{"id":113990,"date":"2019-09-18T22:58:56","date_gmt":"2019-09-18T22:58:56","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=113990"},"modified":"2020-03-24T07:01:17","modified_gmt":"2020-03-24T07:01:17","slug":"litecoin-succeeded-doesnt-need-charlie-lee","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/litecoin-succeeded-doesnt-need-charlie-lee\/","title":{"rendered":"Litecoin will have succeeded when it doesn\u2019t need Charlie Lee [INTERVIEW]"},"content":{"rendered":"

In the end, Charlie Lee<\/a> says Litecoin<\/a> will have succeeded when it doesn\u2019t need him anymore. Here's what this means for the Litecoin Foundation<\/a>.<\/p>\n

Litecoin\u2019s origin story<\/h2>\n

In an exclusive interview with CryptoSlate<\/a>, Charlie Lee shared the origin story behind Litecoin.<\/p>\n

\u201cInitially, I was just in it for fun,\u201d he said about the coin\u2019s creation. At the time, Lee was working at Google as a software engineer.<\/p>\n

Lee positioned Litecoin as silver to Bitcoin<\/a>\u2019s gold. With faster block times and lower fees to facilitate cheap transactions, it complemented Bitcoin as a method for making cheap, fast payments. He doesn\u2019t see this changing anytime soon, either:<\/p>\n

\u201cI positioned it to silver to Bitcoin\u2019s gold when I first launched it. I think there\u2019s always going to be space for Litecoin to thrive so I\u2019m not worried about all these other coins coming into space. There\u2019s always going to be tons and tons of coins. But I think Litecoin and Bitcoin will be really used as currency,\u201d Lee said confidently.<\/p><\/blockquote>\n

Created in October 2011, Litecoin predates the vast majority of blockchain projects. And soon after its creation, Litecoin quickly grew into one of the largest cryptocurrencies by market capitalization. It maintained this title year after year, ranking as the fifth-largest coin with a $5 billion market capitalization.<\/p>\n

Meanwhile, as Litecoin became a pillar in cryptocurrency Lee\u2019s relationship to the project also changed. \u201cNow I feel responsible to shepherd Litecoin and also try to help Bitcoin,\u201d Lee shared.<\/p>\n

Background on the Litecoin Foundation<\/h2>\n

Founded<\/a> in April 2017, the Litecoin Foundation aims to advance the development and adoption of LTC<\/a>. The Singapore based non-profit was created to \u201chelp Litecoin in every way he can think of,\u201d said Lee.<\/p>\n

Unlike other crypto foundations like the NEO<\/a> Foundation or the TRON<\/a> Foundation\u2014which funded themselves by retaining coins from their respective ICOs\u2014the Litecoin Foundation went to the community to raise funds via donations and merchandise sales.<\/p>\n

The Foundation gauges its success by the adoption it stimulates. Network hash rate, on-chain metrics, transactions, wallet accounts, and application downloads are all figures the Foundation watches closely.<\/p>\n

Right now, aiding Litecoin adoption and running the Foundation are Lee\u2019s full-time commitments.<\/p>\n

FUD around Lee\u2019s Litecoin holdings<\/h2>\n

In December 2017, near Litecoin\u2019s all-time high, Charlie Lee sold<\/a> his entire LTC holdings citing potential conflicts of interest given his influence over the coin's price. The decision is a recurring point of criticism among investors.<\/p>\n

People claim that Lee is no longer financially motivated to support Litecoin. And based on his comments, he\u2019s not. Charlie Lee seems ideologically driven.<\/p>\n

To date, Charlie Lee\u2019s statements and actions have proven he is still fully invested in the project. In fact, Lee even left his position at Coinbase<\/a> as director of engineering to work full-time on Litecoin.<\/p>\n

Lee\u2019s finances affirm his commitment. Charlie Lee\u2019s donations account for 80 percent of the Foundation\u2019s funding, according to an interview<\/a> with CoinDesk. Based on recent financial statements<\/a> from the non-profit this would amount to roughly $800,000.<\/p>\n

Instead of making money, Lee seems more interested in fighting for the freedom of money<\/a>.<\/p>\n

Planning for decentralization<\/h2>\n

Despite Charlie Lee\u2019s influence and power over Litecoin, his goal is for the community to outgrow his leadership.<\/p>\n

\u201cWhat I\u2019d like to see with Litecoin is that it eventually it wouldn\u2019t need me so in the end it\u2019s a decentralized currency. Having a centralized figurehead is counterproductive. Because then, I become a central point of failure.\u201d<\/p><\/blockquote>\n

That isn\u2019t to say the project depends on Lee. Similar to other politically decentralized cryptocurrency projects like Ethereum<\/a> and Bitcoin, Litecoin would \u201cexist perfectly fine\u201d if the Litecoin Foundation disappeared, he said. Nonetheless, his involvement is still a point of failure, he argues:<\/p>\n

\u201cIf I get co-opted, or if I get attacked by government, for example, saying I have to put KYC into Litecoin or they\u2019re going to lock me up, that\u2019s just bad. There\u2019s no good end result if that happens.\u201d<\/p><\/blockquote>\n

Instead, Lee wants the community to grow to the point where Litecoin can thrive without him\u2014in a way that\u2019s decentralized and resilient to regulation.<\/p>\n

\u201cI think over time I would need to step away. Start doing less, letting the community take over. And we have a great community for Litecoin. So I\u2019m not really concerned about that at all.\u201d<\/p><\/blockquote>\n

That isn\u2019t to say Charlie Lee is stepping down anytime soon. \u201cIn the meantime, I think I do more good helping Litecoin along than harm.\u201d<\/p>\n

In a Cincinnatus<\/a>-esque fashion, Lee wants to eventually step down from power. And when that happens, people can rest assured that Litecoin will have succeeded in helping the world adopt the \u201cbest form of money ever seen<\/a>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

In the end, Charlie Lee says Litecoin will have succeeded when it doesn\u2019t need him anymore. Here’s what this means for the Litecoin Foundation. Litecoin\u2019s origin story In an exclusive interview with CryptoSlate, Charlie Lee shared the origin story behind Litecoin. \u201cInitially, I was just in it for fun,\u201d he said about the coin\u2019s creation. […]<\/p>\n","protected":false},"author":29,"featured_media":100983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10085,60209,29,15323],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nLitecoin will have succeeded when it doesn\u2019t need Charlie Lee [INTERVIEW]<\/title>\n<meta name=\"description\" content=\"In the end, Charlie Lee says Litecoin will have succeeded when it doesn\u2019t need him anymore. 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