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The founder of litecoin : Explained

Jun 05, 2018 Posted /  2057 Views

The founder of litecoin : Explained

Charlie Lee is the founder of the litecoin and he seems to be the celebrity of the cryptocurrency and the blockchain. Litecoin is one of the earliest cryptocurrency after bitcoins, it is basically a derivative of the bitcoin. Litecoin has always been popular due to its price and the market capitalization. It has been of the favorite currencies of people as people are more concerned about it and have been showing a lot of interest.

Charlie and his parents lived in the West African nation of the ivory coast. Charlie father was among from the Chinese group who came to Africa during the African independence in the early 60’s.

But when he was 13 they moved to united states where he attended the Lawrenceville high school from where he graduated in the year 1995. Charlie completed his bachelors and masters degree in computer science from MIT.

Charlie always has an interest in the computer technology after graradationg from MIT he worked with various tech companies such as Google, guidewire software. He came up later with the idea of litecoin during his working time.

As a graduate fresher Charlie got a job in Kana communications where he worked as a software engineer for three years. Then he joined Guidewire software as a senior software engineer for four years. He left the organization in July 2007.

Soon after that, he started working in google as a software engineer. He has worked with Google on numerous projects such as the play games, youtube mobile, and the charm os. In the year 2013, he left Google after working there for 5 years.

During his time in google, we came across bitcoins in the year 2011. He felt that bitcoins are very fascinating things and then he tried actively to get involved with it. He is keen to computers as well as economics. Charlie got fascinated with the underlying technology due to which bitcoin was working.

Charlie then tried himself in the bitcoin mining, during that time he came into contact with one of the developers who was working in the core of the bitcoin client software named Mike Hearn. Soon he was convinced to by bitcoin from him. As we already know that Charlie is a smart and intelligent person who has interest ain computers and economy these factors drove him towards to build his own cryptocurrency like bitcoin. But during that time there were a lot of bitcoin imitators in the market.

Then Charlie builds his first cryptocurrency which turned out to be a failure named as Fairbix.  But fairbix was somewhere similar to Tenebrix which was launched a year before. So soon then Charlie and his other co-developers tried to clone the tenebrix source code by making some adjustment. The fairbix used a proof of working as their protocol, which then Charlie used to develop litecoin.

The fairbix team was very energetic in  nature so the team developed 7 million fairbix even before its minning which lead to various confusions.

Soon after the failure of the fairbix Charlie came up with a new crypto known as the litecoin but this time he cloned the soirce code of bitcoin with new adjustments which the bitcoin faced problem and litcoin was ver refined and overcomed the problems of the bitcoins. The changes that were made was the average block transaction, the GUI. The hashing protocol and provided with maximum supply cap.

The hashing protocol; that the litecoin is using is scrypt based algorithim  which is helping in the reduction of the transaction cost by 75 percent. Then charile increased the maximum supply of litecoiun by 75 percent which was around 84million which was more than 4 times the value of bitcoin and the supply of bitcoinwas 21 million.

The fact if having similariesties with bitcoin, Charlie never though bitcoin as its competitor rather accordibg to Charlie it is the alternative of bitcon. Cahrlie has designimed litcoin in such a way that it is suitable for carrying out light transactions uch as online shopping, and bitcoin is for high transactions sich as interntational payments.

After working fortwo year or the creation of litecoin he left google and he jouned a new organisation named as coinbaseas enigering manager for 4 years then as director of energineering.  in 2017 he left coinbase he was one of the first people to join coinbasw.

For 2017 onwards we working for fulltime with litecoin and now he is the managing director of the litecoin . he is now working on the development and trying to advance litecoun and he is implementing plans to make it more and more better for the future.

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Tags: Litecoin Charlie Lee cryptocurrency blockchain

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