Litecoin founder Charlie Lee may be the latest recruit to the Yang Gang after he received high praise from the presidential hopeful for “being such a pioneer”.
Andrew Yang – who describes himself as a problem solver and entrepreneur – has included Lee on his list of names he hopes to “build the future” with.Congrats @SatoshiLite on being such a pioneer – let’s build the future. 👍 pic.twitter.com/WEQXiizdYs — Andrew Yang (@AndrewYang) June 6, 2019 Failed first, but tried again
Litecoin founder Lee started the now fifth-largest cryptocurrency back in October 2011 following a failed attempt with his first project – called Fairbix – that also used a Proof-of-Work hashing protocol.
Fairbix failed due to rumblings within the project community that the development team pre-mined about 7 million Fairbix coins prior to its release.
This caught the attention of malicious attackers who discovered a major software bug in the first few weeks of the blockchain’s launch, which was eventually destroyed as a result of a 51% attack.
The episode taught Lee that using a pre-mine was not the right choice to start a cryptocurrency and he would rather his coin be accepted organically by a community of followers – similar to what happened with Bitcoin in January 2009.Used for payments Lunch with Litecoin (and Uber and Revolut) from CryptoCurrency
Today, Litecoin is gaining traction as a method of payment. A recent example (above) shows the currency being used to order a takeaway using Uber Eats and the payment processing service of mainstream digital bank Revolut.
Lee’s creation is considered by many as one of the few projects that can claim to be truly decentralised, due to it not having a pre-mine and its organic distribution over its seven-year history.Yang endorses open blockchains
The backing by Yang highlights the US presidential contender’s endorsement of open and decentralised blockchain projects that dom...