Charlie Lee, an invested computer scientist who created Litecoin [LTC] to fight the drawbacks of Bitcoin [BTC], appeared in a recent interview with SFOX where he spoke about his coin and the cryptocurrency space in general. One of the subjects discussed by Lee was the scalability issue of Bitcoin and how Litecoin can be seen as an aid to the problem.
Previously, Lee had stated that Litecoin might be able to solve issues regarding Bitcoin’s scalability. Here, he was asked if he sees his cryptocurrency experiencing similar problems in the future and the possible solution for the same. The crypto-creator began by stating that Litecoin may be able to solve the scalability issue ‘linearly’ as its effective block space is four times of that of Bitcoin. He added:
“But in the end, we still need second-layer solutions like Lightning Network to help Litecoin and Bitcoin scale.”
Explaining the working of the Lightning Network, Lee said that the technology enables for both the cryptocurrencies to become interchangeable through an atomic swap. Therefore, one can make cross transactions in Bitcoin and Litecoin, meaning, send one and receive another in return.
According to him, this feature can be assistive in handling the transaction value of Bitcoin. Here, he mentioned other solutions such as an increase in block rate or block size and stated:
“We’ll see if Bitcoin will need an on-chain solution, like a block rate or block size increase, because for second-layer solutions, you still have to settle on-chain, and Bitcoin may still not have enough block space for that. So we’ll find out, I guess — we’ll cross that bridge when we get there.”
To maintain the decentralization and security on the base layer, Lee suggested that smaller payments, such as purchasing coffee and other microtransactions should be moved off-chain or to the second-layer solutions, namely, Lightning Network.
Last week, Lee also made a statement that Satoshi’s Vision for Bitcoin is more suitable when the Lightning Network is integrated into the ecosystem. He said this during a debate with Roger Ver, a strong proponent of Bitcoin Cash [BCH] and the CEO of Bitcoin.com.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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