Who is Litecoin Founder ?

By July 11, 2018 No Comments

If you were to ask anybody about the world of cryptocurrency, they would immediately mention Bitcoin. To many, Bitcoin encapsulates the world of cryptocurrency. Others will also mention Ethereum and Ripple. One cryptocurrency that has been a pioneer in its own right and is in the process of penetrating the general public to become a household digital currency is Litecoin.
As this article is being written, Litecoin is the sixth largest cryptocurrency by market capitalisation. Its market cap currently stands at $5.36 Billion and it has a daily average volume of $300 Million. Ardent follows of the digital currency space rightly consider Litecoin to be a staple of the world of cryptocurrency and Charlie Lee, the founder of Litecoin is afforded praise and reverence usually reserved for thought leaders like Vitalik Buterin and the enigmatic Satoshi Nakamoto.
In this article, we will better understand who Charlie Lee is and how his life and experiences have helped deliver Litecoin to the position that it finds itself in today.
The Start
Lee was born in Ivory Coast, the West African country which his parents had lived in for many decades before his birth. At the age of 13, Lee emigrated to the United States with his parents. He earned a Bachelor’s as well as Master’s degree in computer science from the Massachusetts Institute of Technology and graduated in the year 2000.
From the very beginning of Lee’s career, he has shown a deep interest in and natural inclination towards computer science and technology. At the start of the 21st century, Lee spent a significant period of time working for many of the top technology companies of the world like Google and Guideware Software. He began developing the concept of Litecoin while he was working as a software engineer at Google.
In the year 2011, Lee stumbled upon the concept of Bitcoin as he was reading an article about Silk Road. This was a game changing moment for Lee. Before this, he had been trying to find a way to start trading gold. His experiences and principles made him skeptical of the Federal Reserve. As he looked for a mode of investment that was less dependent on the status quo of centralized, standard financial ways, he started to gain interest in Bitcoin and the underlying blockchain technology that powered it.
First Foray into Cryptocurrency
Lee started experimenting with mining with a lot of well versed computer scientists who were also early enthusiasts and adopters of Bitcoin. Lee met Mike Hearn, a man who worked on Bitcoin’s core blockchain client software. Lee’s conversations with Hearn and his already existing interest in Bitcoin motivated Lee to attempt to build his own cryptocurrency using Bitcoin as his reference. Lee was not the only person to attempt this. There were several developers who were trying to build the next bitcoin.
Fairbix was his initial digital currency project. The coin was developed in September 2011 and used both Bitcoin and Tenebrix (a coin that had been developed earlier that year). Lee used a big chunk of the Tenebrix source code. Fairbrix failed largely because of a pre-mining challenge and software bugs due to which the coin was susceptible to attack. The project was not a complete waste however as Lee would go on to incorporate the proof-of-work protocol that he used for Fairbix for his later project – Litecoin.
Soon after Fairbrix’s failed launch, Lee released Litecoin. Litecoin used the core Bitcoin code as reference and made some changes that Lee felt would move them ahead of Bitcoin. Some of these changes are the hashing protocol, the transaction time for blocks and the total maximum supply cap value.
Inspite of the fact that Bitcoin served as a reference point for Litecoin, Lee has attempted to position it as an alternative to Bitcoin instead of as a challenger or competitor. Lee’s view is that Litecoin is a more effective currency for smaller transactions like e-commerce whereas Bitcoin is a superior options for bigger transactions.
After releasing Litecoin, Lee began working at Coinbase, the much talked about cryptocurrency exchange. In Mid 2017, Lee left Coinbase in order to focus his attention on Litecoin. In early 2018, news began to circulate that Lee had planned to leave Litecoin. Lee subsequently said that there will definitely come a time when he will leave the cryptocurrency mainly due to the fact that he believes his continued presence as the figurehead of Litecoin will stop it from becoming truly decentralized.

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