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At a recently held Litecoin summit, Charlie Lee talked about his trip as the founder of Litecoin [LTC]and how being an authoritative figure in the community has contributed to bringing the sign to new levels. He opposed his presence to that of Satoshi Nakamoto of Bitcoin, which is an enigma, and said that not having authoritative figures has its costs.
Charlie Lee explained how he created nine other altcoins before Litecoin and was playing with the Bitcoin code when he got serious about the Litecoin project [when the market cap “hit a billion dollars in 2013”]. Lee added that many people who developed altcoin were biased and that most of the coins were launched in "unfair".
According to him, this was because they had pre-mined millions of coins and cashed in after the coins had been pumped. Therefore, he wanted to start a currency that was fair, impartial, and something that complimented Bitcoin. This thought led him to coin the phrase "Silver for Bitcoin Gold".
SegWit was proposed in 2016 as an update to the problem of Bitcoin resizing, which essentially increases the size of the block by removing the signature data from Bitcoin transactions. "I first heard about SegWit at a conference on scaling bitcoins," said Charlie Lee. "This was an extraordinary solution."
The Litecoin community resisted the implementation of SegWit, and many miners also opposed this because it would allow transactions to happen outside the chain. As a result, it prevents miners from benefiting from block mining, but also prevents the implementation of ASIC boost [helps increase mining efficiency].
The expert on cryptocurrency added that the problem with mining is that it consumes a lot of energy and ASIC boost has been a solution for this, which reduces the number of potential hashes needed to solve a network block. The ASIC boost was patented, which prevented miners from using it and this led to the development of a secret ASIC boost.
The implementation of SegWit would prevent miners from using the hidden ASIC increment. The community has resisted the implementation of SegWit on Litecoin and the issue has become political, Charlie Lee said.
Charlie Lee added that he was convinced of the positive aspects of the implementation of SegWit and added:
"I went out and convinced the community that SegWit is the right path for Litecoin".
Pushing SegWit has been difficult but possible because the Litecoin community is centralized. However, as a cryptocurrency, it is decentralized, Charlie Lee said. Then he went on to compare Litecoin with Bitcoin, saying, "I'm still around, but with Bitcoin, Satoshi has gone, so being a centralized leader is good because it helps you make decisions faster."
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