Charlie Lee, the Creator of Litecoin [LTC] and the Managing Director of the Litecoin foundation recently spoke at the San Francisco Blockchain Week about the ICO boom that was observed last year. He also spoke about Litecoin’s relationship with Bitcoin [BTC], and the future developments set to occur in the space.
This was part of a fireside chat conversation with Nick Tomaino, the Founder of 1confirmation. They were also previously employed with Coinbase in the early days of the cryptocurrency market.
Brian Armstrong, the CEO of Coinbase, has said in the past that Bitcoin is the most important cryptocurrency. Charlie Lee also quoted this as his reason for joining the exchange, stating:
“I think when I joined Coinbase in 2013, the reason why is because I thought Bitcoin is the main coin. Bitcoin has to be adopted so it was important to make Bitcoin easy to use.”
Lee also went on to speak about the altcoin boom in 2012-13, comparing it to the token boom that occurred last year. He further mentioned it as one of the factors for the price moving up to almost $20000 in December. He elaborated:
“People like to kind of gamble and make money so, its very easy for people to have ICOs and people to invest into these ICOs. I don’t think there will be another ICO explosion but I think crypto is going to go mainstream in the future. Everyone uses it for payments, that’s going to take some time but it’ll happen.”
Late last year, Litecoin was instrumental in executing the SegWit upgrade on Bitcoin, as it has a similar structure in its architecture and coding. When asked about how Litecoin would enable Bitcoin to conduct more tests like SegWit, Lee stated:
“When I created Litecoin, I made it as a sort of complement to Bitcoin. That’s how I came up with the ‘Silver to Bitcoin’s gold’ tagline. As we saw last year Litecoin was really able to help Bitcoin a bit and I was really proud of that. I think in the future there’s definitely opportunities when Litecoin takes the first step.”
He was also asked about new initiatives that the Litecoin Foundation is taking for the Litecoin network. He elaborated:
“The first thing we’re coming up with is confidential transactions to hide the amount they’re sending, Monero has that, it has confidential transactions and ring signatures. I think confidential transactions would be really useful.“