Litecoin, one of the established digital currencies with a market cap of over $8 billion. Charlie Lee created the altcoin in 2011, and from then till now the coin has had its share of controversies in the news.
In an interview with Tenx on Friday the 27th of April, The founder Charlie Lee disclosed his desire to make Litecoin an entirely decentralized coin just like the world flagship cryptocurrency, bitcoin.
According to him, “Litecoin is more centralized because I’m around, so it has a more centralized foundation. I can steer litecoin towards my vision, and people will listen to me because I created it.”
He regarded Bitcoin and litecoin as reinforcing each other and serving different purposes.
Interviewed by Julian Hosp, who is Tenx crypto wallet co-founder; the crypto big whale was asked if he had ever thought of giving up his position as the owner of litecoin.
Lee responded by saying he had taken such step two years ago which was the time he had to focus on the development of a better use for bitcoin at Coinbase where he was the director of engineering.
He went further to say that an entirely decentralized coin shouldn’t have a known leader who controls it; “For a currency to really be a decentralized worldwide currency, you can’t have a real leader who is trying to control things, so to make it more decentralized, eventually I would step away.”
Sadly, in December 2017 Lee made a contradicting statement about his thoughts on quitting his position as the leader.
“Don’t worry. I’m not quitting Litecoin; I will still spend all my working time on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coin.”
He made this statement shortly after he had unloaded all his Litecoin via selling and donation at the peak of the crypto market.
His decision to sell gave users of the coin mixed feelings of fear and agitation, so he had to reassure users that his decision to sell was based on the influence his statement can have on the price of the coin as well as conflict of interest and not because he thought the currency would fail.
He attributed this action as a critical step to giving up his crucial role in the control of Litecoin and making it Decentralized.
Charlie Lee believes the potency of this decision to pay off, in the long run, saying that he made “the right move, but in the long-term.”
“I think in the long run it was right. The short-term while the price is down like below the all-time high, it just feels like it’s not the right decision, but I think that moving forward like five years down the road, when prices are back up (unclear) then it would feel like that would be the right move,” he said.
At Current, the price of Litecoin is at $151.39, as seen on Coinmarketcap. The altcoin reached its all-time high of $375 back in December 2017 before crashing to the $125 price area in February this year.
The entire cryptocurrency markets are steadily recovering from the recent slump. If the bullish trend continues, it is expected that the world’s number 7 crypto could make another all-time high before the year ends.