In a recent interview with SFOX, Charlie Lee, the former Google employee and the computer scientist who created Litecoin [LTC], spoke about Satoshi Nakamoto’s anonymity in the cryptocurrency space and the Bitcoin ecosystem. He furthered the conversation about the advantages of being the public face of Litecoin to contribute to the ecosystem.
Firstly, Lee established an opinion that the presence of a public face in a decentralized system is an oxymoron. In hindsight, he believes that he should have left the project on an anonymous note. Henceforth, the blockchain scientist mentioned several advantages and disadvantages of being the face of Litecoin when willing to work on its progress.
Under advantages, he put down points such as the ease of SegWit activation for Litecoin due to his public presence. According to Lee, it is harder to carry forward an ecosystem that has many parties working against it, when the creator is not around. More so, he was able to push Litecoin forward for SegWit activation because he was around to facilitate it. In his words:
“Two years ago, I saw that Bitcoin was having all this trouble with activating SegWit. I saw SegWit as an amazing feature, but there was all this FUD around it. I realized I could help out by pushing Litecoin towards getting SegWit activated. Being its creator, I was able to make that happen. “
He admitted that there are disadvantages associated with a cryptocurrency having a face. He further explained his point by citing Litecoin as being more centralized than Bitcoin. Subsequently, Lee shared that an attack could easily be launched at him on the pretext of targetting Litecoin.
Therefore, concluding his thoughts, Lee conveyed that he might have to eventually step away from the ecosystem in order for it to become more decentralized. He added:
“I’ll eventually have to step away from Litecoin — I’m talking years down the road, when Litecoin is used and more as a real-world currency. At that point, it wouldn’t make sense for the creator to still be around, dictating things.”
Lee ended his statement by propagating that democracy is more inefficient than dictatorship, but is more decentralized.