Menu IconA vertical stack of three evenly spaced horizontal lines. Litecoin founder Charlie Will litecoin take off shared his thoughts on the cryptocurrency space in an interview with Business Insider. He said he has faith in the future of bitcoin, but believes its success depends on the help of technologies like Lightning Network, or alternative coins like litecoin, to make payment processing faster and less expensive.
He said bank speculation and mainstream investors aren’t a bad thing — it’s a sign that cryptocurrencies are being taken seriously. Lee also shared his concerns that scam artists could take advantage of investors by talking up new coins. When Charlie Lee first founded litecoin in 2011, cryptocurrencies were a whole different ball game. 30, before falling back to the single digits by the close of the year. There were few, if any, competing coins — though with a tight knit community of technically savvy engineers leading the charge, there were plenty of people with ideas for how to make bitcoin better. One of those people was Lee, a Google software engineer at the time, who developed litecoin to address the widespread scalability flaws which prevent bitcoin from processing much more than four transactions per second on average.
In June, Lee left a four-year stint on the engineering team at Coinbase to focus on developing his brainchild. Business Insider sat down with Lee to find out more about litecoin, and how the space has changed in the past seven years. Becky Peterson: What makes litecoin different than bitcoin and ethereum? Charlie Lee: I’ve always known that it would be hard for bitcoin to scale and be the one coin that does everything for everyone. So my vision for litecoin has always been to complement bitcoin — to be the payments currency. Where bitcoin would be digital gold, litecoin would be silver.
And bitcoin would be better for store of value. Peterson: Is litecoin on it’s own blockchain? The difference between litecoin and bitcoin is that litecoin is four times faster. Transactions happen on average every 2. 5 minutes versus every 10 minutes on bitcoin. It uses a different proof of work algorithm, so the miners that are mining bitcoin cannot mine litecoin, and vice versa.