build slowly – The Litecoin (LTC) at the age of 11. The team’s priorities today would revolve around the vision presented by the CEO of the Litecoin Foundation, Alan Austin: to offer the cryptosphere an adequate means of decentralized payment.
Alan Austin’s thirst for financial justice
Chi va piano va sano. Litecoin has made it its philosophy, according to the words ofAlan Austin. The current objective of the project would be to build slowly to prevent the project from imploding on its own.
In an interview with Cointelegraph, Alan Austin shares the why and how of Litecoin. In this context, he evokes his professional experiences which largely explain his vision of the project.
The time machine takes us back to the 1990s and 2000s. The CEO of the Litecoin Foundation was then surprised to the “old” technologythat companies like Bank of America and Fannie Mae were using, while working in technology and real estate companies after finishing college.
The 2008 financial crisis only accelerated Alan Austin’s break with the traditional financial system. The big banks, which set at their discretion different criteria for access to money, were being bailed out.
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From Bitcoin to Litecoin: the long march of a resistant dromedary
This form of financial injustice, imposed by the giants of the banking industry, has increased the interest of the CEO of the Litecoin Foundation in blockchain. Alan Austin recalled the essential characteristics of Litecoin, which have similarities with those of Bitcoin (BTC).
Litecoin is decentralized. Its founders did not receive any cryptocurrency preferentially, “ making it a fair launch “. Its supply is also limited just like Bitcoin.
Alan Austin also pointed out that Litecoin is “very liquid”, and transaction fees “are very low”. Longevity is also in the list of the main strengths of the project. The blockchain works “ for 11 years without downtime “.
Alan Austin and Litecoin: a blockchain for payments for everyday purchases
According to Alan Austin, the Litecoin development team is currently focused on business partnerships, merchant onboarding, and “raising awareness of the Litecoin Card debit card.”
Litecoin wants to become the reference blockchain for payments. The CEO of the Litecoin Foundation believes that stablecoin payments are actually a form of settlement that uses “a digital version of fiat currency.”
With this aim of becoming a leading decentralized means of payment, Litecoin has launched a new privacy layer, which allows settlements in LTC, without the merchant does not have access to the balance of the wallet used – whereas blockchain information is normally available to everyone without such functionality.
Alan Austin’s interview has the merit of shedding light on the future of Litecoin, on the current priorities of the project. In this desire to offer a truly decentralized means of payment, however, the project has drawn the wrath of some regulators.
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