Ethereum Creator Vitalik Buterin Congratulates Litecoin Creator Charlie Lee for Following His Crypto Path
Charlie Lee, Litecoin’s creator has been congratulated by Vitalik Buterin, Ethereum’s co-founder after writing a tweet asking the community how they would describe themselves regarding the crypto space.
On January 6, Charlie Lee stared a poll in which he asked which kind of crypto enthusiasts they are. The options available were Bitcoin extremist, Bitcoin maximalist, Altcoin maximalist, and Nocoiner. The winning option was Bitcoin maximalist with 48% followed by Altcoin maximalist with 33%.
Some self-proclaimed Bitcoin Maximalists are actually Bitcoin Extremists. They think all other coins are scams and will go to zero.
Maximalists think Bitcoin is and will remain the dominant cryptocurrency but there is room for altcoins to exist and even do well.
What are you?
— Charlie Lee [LTC⚡] (@SatoshiLite) January 6, 2019
He explained that Bitcoin maximalists consider that Bitcoin (BTC) is the best digital currency in the market but there could eventually be other coins available as well. Bitcoin extremists are those who believe that Bitcoin is the only virtual currency that will survive and that all the other coins will go to zero. Altcoin maximalists consider that alternative cryptocurrencies are going to surge leaving Bitcoin behind but without killing it.
A Twitter user called @CryptoN_T wrote that he thought that Charlie Lee had more self-respect than what he showed. Furthermore, he said that Lee followed the same path as Vitalik Buterin, explaining that the first thing to d was to personally attack common sense and after it ‘follow the pseudoscience shitcoin buzzwords.’
I thought Charlie had more self respect than that. You've basicly just followed vitaliks path. first comes the personal attack to common sense, then follows the pseudo science shitcoin buzzwords. Way to go @SatoshiLite a new meme is born https://t.co/FZDJtOS8nW
— NT ☣ (@CryptoN_T) January 6, 2019
Vitalik Buterin did not remain in silence. He answered this Tweet congratulating Litecoin’s creator for following his path. After congratulating him, Buterin asked Lee to go further and move to a Proof-of-Stake (PoS) consensus algorithm. Litecoin (LTC) is currently based on a Proof-of-Work (PoW) consensus mechanism in which miners confirm transactions and earn rewards.
Ethereum is currently moving towards a full PoS consensus algorithm to make the network more efficient. As soon as January 16, Ethereum is going to experience a new network upgrade via a hard fork called Constantinople. This non-contingent network upgrade will be reducing mining rewards from 3 ETH per block to 2 ETH. This is going to disincentivize miners and prepare the network to the next upgrade towards a full Proof-of-Stake.
At the moment, Litecoin does not have any intention to move towards PoS. However, there are some suggestions that Charlie Lee could be working on some privacy features for Litecoin that could be released in the future.