{"id":29695,"date":"2022-09-21T12:09:53","date_gmt":"2022-09-21T12:09:53","guid":{"rendered":"https:\/\/egrowonline.com\/?p=29695"},"modified":"2022-09-21T12:09:53","modified_gmt":"2022-09-21T12:09:53","slug":"litecoin-foundations-managing-director-shares-his-thoughts-on-decentralized-money","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=29695","title":{"rendered":"Litecoin Foundation\u2019s managing director shares his thoughts on decentralized money"},"content":{"rendered":"


\n
<\/p>\n

\n

Litecoin (LTC<\/a>), known as \u201cthe silver to Bitcoin\u2019s gold,\u201d has been around for almost 11 years \u2014 which is quite a feat considering a fair amount of cryptocurrencies go bust within 12 months of launching. Cointelegraph spoke with the Litecoin Foundation\u2019s managing director, Alan Austin, about why he thinks Litecoin\u2019s core utility is serving as a reliable means of payment.<\/p>\n

As told by Austin, much of his vision for Litecoin is drawn from personal experience:<\/p>\n

\u201cWhen I finished grad school, I worked with startup technology companies and real estate. And one of the things I did was managing accounts for firms like Bank of America and Fannie Mae, and it was surprising to see how old their technology was and how difficult it was to get stuff done.\u201d<\/p><\/blockquote>\n

After the 2008 financial crisis, Austin began losing faith in the traditional financial system. \u201cSeeing how the big banks set different standards for everyone at their discretion when it comes to access to money, and how now they were the ones getting bailed out, it made me really appreciate what blockchain technology was trying to do,\u201d he told Cointelegraph.<\/p>\n

Austin explained that Litecoin was created with many features and attributes similar to Bitcoin (BTC<\/a>). \u201cFor starters, it\u2019s decentralized, and there were no pre-mine tokens given to founders, making it a fair launch. It also has a limited supply, is highly liquid and has very low fees. Moreover, the blockchain has been online for 11 years without downtime.\u201d According to Austin, the Litecoin development team primarily focuses on three efforts: onboarding business partnerships, merchants and outreach for the Litecoin Card debit card.<\/p>\n

\u201cWhen you use stablecoins to pay for goods, in reality, all you\u2019re doing is using a digital version of fiat money. Cryptocurrencies are volatile, but no middlemen are taking a hefty commission or scrutinizing your transactions.\u201d<\/p><\/blockquote>\n

With the launch of Litecoin\u2019s new privacy layer<\/a>, Austin said that the coin has become more user-friendly for those keen on protecting their data. \u201cIt offers fungibility,\u201d he said. \u201cWhen you go to pay with a credit card or hard cash, the merchant doesn\u2019t know how much cash you\u2019ve got in your pocket, nor your bank account. But, say, if you pay with Bitcoin, everyone can see that transaction and your wallet balance on the blockchain.\u201d Austin explains that the new privacy layer on top of Litecoin solves the problem. \u201cWe are allowing users to hide their address and balance amount when making payments. And it\u2019s really useful for protecting people\u2019s privacy, such when receiving their payroll in crypto.\u201d<\/p>\n

Finally, for Austin, the idea of Litecoin lies in its evolution as a new means of payment and not so much in capitalizing on the latest trends in the industry. \u201cOur goal right now is to kind of build slow. We\u2019ve been here for years, and we\u2019ve seen that if you move too fast, the project can implode on itself. So, we\u2019re sticking to our goal of developing Litecoin as a better payment.\u201d<\/p>\n<\/div>\n


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Litecoin (LTC), known as \u201cthe silver to Bitcoin\u2019s gold,\u201d has been around for almost 11 years \u2014 which is quite a feat considering a fair amount of cryptocurrencies go bust within 12 months of launching. Cointelegraph spoke with the Litecoin Foundation\u2019s managing director, Alan Austin, about why he thinks Litecoin\u2019s core utility is serving as […]<\/p>\n","protected":false},"author":1,"featured_media":29696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[43],"tags":[2220,2389,9903,199,6354,71,2069,4590],"class_list":["post-29695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-decentralized","tag-director","tag-foundations","tag-litecoin","tag-managing","tag-money","tag-shares","tag-thoughts"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/09\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvMzQzZDUwMTktM2RhMi00NWFhLWE3NDItMGI3MDllZDcyZjExLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/29695","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29695"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/29695\/revisions"}],"predecessor-version":[{"id":29697,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/29695\/revisions\/29697"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/29696"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29695"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}