Litecoin Foundation CEO Shares His Thoughts on Decentralized Money

Litecoin (LTC), known as “Bitcoin’s money to gold”, has been around for nearly 11 years – quite an achievement considering a good number of cryptocurrencies are failing in the 12 months following their launch. Cointelegraph spoke to Litecoin Foundation Managing Director Alan Austin about why he thinks Litecoin’s core utility serves as a reliable means of payment.

As Austin said, much of his view of Litecoin is drawn from his personal experience:

“When I finished graduate school, I worked with tech start-ups and in real estate. And one of the things I did was manage accounts for companies like Bank of America and Fannie Mae, and it was surprising how old their technology was and how difficult it was to advance things.

After the financial crisis of 2008, Austin began to lose faith in the traditional financial system. “Seeing how the big banks set different standards for everyone at their discretion when it comes to access to money, and how now they’re the ones being bailed out, it made me really appreciate what blockchain technology was trying to do. “, he told Cointelegraph. .

Austin explained that Litecoin was created with many features and attributes similar to Bitcoin (BTC). “For starters, it’s decentralized and no pre-mine tokens were given to the founders, making it a fair launch. It also has a limited supply, is very liquid and has very low fees. Moreover, the blockchain has been online for 11 years without downtime. According to Austin, the Litecoin development team is primarily focused on three efforts: onboarding business partnerships, merchants, and raising awareness of the Litecoin Card debit card.

“When you use stablecoins to pay for goods, really all you’re doing is using a digital version of fiat currency. Cryptocurrencies are volatile, but no middleman takes a hefty commission or controls your transactions.

With the launch of Litecoin’s new privacy layer, Austin said the coin has become friendlier to those who want to protect their data. “It provides fungibility,” he said. “When you go to pay with a credit card or hard cash, the merchant doesn’t know how much cash you have in your pocket, or your bank account. But, say, if you pay with Bitcoin, anyone can see that transaction and your wallet balance on the blockchain. Austin explains that the new privacy layer on top of Litecoin solves the problem. “We allow users to hide their address and balance amount when making payments. And it’s really useful to protect people’s privacy, like when they receive their pay in crypto.

Finally, for Austin, the idea of ​​Litecoin lies in its evolution as a new means of payment and not so much in capitalizing on the latest trends in the industry. “Our focus right now is to build slowly. We’ve been here for years, and we’ve seen that if you go too fast, the project can implode on its own. We therefore stick to our goal of developing Litecoin as a better means of payment.