Who made Litecoin? An ex-Goggle and ex-Coinbase employee. Who made Litecoin? A software engineer. Who made Litecoin? The chairman of litecoin foundation. Who made Litecoin? No one else but Charlie Lee.

Before Litecoin

Charlie Lee was born in Ivory Coast. When he was 13, Lee moved with his family to the United States where he finished the high school in 1995 and attended MIT. Lee graduated in 2000 and earned bachelor and computer science master degree.

Years after that, he spent years working for the biggest tech companies, Google and Guidewire Software. During his work as a software engineer for Google he started thinking about Litecoin idea. After he read the article about Silk Road and use of bitcoin, he learned all about cryptocurrency. This has been decisive turning point for Lee. Before that, he had been looking for ways to be a part of trading of gold.

He had a sceptic opinion about the Federal Reserve System because of his background in the economy. Searching for new ways of investing, he didn’t rely on standard financial means because of his fascination with a new blockchain technology and bitcoin.

Developing litecoin

Lee and other bitcoin miners began to experiment with mining. He also made a contact with Mike Hearn. He is a developer who had worked for bitcoin and on the blockchain core. From these conversations and from his previous interest in bitcoin, Lee decided to develop his own currency which will be similar to bitcoin.

Fairbix was his first project in cryptocurrency. This coin has been developed by Lee in September 2011 and it looked like Tenebrix and bitcoin. Many parts of the Tenebrix’s source code are used by Lee and his team mates.

Fairbrix has been a failure because it had a lot of issues especially with vulnerability to attacks, but the core of the project used later for developing Litecoin.

Few weeks after the Fairbix failure, Lee announced Litecoin for which development the bitcoin pattern is used. Lee made some changes in Litecoin’s code he thought they would improve it over bitcoin. Among others, Lee modified the hashing protocol, the blocks’ transaction time, and maximum supply value of the cap.

Lee didn’t have the intention to promote Litecoin as a Bitcoin competitor, but rather as a silver alternative to it. Lee’s opinion is that Litecoin is a lot better in smaller trades because of its stability but still Bitcoin is better for major transactions.

Category: LTC

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