Charlie Lee, the creator of litecoin, having worked previously at Coinbase, states a rather striking fact about the cryptos that the absolute worth and a firm stand for a crypto depends upon the fact how the digital asset is produced in the first place. This can be simplified as that the production of a crypto depends upon the miners and the entire process of mining which in the case of bitcoin and litecoin, bears a cost not equal to the intrinsic worth for the coin. This can boost the thus ‘mined’ as bearing a certain value of its own other than only what the miner gets out of the mining process.
Recently, the creator of litecoin jumped into the puddle of judging his own crypto, the litecoin and the bitcoin, the classically trendy sound coins. Litecoin, also referred as the the next crypto sensation, the statement is highly agreed upon by an immense number of crypto enthusiasts as bitcoin has been the strongest of all to date (not regarding the fact that bitcoin has been the standard bearer for decentralized coins all over the crypto marketplace).
Production cost (i.e. mining) does not equate to intrinsic value. Production cost being non-zero is one of several factors that make Bitcoin and Litecoin sound money.
Charlie Lee has previously sided with the statement that litecoin has not been devised as such or designated in order to compete with bitcoin but to offer the users and add-on to the genesis bitcoin platform. This leaves us with the fact that litecoin is nothing but a decent praise of bitcoin by the litecoin developers. Thus Satoshi Lite has been keen on discussing bitcoin with his creation i.e the litecoin. He thinks of litecoin as a breakthrough in the crypto market stating that,
And when companies see the value-add of LTC, it’s extremely easy to add LTC support.
The usual mining process involves the proofs to decide the protocol, which normally is such as to highlight the computing power of the miners electronic set-up. This can put his effort in supporting the crypto platform thus mining cryptos. This earns miners a lot of cash which is the exact reason people delve into thinking of this task. Miners invest their capital in and earn on a regular basis. Charlie Lee has only differentiated bitcoin and litecoin from the rest of altcoins, on the basis that cryptos normally do, pay the miner his due without assigning any capital with the coin which eventually leads a never ending pitfall.
In order to turn a digital asset golden, companies need to associate a worth with the coin for people to turn their heads towards cryptos while searching for money. Charlie Lee also describes that we are delving into a newer technological era which beings with the creator of litecoin as accompanying the network routers would be Lightning Network built in in order to ‘route our data and our payment’. Though Charlie Lee was heavily trolled as per his statement but he decided to keep his cool and shrug it off decently as giving out a statement of his own.
Very disappointed that my talk on blockchaincruise was trolled before I even got off the ship.