“I’ll eventually have to step away from Litecoin”, says founder Charlie Lee 24918
News
Pinaz Kazi
Oct 10, 2018 at 5:31 PM

Litecoin founder Charlie Lee recently shared about his inspiration for starting Litecoin, its relationship to Bitcoin, and crypto adoption. During the interview with SFOX, Lee spoke about Satoshi Nakamoto’s anonymity in the Bitcoin ecosystem and cryptocurrency space as a whole.

He started off by stating that the presence of a public face in a decentralized system is an oxymoron. However, he went on to explain the advantages of the same. “…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,” he said.

He compared Litecoin with Bitcoin, stating that with Bitcoin, it would be really hard to adopt something new when there are parties against it. “…it’s hard to figure out when a consensus is reached. With Litecoin, it’s easier because I’m around,” he pointed out.

However, he stated the disadvantages of being the public face of a cryptocurrency. “Obviously, Litecoin is more centralized than Bitcoin. If anyone wants to target Litecoin, they could attack me,” he said.

In fact, Lee went on to say that he might step away from the ecosystem to make it more decentralized. However, the community need not be worried about it since he added that it was not happening any time soon.

“I’ll eventually have to step away from Litecoin — I’m talking years down the road, when Litecoin is used and more as a real-world currency. At that point, it wouldn’t make sense for the creator to still be around, dictating things,” he concluded.

See also:

Ethereum co-founder Vitalik Buterin & Coinbase CTO share their view on mainstream crypto adoption & blockchain industry

World Trade Organization says Ripple could impact world’s financial system; highlights Bitcoin, Ethereum and IOTA

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