iexclusivenews reports that Alan Austin, managing director of the Litecoin Foundation, spoke with Cointelegraph about why he believes Litecoin’s primary purpose is to function as a dependable means of payment.
According to Austin, most of his vision for Litecoin is based on personal experience:
“When I finished grad school, I worked with startup technology companies and in real estate. And one of the things I did was manage accounts for firms like Bank of America and Fannie Mae, and it was surprising to see how old their technology was and how difficult it was to get stuff done. “
Austin began to lose trust in the old banking system following the 2008 financial crisis.
“Seeing how the major banks establish different criteria for everyone at their discretion when it comes to access to money and how suddenly they were the ones getting bailed out,” he told Cointelegraph, “made me truly respect what blockchain technology was attempting to achieve.”
Austin stated that Litecoin was designed with many features and characteristics comparable to Bitcoin (BTC).
“For starters, it’s decentralized, and there were no pre-mined tokens given to founders, making it a fair launch. It also has a limited supply, is highly liquid, and has very low fees. Moreover, the blockchain has been online for 11 years without downtime. ”
According to Austin, the Litecoin development team primarily focuses on three efforts: onboarding business partnerships, merchants, and outreach for the Litecoin Card debit card. When you use stablecoins to pay for goods, in reality, all you’re doing is using a digital version of fiat money.
“Cryptocurrencies are volatile, but no middlemen are taking a hefty commission or scrutinizing your transactions.”
With the introduction of Litecoin’s new privacy layer, Austin claims that the coin has become more user-friendly for people concerned about data security.
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“It offers fungibility,” he said. “When you go to pay with a credit card or hard cash, the merchant doesn’t know how much cash you’ve got in your pocket or in your bank account.” But, say, if you pay with Bitcoin, everyone can see that transaction and your wallet balance on the blockchain.”
Austin explains that the new privacy layer on top of Litecoin solves the problem.
“We are allowing users to hide their address and balance amount when making payments.” And it’s really useful for protecting people’s privacy, such as when receiving their payroll in crypto. “
Finally, for Austin, the idea of Litecoin lies in its evolution as a new means of payment and not so much in capitalizing on the latest trends in the industry.
“Our goal right now is to kind of build slowly.” We’ve been here for years, and we’ve seen that if you move too fast, the project can implode on itself. So, we’re sticking to our goal of developing Litecoin as a better payment.”
Cointelegraph