Earlier this week, Charlie Lee, the Founder and Managing Director of the Litecoin Foundation and the creator of LTC raised an issue regarding the reverse payment compatibility of Bitcoin [BTC] and Litecoin [LTC]. The computer scientist believes that the update is highly undervalued by the members of the cryptocurrency space.
He further mentioned that one mistake in upgrading and implementing this technology can be equivalent to losing money. In his words:
“The backwards & forwards compatibility of Bitcoin/Litecoin updates is highly underappreciated in this space IMO. Think of the amount of resources a company needs to put in to review, implement & test every forced upgrade for each supported coin. Any mistake could be money losing!”
To improve the transaction throughput of Bitcoin, Lee began to promote a second-layer solution for the BTC blockchain in order to provide scalability. Lightning network [LN], which is suitable for small payments allows users to swap their BTC for LTC and vice-versa.
On the aspect of speed and cost, the lightning network allows its users to make relatively faster transactions at lower costs. Additionally, the four tenets set for the lightning network by its creators are instant payments, scalability, cross blockchains and low cost.
According to the Litecoin creator, the scalability of Litecoin and Bitcoin can only be solved by second layer solutions in the long-run, as he previously stated in an interview. Here, he stated his belief that his coin can help Bitcoin in handling its transaction value as well. In the bigger picture, Lee is of the opinion that Satoshi’s vision for Bitcoin can be fulfilled through the implementation of the LN.
Moises C., a cryptocurrency and blockchain space enthusiast and a Twitter user on Charlie Lee’s post commented:
“Counterpoint, imagine how much innovation we are missing out on by having to do everything backwards compatible”
TotalɃuzzKit, another Twitter user and a crypto-follower also wrote:
“The counterpart statement: It still shocks and amazes me how easily most altcoins introduce changes that break backwards compatibility and throw overboard any user who does not upgrade by date X.”
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Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more
Crypto News – 24 June – Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more
— AMBCrypto (@CryptoAmb) June 24, 2019
Crypto News – 24 June
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