How was Litecoin created?

To answer this question, we should first of all start with its creator Charlie Lee. He is a computer scientist who comes from the Ivory Coast. In his teenage years, he moved to the United States to finish high school there. In 2000, he graduated from IT studies (MIT). After graduation, he began writing software for leading companies in the technology industry: KANA Communications and Guidewire Saoftware. And in 2007 he started working with Google. His responsibilities included developing products such as YouTube Mobile, Chrome OS and Play Games.

It was while working for Google that he first encountered cryptocurrencies and Bitcoin. He then read an article about Silk Road — an online market that only accepted Bitcoin as payment. It was a moment when Lee was interested in various investment opportunities, but because he did not fully trust centralized solutions, he began to see the implementation of his plans in cryptocurrencies. While still working for Google, she started working on Litecoin as well as supporting blockchain technology.

Charlie Lee released Litecoin (LTC) on October 7, 2011. From the beginning, Litecoin was only meant to be a supplement to Bitcoin. As Lee himself said — like silver to gold. This is why Litecoin is so similar to Bitcoin, but has modifications that allow it to perform much smaller transactions such as online purchases. However, the main differences are availability, speed, size and cost. Litecoin produces blocks four times faster than BTC, and has greater supply and lower transaction fees.

The next step in Charlie Lee’s career was to quit his job at Google and start cooperation with the Coinbase cryptocurrency exchange. And in 2017, he focused solely on his non-profit organization, Litecoin Foundation. The foundation’s task is to promote digital currencies and show how useful they can be. Lee’s goal is to spread LTC so that it becomes a currency as popular as FIAT currencies. Last year, the Foundation released a real-time debit card that converts LTC to USD to make it easier for its users to make payments.

Interestingly, Lee himself does not currently own a single Litecoin. He assured users that he still believed in LTC and was not giving up on it. However, he sold all the coins to avoid suspicion of manipulation and acting for his own benefit. Especially in the era when any information on social networks makes the market react very quickly by selling or buying cryptocurrencies.Litecoin under his leadership has become one of the best cryptocurrencies in an extremely volatile market. And unlike many other coins that appeared around the same time, it still exists and is being developed.