The Litecoin blockchain has been up and operating for over a decade with out a downtime.
Litecoin (LTC), referred to as “the silver to Bitcoin’s gold,” has been round for nearly 11 years — which is relatively a feat bearing in mind an excellent quantity of cryptocurrencies pass bust inside of one year of launching. Cointelegraph spoke with the Litecoin Basis’s managing director, Alan Austin, about why he thinks Litecoin’s core application is serving as a competent approach of cost.
As instructed through Austin, a lot of his imaginative and prescient for Litecoin is drawn from non-public enjoy:
“After I completed grad faculty, I labored with startup generation corporations and actual property. And one of the vital issues I did used to be managing accounts for companies like Financial institution of The us and Fannie Mae, and it used to be sudden to look how previous their generation used to be and the way tricky it used to be to get stuff achieved.”
After the 2008 monetary disaster, Austin started shedding religion within the conventional monetary gadget. “Seeing how the large banks set other requirements for everybody at their discretion relating to get admission to to cash, and the way now they had been those getting bailed out, it made me truly recognize what blockchain generation used to be seeking to do,” he instructed Cointelegraph.
Austin defined that Litecoin used to be created with many options and attributes very similar to Bitcoin (BTC). “For starters, it’s decentralized, and there have been no pre-mine tokens given to founders, making it an excellent release. It additionally has a restricted provide, is very liquid and has very low charges. Additionally, the blockchain has been on-line for 11 years with out downtime.” In step with Austin, the Litecoin construction crew basically specializes in 3 efforts: onboarding industry partnerships, traders and outreach for the Litecoin Card debit card.
“While you use stablecoins to pay for items, actually, all you’re doing is the use of a virtual model of fiat cash. Cryptocurrencies are unstable, however no middlemen are taking a hefty fee or scrutinizing your transactions.”
With the release of Litecoin’s new privateness layer, Austin stated that the coin has develop into extra user-friendly for the ones taken with protective their information. “It provides fungibility,” he stated. “While you pass to pay with a bank card or laborious money, the service provider doesn’t know how much money you’ve were given on your pocket, nor your checking account. However, say, if you happen to pay with Bitcoin, everybody can see that transaction and your pockets stability at the blockchain.” Austin explains that the brand new privateness layer on best of Litecoin solves the issue. “We’re permitting customers to cover their cope with and stability quantity when making bills. And it’s truly helpful for shielding other people’s privateness, such when receiving their payroll in crypto.”
After all, for Austin, the theory of Litecoin lies in its evolution as a brand new approach of cost and now not such a lot in capitalizing on the most recent developments within the business. “Our function at this time is to roughly construct gradual. We’ve been right here for years, and we’ve noticed that if you happen to transfer too speedy, the challenge can implode on itself. So, we’re sticking to our function of growing Litecoin as a greater cost.”