Litecoin [LTC], the 7th largest cryptocurrency in the world by market capitalization, completed 7 years of its existence in the cryptocurrency space. A member from the Litecoin community posted on Twitter about the coin making it into its 8th year since the genesis block for LTC occurred on 8th October 2011.
The tweet was also reposted by Charlie Lee, the former Google employee and computer scientist who created Litecoin. The Twitter post read:
“The #Litecoin genesis block occurred 7 years ago on October 8, 2011. Happy Birthday, Litecoin! Cheers to @SatoshiLite and all who build with #LTC”
The vision behind the creation of Litecoin in 2011 after the inception of Bitcoin in 2009 was to defeat the drawbacks experienced with Bitcoin. Unlike BTC’s SHA-256, LTC used Scrypt where the block confirmation time was only 2.5 minutes against BTC’s 10 minutes.
The cryptocurrency went live on 13th October 2011 after its genesis block was added on 8th October in the same year.
Of late, Charlie Lee has been opening up about his goals for the coin wherein he has expressed that the community has its prime focus on adoption. Be it a merchant, vendor or cryptocurrency exchange, the Founder wants Litecoin to be included in the day-to-day life of its users.
Lee’s viewpoint on the market performance of LTC is not an ambitious one. Regarding this, he has always stated that the short-term performance of a cryptocurrency does not matter over the long-term results, which he believes can only occur through crypto-adoption. At various events, Lee has also shown interest in propagating the idea of ‘financial freedom and people’s money’.
A Litecoin follower and a cryptocurrency space enthusiast, PC SpecOps on the occasion commented:
PC SpecOps: “Happy Birthday Litecoin!!! Stonking work so far Charlie! Keep it up @SatoshiLite”