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Who is Charlie Lee, the Founder of Litecoin?

Bitcoin and ethereum are important focal areas for many digital currency aficionados. Aside from that, novice investors may be familiar with other cryptocurrencies like ripple or EOS, as well as novelty tokens like dogecoin. However, several of the other big digital currencies are frequently forgotten; litecoin is one of these cryptocurrencies that is frequently overlooked.

With a total circulation of more than $18.4 billion worth of tokens, litecoin is ranked No. 12 on the list of top digital currencies by market cap as of May 17th, 2021.

However, for some ardent supporters, litecoin remains a mainstay of the digital currency industry, and its creator, Charlie Lee2, is regarded with the same reverence as Vitalik Buterin or even Satoshi Nakamoto. In this post, we’ll look at who Lee is and how his background has influenced the current state of litecoin.

Early Years and the Start of a Career


Charlie Lee was born in Ivory Coast, a west African country where his parents had lived for decades. Lee relocated to the United States with his family when he was 13 years old, graduating from high school in 1995 and enrolling in MIT. Lee graduated with a bachelor’s and master’s degree in computer science in 2000.

Lee exhibited a significant interest in and knack for computer technology from the beginning of his professional career. Lee worked with a variety of notable software companies in the early 2000s, including Google and Guidewire Software. He first came up with the idea for litecoin while working as a software engineer at Google.

Lee’s work at Google included projects including YouTube Mobile and Chrome OS, according to a Medium profile. Lee first learned about bitcoin in 2011 while working at Google and reading a story on Silk Road. Lee had been looking for a means to get into gold trading before to this point, and this proved to be a pivotal moment for him. He approached the Federal Reserve System with mistrust because of his personal experience and economic convictions. Lee became interested in bitcoin and the new blockchain technology that enabled it in his search for a way to invest that was less reliant on traditional financial mechanisms.

From miner to programmer


Lee began experimenting with mining along with many other early adopters of bitcoin who were also brilliant computer scientists. Mike Hearn, a developer who worked on bitcoin’s core blockchain client software, was also introduced to him. Lee was inspired by these chats and his interest in bitcoin to try his hand at creating his own digital money based on bitcoin. Lee was far from the only computer scientist or software engineer to do this; during the early days of bitcoin, many people hoped to create the next bitcoin.

Fairbix was Lee’s first cryptocurrency initiative. In September 2011, he created this coin, which was fashioned after both bitcoin and Tenebrix, a money that had been issued earlier that year. Large chunks of the Tenebrix source code were used by Lee and the rest of his development team. While Fairbrix was a failure due to a pre-mining issue and software issues that made the coin vulnerable to a 51 percent attack, it was not entirely futile; Lee would subsequently employ the Fairbix proof-of-work mechanism in his work with litecoin.

Litecoin


Lee launched litecoin few weeks after the unsuccessful launch of Fairbrix. Litecoin was modeled around the basic bitcoin code, with a few tweaks that Lee thought would make bitcoin better. These included, among other things, the hashing protocol itself, block transaction times, and the total maximum supply cap value.

Although litecoin was inspired by bitcoin, Lee has sought to position the cryptocurrency as a complement rather than a competitor to bitcoin. Lee argues that litecoin is better suited to smaller transactions such as online shopping, whereas bitcoin is better suited to larger international transactions.

Lee has worked with Coinbase, a famous digital currency exchange, since the launch of litecoin. Lee quit Coinbase in June 2017 to devote more focus to litecoin. While litecoin has been a huge success, rumors began to circulate in the spring of 2018 that Lee was intending to launch his own cryptocurrency. Lee has claimed that he will leave the currency in the future because he believes that his role as the network’s leader will prevent litecoin from becoming truly decentralized. Lee has not revealed any additional information on his future plans for litecoin or other digital currency ventures as of May 2021, nor has he stated when litecoin users might expect him to totally exit the digital currency he founded.

What do you think?

Written by Trevanna Gordon

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Formerly known as Burstcoin, Signum (SIGNA) : (BURST)

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