Charlie Lee

Position: Founder of Litecoin

Charlie Lee

Who is Charlie Lee?

Primarily known in the crypto world as the creator of Litecoin, Lee like many early adopters of Bitcoin entered the crypto sphere by getting into Bitcoin mining.

Lee sees Litecoin as the cryptocurrency best suited for smaller, lightweight transactions like online retail shopping, while Bitcoin is the currency for more heavyweight transactions like international payments.

GOOGLE

Charlie Lee joined Google in 2007. He worked as a software engineer and was part of a number of operations within the company. During his six years at Google, he worked on projects like the YouTube Mobile, Google Play Games platform, the Chrome OS. It is reported that it was during his involvement in the latter project that he came across Bitcoin and became interested in cryptocurrency. Charlie left Google in 2013, 2 years after the launch of Litecoin.

BLOCKCHAIN TECHNOLOGY

Lee admits his journey into the world of crypto began in April of 2011 when he came across a Wired article on the infamous Silk Road. At the time, he was dabbling in gold trading while still working at Google. He was intrigued by the premise of the technology behind Bitcoin and soon became involved in the community.

Lee admits having always had a fascination for Economics despite his Computer Science Background. He has on previous occasions described himself as someone deeply of the Federal Reserve. This makes his involvement in cryptocurrency to be all the more understandable.

EARLY ACTIVITIES IN THE CRYPTO SPACE

Having caught the crypto bug from that Silk Road article, Charlie began to take up considerable interest in Bitcoin. Like most early adopters of Bitcoin, he began by mining Bitcoins. At some point after discovering Bitcoin, he contacted Mike Hearn, one of the developers of the Bitcoin Core client. He bought 1 Bitcoin from Hearn as his interest in the field became a lot more concrete.

Soon after this, he reached a natural point of progression of most early crypto-enthusiasts, creating his cryptocurrency. By 2011, quite a great number of developers were actively seeking to create the next Bitcoin. Granted, many were elaborate pump and dump schemes but the market was indeed growing.

FAIRBIX

In September of 2011, Fairbix was launched. It was Charlie’s first involvement in a crypto project. It was also his first use of a Scrypt-based Proof-of-Work hashing algorithm. Fairbix was essentially a clone of Tenebrix another Altcoin created in 2011.

Fairbix failed to succeed in the market as the project was bogged down by a number of flaws. The fact that the developers of the coin had already pre-mined 7 million coins for themselves caused many people to shun the project. There was a software bug with the Multicoin client which made it vulnerable to 51% attacks right from the start.

LITECOIN

Despite the failure of his first attempt at developing a cryptocurrency, Charlie did not give up. Taking valuable lessons learned from the failure of Fairbix, he began to work out modalities for a new coin. In October of 2011, he finally succeeded when he announced the launch of Litecoin to the crypto community.

Litecoin was essentially a clone of the core Bitcoin code but with a few adjustments and modifications. The basis for many of these adjustments was to ensure the fairness of the Litecoin cryptocurrency. Lee made changes to the hashing algorithm, block transaction speed, as well as the GUI. Lee also upped the maximum supply cap from 21 million to 84 million.

Lee has always been about fairness and transparency. It is a common, recurring theme in many of his interactions within the community. By making use of a Scrypt-based hashing algorithm for Proof-of-Work (POW) mining, Litecoin mining is a lot fairer than Bitcoin mining. The block transaction time modifications also make Litecoin be a lot lighter and faster than Bitcoin. The average block transaction time in Litecoin is 2.5 minutes which is faster than the average for bitcoin (10 minutes).

Since its release, Litecoin has grown steadily. Lee has always likened Litecoin to be the silver to Bitcoin’s gold. He has asserted on numerous occasions that his creation isn’t a Bitcoin competitor, but rather, a complementary currency to Bitcoin.

Charlie Lee is always in the Top 10 most influential people in cryptocurrency. Lee is currently working full-time with the Litecoin Foundation on Litecoin adoption.

FAMOUS QUOTE:

I believe that cryptocurrency will take over fiat currency and become the reserve currency.

 


 

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