• Litecoin ranked 12th among the largest cryptocurrencies
• Supplement to Bitcoin
• Developed by ex-Google employee Charlie Lee
No competition to Bitcoin – but complement
Litecoin is the 12th most valuable digital currency with a current market capitalization of around $5.4 billion (as of January 4, 2023). Like Bitcoin, the architecture behind the digital token LTC is based on blockchain technology. According to the developers, Litecoin is characterized by faster transactions and better storage efficiency than the market leaders. However, the purpose of the cryptocurrency is not to dethrone Bitcoin. “Due to the extensive industry support, trading volume and liquidity, Litecoin is a proven trading medium that complements Bitcoin,” the project page reads. The limit of existing Litecoin tokens is 84 million LTC. However, not all of them have been generated yet.
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The Litecoin is managed by the Litecoin Foundation, which is headed by software engineer Charlie Lee. Already in 2011 Lee published the program code for Litecoin. Since then he has been working with the non-profit organization “for the benefit of society” on the further development of the digital thaler.
Charlie Lee: From Google developer to crypto founder
Lee began his career as a software engineer in 2000 after graduating from MIT with a computer science degree. For six years he worked as a software developer at the US tech giant Google, where he google play Games and the video platform YouTube Mobile also worked on the Chrome OS operating system. During this time he also started tinkering with Litecoin before leaving the search engine group in 2013 because it had no interest in cryptocurrencies. He then moved to crypto exchange Coinbase, where he served as technical director until June 2017. Since then, however, he has increasingly concentrated on his work at the Litecoin Foundation, and he is also a board member at the financial services provider Valkyrie and the IT group BTCS.
Lee is parting with his Litecoins
The Litecoin founder was repeatedly accused of manipulating the token’s price with Twitter posts. To defend himself against these accusations, Lee parted with all his Litecoins in December 2017, as he announced in a Reddit post. “For the last year I’ve tried to stay away from price related tweets but it’s hard because price is such an important aspect of Litecoin growth. And whenever I tweet about Litecoin price or even just good or bad news , I’m accused of doing it for personal gain,” Lee said on the Litecoin subforum. “For this reason I have sold/donated all my LTC in the past few days.”
Likewise, Lee wrote: “Litecoin has brought me so much financially that I no longer need to tie my financial success to Litecoin’s success.” Nevertheless, he will continue to work for Litecoin and will definitely not quit.
Numerous other projects in planning
Under Lee, the organization implemented numerous projects in the years that followed, such as the Litecoin Card. The virtual debit card is loaded with Litecoins, when paying with it the tokens are converted into fiat currencies. A connection to Apple Pay, Google Pay and Samsung Pay is also possible. Litecoin also worked with the UFC martial arts association and the Miami Dolphins football team on sponsorship campaigns.
Other projects by Lee and his team members also include the official Litecoin wallet Litewallet, the smart contracts and NFT platform Omnilite, and the second-layer solution Lightning Network. The network upgrade MWEB, which is considered the largest extension of the Litecoin blockchain to date and is intended to improve the scalability of the token, was only activated in May 2022. “Enjoy using one of the most scalable, fungible cryptocurrencies around,” the developers wrote at the launch of the update. “May God have mercy on the fiat currencies of the world.”
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