Charlie Lee has been a publicly available and an active cryptocurrency proponent for years in major social media forums, and he was also an early engineer at major U.S. cryptocurrency exchange Coinbase.
Litecoin’s Unique Position in the Crypto World
Litecoin has a similar scope as Bitcoin, and as such, LTC are sometimes viewed as a dilution of BTC due to the similarities of the networks. However, Bitcoin has long been drastically higher in spot price than Litecoin and retains a much larger development, mining, and user community.
The position of Litecoin as in the shadow of Bitcoin has afforded it some unique opportunities, however. Where Bitcoin’s development takes a much more tempered and conservative approach, Litecoin can be more liberal. For example, Charlie Lee sparked speculation earlier this year that Litecoin would be adding Confidential Transactions (CTs) to its network for better privacy along with its exploration of Mimblewimble with BEAM -- a privacy-oriented cryptocurrency.
Similarly, Litecoin has undergone development work with the Lightning Network, Bitcoin’s second layer scaling solution that is also compatible with Litecoin. For example, CoinGate launched a pilot run for the Lightning Network on Litecoin with CoinShark, and the network has proved a useful experimentation ground for atomic swaps -- cross-chain asset swaps.