litecoin [LTC] it does not need Bitcoin [BTC] to be relevant, it's all high alone says director of the Litecoin Foundation

Franklyn Richards spoke with Tokenbox recently at The Web Summit and discussed Litecoin use cases in the current bear market.

Franklyn Richards said he did not like to use the phrase "Litecoin is silver for Bitcoin gold" and explained that it would imply that Litecoin needed Bitcoin to be relevant and that "Litecoin is high on its own" and that it does not he needs Bitcoin. He added that it was not true and that Litecoin is better than Bitcoin in terms of transaction fees and payment processing.

He continued:

"… every day tens of thousands of transactions are performed across the network and hundreds of millions of dollars are transferred across the network every day, it's great as a form of money because it serves and does very well these few things.
It does not try to make its way and make smart contracts built directly into something like that of Ethereum, because we can see how that can lead to disaster ".

Furthermore, he went on to say that Litecoin is trying to become a global payment solution. He added:

"… and in many ways it's already like saying, doing so many exchanges and transactions everywhere, every day, people understand how powerful the technology is and to adopt it.
There's only a handful of cryptocurrencies that are listed on every single major exchange out there and those three are Bitcoin Litecoin and Ethereum, of those two sound money Bitcoin and Litecoin. "

Referring to his earlier statement, Richards said that Litecoin and Bitcoin could very well be the two coins that could be traded on the Bakkt stock exchange. He said that Bakkt was joined by other institutions such as Gemini, Coinbase and Fidelity.

Franklyn Richards went on to explain that the people of the Bitcoin Foundation have become astronomically rich in the early days of cryptocurrencies while people have donated "thousands" of Bitcoin to the entity that has been very "imprudently" spent on the foundations.

He added:

"… of course they then bought in Bruce Fenton who became the manager of the Bitcoin foundation who ordered and cleaned a lot, but was not able to recover his name or his position"

Explaining how the Litecoin Foundation was different, he said it exists only to help push technology adoption to institutions, individuals and businesses at all levels. He said they sponsored people to work on Litecoin's core code without supporting them or directing them to do something special.

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Akash is your usual Mechie with an unusual interest in encryption and day trading, ergo, a full-time AMBCrypto journalist. He holds XRP because of peer pressure, but otherwise he found a day of trading with that little capital he owns.