Who is Charlie Lee?
With a Masters degree from MIT and an impressive background in software development, this former Google employee and crypto legend made his mark in the crypto industry back in 2011 when he founded Litecoin-the only viable alternative to Bitcoin at the time.
Why should we care?
Well for starters, unlike Bitcoin’s Satoshi, Lee has always been widely available to the public through his social media accounts. He is well loved in the community for his seemingly Marxist approach to the world of cryptocurrency which he aims to make accessible to everyone. This is evident when we see that he has no qualms about Bitcoin being at the top.
On the contrary, Lee hopes to possibly collaborate with the crypto giant in order to work on the better development of blockchain technology. If that isn’t reason enough to be in absolute awe of the man, in 2017, he decided to sell his shares in Litecoin which he also donated to several prominent corporations such as the MIT Digital Currency Initiative among others.
His impressive list of credentials coupled with his compassionate side mark him out as a strong contender in the crypto world.
Well, how is Litecoin different?
After working closely with Bitcoin for a while, Lee realized that the crypto world needed more options! Therefore, taking matters into his own hands, he developed Litecoin which addressed several key issues such as better mining algorithm, better speed and much lower costs.
In many ways “the silver to Bitcoin’s gold” has an edge over its predecessor with regards to lower costs of payment transactions and the increased number of transactions that can be made at any given time. Not to mention the speeds are up to 4 times as fast!
Other than that, Litcoin aims to level the playing field by greater distribution of power within it’s network and the goal is to keep the hashing power decentralized. This ensures that the company’s transaction fees become comparatively lower due to a much larger total supply. The fact that there can be around 84 million Litecoins to Bitcoins measly 21 million means that costs lower down automatically due to the subsequently less competitive mining.