Franklyn Richards of Litecoin (LTC) Comments on Institutionalizing Bitcoin and Cryptocurrencies
Litecoin is a popular cryptocurrency and its developer, Carlie Lee, is well known not only for creating the currency, but for also selling all of his LTC. Though may believe Lee is Litecoin’s developer, another individual – Franklyn Richards, created the code and is still working to maintain Litecoin’s effectiveness. Richards also directs the Litecoin Foundation, he operates the platform’s website, and he is the COO of Zulu Republic, a company that creates products for Litecoin. Though Richards is quite active, he does not participate in many interviews and he does not have much of a Twitter handle either.
Though a seemingly “man of mystery,” CCN has conducted a interview with him at a web summit in Lisbon. Here is what took place:
The Importance Of Privacy
When asked whether privacy is important to him, Richards responded, “umm, maybe. I’m very active. I’m just not necessarily interested [in social media]. If it’s business-related, I’ll be there, if it interests me. He added, “But I’m generally not a big fan of wasting time on Twitter . . . I’m not interested in a lot of speculation. I’m much more interested in putting my head down and working on building the stuff that’s going to be big next time around.”
Believing In Cryptocurrency
Perhaps one of the most important questions to arise during the interview was why Richards believes in cryptocurrency and how it started. He explained that he had got involved through sheer curiosity and the added benefit that it is something that money can be made from. Further, as Richards stated, he saw it as the “next big stepping stone in finance.”
The next question veered toward Litecoin and why Richards chose it, in particular.
Richards responded, “Really, Litecoin was just because Bitcoin was too expensive. . . It’s a bad thing to say, but it’s a psychological thing that affects most people, and I don’t think we should ignore that. People look at something like Bitcoin, and they say, this is too much money.” Richards touched upon the story of his mother investing in bitcoin and that they had lost the funds in the process. Thereafter, the conversation veered toward Bitcoin’s institutionalization.
He stated, “Not that Bitcoin will be forced upon people! It’s just better for institutions to use the technology, so people will be using it without knowing it, and I think that is going to be a huge driver for the price. A lot of people won’t know they’re using it, but they will certainly reap the benefits from it. I think that’s basically the future of cryptocurrency.”
Cryptocurrency And Centralized Authorities
The interviewee then directed the conversation to whether cryptocurrency will be overtaken by centralized authorities. Richards seemed to agree with a nod and stated that it is important to be realistic because centralized institutions can benefit from centralizations. They will then pass the benefit to their users. In his words, “We’re currently seeing an institutional race to accept this.”
There are a few examples of this, one of the most significant being Bakkt. Two others are CME and Gemini. In regard to these systems, Richards stated, “People realize that it doesn’t matter whether the customers know anything about this technology. We don’t know necessarily how cards or banks work, but we know that they provide us a service.”
In respect to whether Richards is in favor of regulation – or not, he stated that he does not believe regulation is “necessarily needed.” Regulation is an interesting issue, especially because regulation is the hot topic that people are constantly discussing. Richards stated, “You can’t regulate something without controlling it. All it would do is inhibit growth. If states a very friendly and welcoming to it (which they shouldn’t be) that would be better, but even if they put a ban on bitcoin, people will use bitcoin. They’re a staying which I don’t think is passed around enough anymore and that’s ‘You can take your country out of bitcoin, but you can’t take bitcoin out of your country.’ And that’s very true.”
The Advantages Of Litecoin
Richards also discussed the advantages to Litecoin. As he stated, “We have lower fees and faster block times, but let’s be honest with ourselves, we may do faster block times, but having faster block times means that those blocks are less secure because it takes 2.5 minutes to roll back a block rather than those 10 minutes. But Litecoin is very strong and is very much a complement rather than a competitor. Bitcoin will be number 1 for a very long time, but these two things strengthen each other. We don’t compete, we benefit, especially with the Lightening Network and atopic swaps.”
Moreover, Richards added that Litecoin has a high amount of liquidity, which is important. No other currency provides that, save for Ethereum, but it is not a currency. But a platform that is not decentralized because are printing tokens on its network.
The next topic that arose was the Litecoin Foundation and Charlie Lee. Richards stated, “The Litecoin foundation is a non-profit in Singapore set up to support the ecosystem of Litecoin. SO we are not connected to Litecoin, we do not develop Litecoin, we simply support businesses as well as people looking to learn more about the technology. If you were to get rid of the Foundation, Litecoin would still exist by itself as a strong, secure form of money.”
Litecoin Going Forward
Concerning where Richards sees Litecoin going forward, Richards stated that though scaling is a problem, it is not as prominent because there are fewer transactions. The platform is also partnering with Lightening Labs. Richards asserts that the future will have many assets that are interconnected and it will be due to Bitcoin and Litecoin.
The final question was where Richards sees “this whole thing” in ten years. Richards stated, “Much bigger than it is now. I believe it will take a huge step forwards the institutional side, and being trickled down into users without them necessarily realizing it.” Further, when compared to gold, “we’re a fraction” of it. And that there is still a long way to go.