Litecoin’s Charlie Lee has always had strong opinions about the cryptocurrency industry. Recently, during an interview with SFOX, he talked about how Satoshi’s anonymity protocol influences the industry and Bitcoin. He also talked about the advantages he enjoyed as the public face of Litecoin and contributing to the ecosystem after establishing that having a public face attached to a decentralized system contradicts everything the system stands for. He said that he was meant to exit the project anonymously long ago. He also highlighted some of the disadvantages attached to being the face of Litecoin. He concluded his statement saying that he will most likely have to step away from the project eventually.
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In his words:
“Eventually, I’ll have to step away from Litecoin. I don’t mean now. It’s going to be several years from now when Litecoin has had an increased adoption and it has become a real-world currency. When it has evolved to that point, it would not be ideal for the creator to remain a part of the day to day development. Democracy is not as effective as dictatorship but it is more decentralized.”
Litecoin Is Not As Centralized As It Should Be
When talking about the advantages of being the face of Litecoin, he mentioned that it was easy for the platform to get SegWit activation because he is the public figure. He believes that it is more difficult to promote an ecosystem that has forces working against it in the absence of a creator. He could stand and push for the SegWit activation because he is the creator of the platform. He said:
“About two years ago, I could tell that Bitcoin (BTC) was still having difficulty with SegWit activation and SegWit is a great feature for every cryptocurrency platform. However, there was a lot of FUD around its integration. That was when I discovered that I can help Litecoin her quick SegWit activation by pushing for it as it’s creator and I was able to make it happen.”
As a disadvantage, having a creator as the face of a cryptocurrency platform makes it less centralized than it should be and this is why Lee said that Litecoin is more centralized than Bitcoin.