Critics have recently attacked the Litecoin network for not recording any significant progress within the last couple of months. Founder Charlie Lee, however, took to his Twitter threads to answer the FUD and in this opinion piece, we consider five things that we can learn about the progress of the project.
Litecoin is Now More Secure After Solving Major Malware Vulnerability
Few hours before founder Charlie came on to tweet his reply to the FUD, the project announced the release of Litecoin Core v0.16.3. The launch of this new mining software version has brought more security to the network by including a security update.
Before now, A denial-of-service vulnerability (CVE-2018–17144) exploitable by miners has been living in Litecoin Core versions 0.14.0 up to 0.16.2.
10/ FUD: Litecoin has no development in the past 6 months.
TRUTH: We don’t work on the master branch, where people are looking. This is generally good Git practice! Proof: we released 0.16.2 last week and just released 0.16.3 today, which fixed the recent critical DoS bug.
— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
Litecoin Adoption Slowly Permeating Around The Globe
Even though Bitcoin remains the most valued cryptocurrency, other altcoins are really going into the mainstream and LTC is one of them.
Aside from processing over $200 million of transactions daily, the altcoin is also supported by 9+ payment platforms that make it easier for merchants to adopt. There is no doubt that a substantial increase in the number of Litecoin supported payment system will lead to more mainstream usage in the future.
Winklevoss Exchange To Add Support For Litecoin Soon
The Gemini exchange owned by the Winklevoss brothers will soon allow users to start trading LTC as Charlie revealed. It is likely that plans are already in progress if not in concluding stages.
3/ Miners have no incentives to attack the network because it will destroy the value of their ASIC hardware.
Litecoin has a ton of liquidity, which is important for people to get in/out of LTC. It is on practically every fiat and crypto exchange (Gemini soon), even more than ETH
— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
This may be just one of the non ‘’master branches” where the Litecoin team is focusing its strength rather than on where people are looking.
There Are Altcoins But Litecoin Still Stands Out To Some Extent
You will lose count the next time you try to know the total number of altcoins in the market. However, LTC has reserved its place among the top ten coins with a flawless performance over a period of time.
If this is nothing to go by, then you can consider Charlie Lee’s claim here
2/ FUD: Litecoin has lost its edge and can’t differentiate itself from hundreds of other altcoins.
TRUTH: Litecoin has one of the most secure networks of all altcoins. Litecoin has over $150MM of ASIC hardware protecting it. Litecoin dominates Scrypt mining by far.
— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
You could name a more secure altcoin network if you know.
Charlie Lee is Still Committed To Litecoin’s Development
Being on the game for seven years and counting gives credibility to the Litecoin project, and its founder is not backing off. At least not yet.
11/ FUD: Charlie has quit Litecoin and doesn’t care anymore.
TRUTH: I’m working on Litecoin full-time and focused on Litecoin adoption. Proof: the fact that I spent time writing these 11 tweets! ?
Litecoin also has the strongest crypto community. #LitecoinFam ?
— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
While a sense of humor is noticed in this reply, there is also an affirmation of commitment and one that the Litecoin community needs right now.
Conclusion
Social media hype and PR here and there may be a constant feature of crypto projects. However, it is not should not be a major way to scale the progress of the project or the commitment of its founder.
What do you think? Are Litecoin’s biggest moments happening behind the scene?
Add Comment