Charlie Lee: Monumental Shifts Ahead for Litecoin

charlie lee

What Major Plans Does Charlie Lee Have in Store for Litecoin?

Litecoin is currently the cryptocurrency with the 7th largest market cap. Created by Charlie Lee in October 2011, Litecoin is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license.

Charlie Lee: Litecoin will be more fungible

In a tweet on the 01/28/2019, Charlie Lee declared to the entire cryptocurrency universe that he plans on making major shifts in Litecoin – with a particular focus on making the cryptocurrency more fungible.

In the tweet, Lee argued that “fungibility is the only property of sound money that is missing from Bitcoin & Litecoin,” and that  “the next battleground will be on fungibility and privacy. 

Lee argued that he would now be focused on “making Litecoin more fungible by adding Confidential Transactions.

What is “fungibility”?

When a coin is fungible, it implies that every unit has exactly the same value as any other asset of the same kind. Bitcoin has previously been criticized for not being fungible, although that is heavily up for debate.

So, How Does Lee Plan to Make Litecoin More Fungible?

Replying to a tweet in the thread, Lee explains that Confidential Transactions can be added to Litecoin through a soft fork. A soft fork is when changes are made to a cryptocurrency’s source code that do not lead to the division of the blockchain (unlike a hard fork). Upon being asked for a timeline, Lee replied that users should expect further developments within 2019.

What happens next for Litecoin remains to be seen. Will Charlie Lee follow through with his plan – most likely. However, whether or not this will have a positive impact on the cryptocurrency is still undetermined.

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