Charlie Lee And Litecoin’s Decentralization
Charlie Lee, popular personality in crypto, is the former director of engineering at Coinbase crypto exchange and the creator of Litecoin (LTC) and he has expressed his intention to further the decentralization of the cryptocurrency in an interview with TenX this past Friday, April 27. Moreover, he stated that that goal would only be possible if he would eventually “step away” from Litecoin as its leader.
During the interview, Lee mentioned that Litecoin and Bitcoin (BTC) are “working closely together,” further stating that the coins are mutually assisting each other and provide different use-cases. Lee emphasized that the decentralized nature of Bitcoin provided by its anonymous creator is one of its key features, which Litecoin is lacking. Lee said:
- “Litecoin is more centralized because I’m around, so it has a more centralized development team, has a more centralized foundation. I can steer litecoins towards my vision, and people will listen to me because I created it.”
TenX wallet co-founder Julian Hosp questioned Charlie Lee’s possible consideration of stepping down from his current position as the leader of Litecoin, where the Litecoin founder mentioned that he actually “stepped away for a little bit two years ago” during his time at Coinbase where he was working on a better use for Bitcoin at the company. Lee further stated:
- “For a currency to really be … a worldwide decentralized currency, you can’t have … a real leader who’s trying to control things, so to make it more decentralized, eventually I would step away.”
The statement curiously contradicts what Lee said in December 2017, when he promised not to “quit” and to fully dedicate himself to Litecoin after selling all his Litecoin holdings at the peak of the crypto market:
- “Don’t worry. I’m not quitting Litecoin. I will still spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins.”
Litecoin is currently trading at $151 and is the 7th largest cryptocurrency by market capitalization.