ATMs has reached right around 15,000. A year ago’s reports likewise clarify that 13,000 ATMs in Korea offer Litecoin backing, and this number surpasses the help of Bitcoin ATM.
Truth be told, Lee disclosed to his explanations that Litecoin has such countless stages to purchase and sell and is the second most upheld digital money.
6-Litecoin Supported by PayPal
In November 2020, PayPal offered Bitcoin, Ethereum, Bitcoin Cash and Litecoin installment uphold, permitting clients in the US to make installments with cryptographic forms of money.
As per Lee’s assertion, the explanation individuals uphold Litecoin is that it is helpful and it is quite possibly the most important cryptographic forms of money as far as market esteem.
Normally, the crypto local area likes PayPal. Particularly the powerlessness to move digital currencies from PayPal account outside of their PayPal account was not invited by numerous individuals. Nonetheless, it permitted 26 million vendors to get installments with digital currencies, including Litecoin.
7-Privacy Features Coming to Litecoin
An incredible advancement is coming to Litecoin. This development means to recognize the coin from others.
As indicated by Lee’s assertions, the influence of cash is equivalent to different banknotes, yet this isn’t the situation with Litecoin and Bitcoin. For instance, he added that Coinbase accounts were shut in light of the fact that Litecoin was bought from the bootleg market.
The MWEB highlight, which has been executed, guarantees that coins are not undermined and utilized as an alternative as a side chain, regardless of what reason they were utilized previously. As indicated by Lee, the new element will be the motivation to purchase Litecoin.
8-2% of LTC in the market is Locked in Grayscale Litecoin Trust
Grayscale Investment stood out as truly newsworthy a week ago when it declared that it oversees $ 27.1 billion in resources. They permit financial backers to purchase Bitcoins without at the same time holding Bitcoins.
Grayscale Bitcoin Trust has outperformed the majority of the assets, yet deals with a few other digital currency reserves, including the protections administrator Litecoin.
Lee remarks that the $ 173 million LTC, that is, 2% of all Litecoins on the lookout, is secured in the Grayscale Litecoin reserve as a sign that the organization is tackling its work well overall. As indicated by Lee, the corporate interest for Litecoin is hard to quantify, yet notwithstanding that, this news is very acceptable.
9-Litecoin made due after Lee pulled his skirt
Litecoin indicated what could occur if its author pulled out.
Lee sold the entirety of his LTCs because of irreconcilable circumstance and different reasons in the digital currency blast in late 2017. However, individuals actually disdain him, as per his most recent assertions. This is on the grounds that individuals feel that Lee’s offer of Litecoin made the whole market breakdown. In any case, Lee finds the charges against him preposterous.