The computer scientist claimed that Litecoin was in the midst of creating ‘cool’ products that will be beneficial to the entire cryptocurrency community
Litecoin, the sixth-largest cryptocurrency has been lying low in terms of flashy developments and announcements. To shed light on what was going on behind the scenes at Litecoin, Charlie Lee, the founder of LTC spoke about the company’s vision for 2020.
Speaking to Peter McCormack, Charlie Lee touched on Litecoin’s plan to include extensions block to its blockchain. The extension will improve the network’s infrastructure as well as make it easier for LTC holders to use. Lee was candid in stating that even though the extension might take time for its development the foundation wants to do it right.
The LTC founder stated that the privacy team would be in charge of handling the developments of extension blocks, with the added duty of implementing it seamlessly. McCormack then prodded Lee to reveal a bit more about the proposed ‘LiteBank’. To this Lee replied:
“Yes, the LiteBank is something of a prototype that we are working on. Last year we had purchased this bank who were working with crypto related progress. It is definitely a process that we plan to execute slowly as something of this sort has not been done before. We will see how we can play around with it and create cool stuff.”
Litecoin’s Auto Balance
Another feature that Litecoin was tinkering with was the creation of accounts that could ‘auto-balance’. This update would make it easy for holders to easily convert fiat into crypto and vice versa.
Litecoin official was excited to share news about the ‘MagicalCryptoFriends’ conference planned slated for May this year.
The speaker panel for the conference includes cryptocurrency bigwigs such as Blockstream’s Adam Back. According to Lee, the main aim of the conference was to push out good content by not looking at just the profit index.
McCormack and Lee further talked about the effect that the bear market had on the cryptocurrency field. Lee opined that the price dip was actually a blessing in disguise because of the developments that were occurring in the space. He stated that during a bull run, people do not focus on creating new things but rather just talk about new investment opportunities. In his words, “people get very distracted during a bull market”.
The discussion concluded on the topic of crypto safety and why that was the reason a lot of companies were looking at storage options. The Litecoin founder remarked that Bill Barhydt led Abra was a stalwart in creating products for the storage industry.