Crypto News - Tuesday 29th August

Interview with Charlie Lee summary

In this interview the Founder of Litecoin Charlie Lee discussed various projects affecting Litecoin and Bitcoin.

Sources at the bottom

Summary

Litecoin projects

1. Litecoin will start with Lightning and will be implemented on the Litecoin wallet, but the functionality of atomic swaps and peer transactions using nodes is still work in progress.

2. 6 teams working on Lightning network. These teams work with Litecoin developers, but they do not work for Litecoin

3. Lightning network will allow many 2nd and 3rd layer protocols. Some examples :
   *Coloured coin: ability to create smart contracts. This would mean that Litecoin veers away from Bitcoin source code and requires ongoing development work.

*CT: Confidential transactions. This would be an opt in or out situation, therefore still room for Monero

*MAST: Smart contracts

*Vault: ability to delay transactions from your vault for 2 days giving you notice to cancel current transactions if someone is trying to hack your account

*Scalability: If Litecoin grows substantially would it be able to scale or would it end up with transaction costs similar to Bitcoin?

The answer was that Lightning network would allow for offchain remedies. On chain larger blocks would lead to centralisation which Charlie says goes against the Satoshi Ethos.

*Bitcash future: Charlie said that it shares the same POW as Bitcoin so is unstable. Miners would move over to mining the most profitable coin. Bitcash has a limited life and completely useless for transactions as confirmation times are so unpredictable.

*Scalability issues: Many solutions to future problems have not even been thought of yet. The Lightning network teams have been vastly motivated by Bitcoin's transition to Segwit. Expect momentum for solutions to happen quite quickly.

*Bitcoin gold - Litecoin Silver : this may not be the case at a later time but this is not for Charlie to dictate. Litecoin may become slightly more centralised as Lightning solutions are implemented. That's why for securing large assets you would use Bitcoin, for spending with quick snd cheap transaction fees you would use Litecoin.

*Lightning network cross chain protocol: Lightning network will eventually be able to run as a protocol on any chain. This means that other alt coins would benefit from atomic swaps. The lightning teams are collaborating on solutions rather than working solo on independent protocols. This should speed up solutions.

Video source :

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