Litecoin Foundation’s Managing Director Thoughts On Decentralized Money.
Alan Austin, the managing director of Litecoin, a decentralised money also known as “the silver to Bitcoin’s gold” spoke with Cointelegraph about the reason behind his thoughts that Litecoin’s core utility is serving as a reliable means of payment.
Drawn From Personal Experience
In an interview with Cointelegraph, Austion said that his vision for Litecoin is drawn from his personal experience, saying “When 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.”
A financial crisis in 2008 led Austin to lose faith in traditional financial institutions. “Seeing 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,” he said.
Equipped by Many Features Similar to Bitcoin
A number of characteristics and features of Bitcoin (BTC) can be found in Litecoin (LTC), according to Austin.
“For starters, it’s 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,” he told Coointelegraph.
According to the managing director, the Litecoin development team primarily focuses on three efforts namely onboarding business partnerships, merchants and outreach for the Litecoin Card debit card.
“When you use stablecoins to pay for goods, in reality, all you’re doing is using a digital version of fiat money. Cryptocurrencies are volatile, but no middlemen are taking a hefty commission or scrutinizing your transactions.”
For those who are concerned about protecting their data, Austin said that the coin has become more user-friendly for them following the release of Litecoin’s new privacy layer.
He said that “It offers fungibility. When you go to pay with a credit card or hard cash, the merchant doesn’t know how much cash you’ve 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.”
He added, “We are allowing users to hide their address and balance amount when making payments. And it’s really useful for protecting people’s privacy, such as when receiving their payroll in crypto.”