Litecoin’s Charlie Lee finds Monero (XMR) interesting, may step away from Litecoin in future
On September 27th, SFOX listed Litecoin on their exchange. In listing Litecoin the SFOX team was able to get an exclusive interview with the creator of Litecoin, Charlie Lee. In the interview, Charlie Lee clarifies on the perceived centralized nature of Litecoin as well as some of his favourite projects in the blockchain space. He also mentioned that Monero is one project he is very much interested in.
Litecoin has a creator, is it truly decentralized?
The SFOX team pointed out that unlike Bitcoin, Litecoin has a creator which can be targetted and possibly used to put the project in jeopardy. To that Charlie Lee replied,
“Obviously, Litecoin is more centralized than Bitcoin. If anyone wants to target Litecoin, they could attack me. That’s something that definitely could be improved. So I think that moving forward, I’ll eventually have to step away from Litecoin”.
He also mentioned that having a central figure has an advantage as well. He gave the example of SegWit activation on Litecoin which was implemented on Litecoin faster than Bitcoin.
“Two years ago, I saw that Bitcoin was having all this trouble with activating SegWit. I saw SegWit as an amazing feature, but there was all this FUD around it. I realized I could help out by pushing Litecoin towards getting SegWit activated. Being its creator, I was able to make that happen”.
Monero (XMR) has what Litecoin and Bitcoin are missing
On being asked as to what according to Charlie Lee is a competitor to Litecoin, he pointed out that it’s Bitcoin and Monero. He said,
“Bitcoin is obviously the soundest form of money around, and Litecoin, I would say, is the second soundest. Another project that I’m interested in as Monero: I think a bit of privacy and fungibility is something that’s missing from Bitcoin and Litecoin, and it’s very much needed.”
Back in August 2018, he asked the Litecoin community as to what is the next feature they would like to see in Litecoin. The community voted “Confidential Transactions” as the most important feature that should be added.
Fungibility is the one and only feature of sound money missing from Bitcoin and Litecoin. Do you support adding a privacy feature to Litecoin? If so, which do you prefer and why?
— Charlie Lee [LTC⚡] (@SatoshiLite) August 29, 2018
He even mentioned Bitcoin Cash as being a competitor to Litecoin. According to him, Bitcoin Cash is more interested in being “PayPal 2.0”, rather than Sound Money.
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.