It sounds surprising, but for cryptocurrency creators in fourth place today, this project has been a part-time job so far.
In June, Charlie Lee, the founder of Litecoin while working at Google in 2011, pulled out of Coinbase, where he had served as technical director from 2013. More time in Litecoin, but this new cryptocurrency was upgraded in May so he spent all his time concentrating on developing Litecoin .
When this cryptocurrency was activated, the Blockchain community witnessed a boom in development activity, price increases and new attention in the media and social media. Some developers have compared Litecoin as a trial version of Segregated Witness for Bitcoin.
Notably, some of the Lightning Network projects have introduced a demo of the transaction to guide the bug xes provided by SegWit, which will help increase transactional capabilities.
Although the initial buzz wave is almost over, developers are still working quietly on Litecoin .
The Litecoin organization was born with the mission of promoting this cryptocurrency co. Lee is currently working to develop the team, he told CoinDesk that the group is currently in the recruitment process for full time positions.
Fast and cheap
Organization Litecoin recently announced a development roadmap includes changes technically possible when activating SegWit.
However, this is not Lee's main focus. He argues that "the most important thing" is that many exchanges, traders and investors accept Litecoin .
"I want to make sure that Litecoin is widely known. Then convince businesses and merchants to use Litecoin when they need to pay fast and cheap. "
One of the most notable upcoming events is that Bitcoin Contributor Core Johnson Lau is working on "Smart Crypto-Vault," and will put the idea of applying smart MAST in practice. Lee said the development team intends to release demo of MAST soon.
Lee's other top priority is working with Lightning Labs to apply the Lightning Network application securely to use for real Litecoin transactions , not just in the beta. Furthermore, he plans to integrate a kind of technology focused on privacy called "condential transactions."
Silver and gold
For these purposes, Lee believed that Litecoin could compete with Bitcoin. In fact, many people are watching Litecoin as a sandbox for testing, or even a backup plan if Bitcoin does not apply SegWit.
However, Lee said he and others were motivated to study Litecoin because he saw the long-term opportunity for these two cryptocurrency.
"I'm a Bitcoin proponent so I should make SegWit as soon as possible. My vision of Litecoin is to work closely with Bitcoin. "
Remarkably, a concept called "atom exchange" has many features in his future vision. Once Lightning Network is applied on both Bitcoin and Litecoin , it will allow users to easily trade cryptocurrency without intermediaries through Coinbase.
Lee concluded:
"This is a game and now is the time to actually start the game!"