Charlie Lee, the creator of one of the biggest cryptocurrencies in the world, Litecoin [LTC] recently delivered several intriguing answers during an interview with SFOX.
Incentives Other Than Profits In Crypto Ecosystem
Lee stated that he is not motivated by financial perks to working on the progress of Litecoin. Rather, he sees the cryptocurrency as his child, who he wants to succeed. According to Lee, there are other ways in which LTC can be supported. On being asked about other incentives that push him to work on Litecoin, he stated that financial gain is not one of the criteria for him to feel motivated anymore.
“These days, I’m not motivated by financial gains. I’m focused on spending all my time on Litecoin because it’s my baby: I created it, I want to see it succeed, and, if it does well, I get pride, fame, whatever. I’m spending all my time on it, and time is more valuable than money to me. So I’m definitely, really, fully invested in Litecoin’s success.”
Litecoin More Centralized Than Bitcoin
Lee established an opinion that the presence of a public face in a decentralized system is an oxymoron. In hindsight, he believes that he should have left the project on an anonymous note. Henceforth, the blockchain scientist mentioned several advantages and disadvantages of being the face of Litecoin when willing to work on its progress.
It is harder to carry forward an ecosystem that has many parties working against it when the creator is not around. More so, he was able to push Litecoin forward for SegWit activation because he was around to facilitate it.
Taking an example of SegWit, Lee said:
“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.”
Although he admitted that there are disadvantages associated with a cryptocurrency having a face. He explained his point by citing Litecoin as being more centralized than Bitcoin. Subsequently, Lee shared that an attack could easily be launched at him on the pretext of targetting Litecoin.
Litecoin Can Handle BItcoin’s Transaction Value
Litecoin may be able to solve the scalability issue ‘linearly’ as its effective block space is four times of that of Bitcoin. Lee said:
“But in the end, we still need second-layer solutions like Lightning Network to help Litecoin and Bitcoin scale.”
Lee said that Lightening Network enables for both the cryptocurrencies to become interchangeable through an atomic swap. Therefore, one can make cross transactions in Bitcoin and Litecoin, meaning, send one and receive another in return.
This feature can be assistive in handling the transaction value of Bitcoin. He added:
“We’ll see if Bitcoin will need an on-chain solution, like a block rate or block size increase, because for second-layer solutions, you still have to settle on-chain, and Bitcoin may still not have enough block space for that. So we’ll find out, I guess — we’ll cross that bridge when we get there.”