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Charlie Lee hints at moving away from Litecoin in the interest of decentralization

Charlie Lee, the founder of Litecoin, has stated that in order “to make [the cryptocurrency] more decentralized”, he would need to step down from a leadership role.

Written by Rebecca Leighton Published on

The creator of Litecoin Charlie Lee recently spoke with Dr Julian Hosp, a well-rounded cryptocurrency figure, in a TenX interview where he shed light on his envisioned future for his founded cryptocurrency’s future.

In the interview, Lee admitted that he intends to step away from Litecoin, since having no leader would be required in order to fulfill his vision of Litecoin becoming a fully global decentralized cryptocurrency.

He suggested that the decentralized aspect of Bitcoin is provided because it not led by anyone, owing to the fact that it has an anonymous creator. With Lee heading up Litecoin, it is missing this key element. Lee explained that “Litecoin is more centralized because [he is] around, so it has a more centralized development team, has more centralized foundation.”

He stressed that a real decentralized coin should not have a leader managing it and the two concepts can’t align. This would mean that the creator of Litecoin would eventually have to leave the virtual currency. Lee elucidated on this, saying that for “a currency to really be … a worldwide decentralized currency, you can’t have … a real leader who’s trying to control things, so to make it more decentralized, eventually I would step away.”

In December of last year, Lee had sold all his Litecoin assets, saying that holding onto the tokens would be a conflict of interest, but urging supporters that he was still going to be around. “I’m not quitting Litecoin. I will still spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins.”

Not quite a contradiction since he had never stated that he would never leave Litecoin, the creator seems to hold the growth of the coin in high priority – and whether stepping back from the development is the way in which he thinks the most growth would happen, he clearly wouldn’t be afraid to take that move when it might come.

However, it doesn’t seem to be a concern for the near future and Lee and Litecoin’s union will remain intact until then.

Written by

Internet writer looking to find the right piece. Also presents things on radio and happens to be a chip off the old blockchain. @BeckyRLeighton