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Who is Charlie Lee?
With a master's degree at MIT and a remarkable background in software development, this former Google employee and cryptographic legend left his mark on the cryptography industry in 2011, when he founded Litecoin, the only viable alternative to Bitcoin at the moment.
Why should we worry?
Well for beginners, unlike the Bitcoin Satoshi, Lee has always been widely available to the public through his social media accounts. He is much loved in the community for his seemingly Marxist approach to the world of cryptocurrency, which aims to make it accessible to all. This is evident when we see that it has no qualms that Bitcoin is at the top.
In contrast, Lee hopes to work with the giant crypto to work on the best development of blockchain technology. If this is not a reason enough to be in absolute subjection of man, in 2017, he decided to sell his shares in Litecoin which he also donated to many important companies such as the MIT Digital Currency Initiative, among others.
His impressive list of credentials coupled with his compassionate side set him apart as a strong contender in the cryptic world.
Well, how is Litecoin different?
After working closely with Bitcoin for a while, Lee realized that the encrypted world needed more options! Therefore, taking the situation in hand, he developed Litecoin which dealt with several key aspects such as a better mining algorithm, better speed and much lower costs.
In many ways "Bitcoin's silver for gold" has an advantage over its predecessor in terms of lower payment transaction costs and an increase in the number of transactions that can be made in a given moment. Not to mention speeds up to 4 times faster!
In addition to this, Litcoin aims to level the playing field with a greater distribution of power within its network and the goal is to maintain decentralized hashing power. This ensures that the company's transaction fees become relatively lower due to a much wider offer. The fact that there may be around Lit. 84 million of Litecoin in Bitcoin of 21 million means that the costs decrease automatically due to the subsequent less competitive draw.
