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Is Charlie Lee Leaving Litecoin (LTC) for the Sake of Decentralization?

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Litecoin
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Litecoin has been following up with the latest trend in the market which means that LTC is trading up in the green against the dollar. However, the majority of coins are going up in accordance with the atmosphere in the market, so some coins are performing better than LTC. That is how Litecoin dropped down to the seventh spot on the global coin ranking list from its previous place as the sixth-best currency. Only several weeks before, Litecoin was rated as the fifth-best currency, but EOS pushed it down to the spot number 6 on the global coin ranking list. But, that is not the main news revolving around this digital currency – we are interested in Charlie Lee’s statement that he is eventually going to leave Litecoin.

Is Charlie Lee Leaving Litecoin?

It all started with a rumor that Charlie Lee, the founder of Litecoin, is going to leave his own currency. The conversation with Charlie Lee started off on Twitter, triggered with a question asked by one of the Charlie Lee’s followers on Twitter. The question was: “The rumors are saying that you are leaving LTC, is it true?”

The answer provided by Charlie Lee on this occasion was short and concise, so he said that he is eventually going to leave Litecoin, which confirmed the rumor as a truthful presumption.

When asked about the reason for leaving the coin he founded and is currently still CEO to, he answered that he is eventually going to leave LTC because he believes that Litecoin isn’t able to acquire a status of a completely decentralized asset with him on the head. That means that Charlie Lee is leaving to make sure Litecoin is able to become even more decentralized, which is in the spirit of blockchain technology in the first place.

Even though Litecoin’s CEO confirmed that he is going to leave the team, he kept private the date when he will no longer be a part of Litecoin, so we can only wait for more updates on his departure or feel free to guess when this departure will occur.

Later on, during the Twitter conversation, Charlie Lee said that there is no need to worry because he won’t be leaving Litecoin any time soon, “not today, or tomorrow”, which means that it could happen in ten years from now!

The question about Charlie Lee leaving Litecoin appeared even back in December 2017 when Litecoin’s CEO sold his Litecoin units. Moreover on the subject on how well Litecoin is doing at the current moment, it seems that the overall tone of conversation implicated that he is worried about the recent downfalls LTC has had with dropping from the 5th to taking the 7th place on the global coin ranking list, although Litecoin is trading in the green for quite some time now.

Charlie Lee explained that he is hoping that over time, Litecoin will become more decentralized with the greatest portion of control belonging to the users, which would contribute to the level of decentralization of this digital asset.

For now, it is certain that Charlie Lee is sticking around in order to push Litecoin towards new achievements and technological improvements.

Litecoin and Running Private Nodes

Talking about decentralization of Litecoin, Charlie Lee posted a message that made a pretty neat comparison between private nodes and watches. He stated in this message that running a private node is like having your own watch, which means that you don’t have to ask anyone about the time – you know what time it is.

The same thing is with having private nodes on a decentralized platform – when running private nodes; you don’t need a confirmation from miners when operating with transactions. That is how Charlie Lee reminded everyone in this comparison that all these nodes would be at the same time running together although separate, just like everyone has their own watch but the time remains the same. That means that no one can change the time unless everyone agrees with it.

It seems like this message that Charlie Lee is trying to introduce us to a new vision that would enable Litecoin to become more decentralized with the greater power given to the users of LTC.

In addition to this story, everyone was surprised (mostly in a negative way) when Charlie Lee made a statement about the latest scandal with BCH. Apparently, the founder of Bitcoin Cash, Roger Ver, made people buy BCH making them believe that they were actually buying BTC. There is a lawsuit coming up towards Roger Ver, still potentially. However, Charlie Lee stated that the lawsuit, in this case, is unnecessary because Roger Ver didn’t do anything illegal.

Many Litecoin followers and crypto enthusiasts don’t agree with Charlie Lee on this matter, however, that is not affecting the growth of Litecoin in the market as LTC is trading in the green against the dollar.

How is Litecoin doing at the Current Moment?

Now ranked as the seventh-best currency according to the global coin report, which is actually a defeat for LTC, Litecoin is still trading in the green.

After the latest change in the market, Litecoin has got another raise of 2.07%, on May 3rd.

In addition to rising against the dollar, Litecoin is also rising up against BTC, which means that this coin is doing slightly better than the original coin as it is trading up by 1.21% against Bitcoin.

After the latest change, Litecoin can be purchased at the price of 151.52$ per one unit, which is still away from its record price of around 333$ per one LTC coin.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of BTC Keychain via Flickr

Blogs

TRON Partnership Involves Cloud Computing

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It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.

Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.

Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.

However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.

Baidu to…

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Bitcoin

Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?

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Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.

It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.

The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.

China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.

Furthermore, the country has adopted several…

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Altcoins

Ravencoin (RVN) Surges Following Binance Listing

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While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.

About Ravencoin

Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.

Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.

Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.

Ravencoin got listed on Binance prior to MainNet launch

Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.

Getting listed on Binance has brought Ravencoin to the top…

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Elite