Charlie Lee: Litecoin needs more substitutability and privacy to make a bigger breakthrough in market capitalization

According to AMB CRYPTO reported on August 5th, although the price fluctuation of cryptocurrency is accompanied by huge uncertainty, the halving of block rewards has brought a brand new game to users, which makes cryptocurrency enter a new one. In the life cycle.

For example, Litecoin, the price of Litecoin has fluctuated greatly due to the halving of block rewards accompanied by people's anxiety.

(Source: CNN) Although the halving of the Litecoin block incentives has led to many speculations about the profitability of mining, the founder of Litecoin, Charlie Lee, has expressed a very positive view. In a recent interview, he acknowledged that the global hash rate of Litecoin would be halved and pointed out that this phase was a “significant event”. Charlie Lee added:

It is possible that some miners have turned off their mining machines. But after a few days, the difficulty of mining the Litecoin will be adjusted accordingly, and everything will return to normal.

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Charlie Lee pointed out that the halving phase will force users to trade based on their confidence in the rise in the currency price, thus making the market “larger volatility”. But he repeated his point of view, "The Litecoin will not make any mistakes after halving."

In addition, Charlie Lee has repeatedly stressed that Litecoin needs to be more substitutable and private in order to "have a greater breakthrough in market capitalization." To achieve this goal, the company is studying the use of "Mimblewimble as an extension of Litecoin." He explained:

Privacy and substitutability will be the next battleground. Mimblewimble implements privacy attributes without sacrificing scalability.

In addition, Charilie Lee also mentioned that although Bitcoin and Litecoin complement each other, if new privacy features are introduced, they may face resistance from some cryptocurrency exchanges. He guarantees the irreplaceable status of Litecoin as Bitcoin Silver and assures that these two cryptocurrencies are not only beneficial for value transfer, but that the alternative work of Litecoin may help Bitcoin in the future. .

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