Litecoin (LTC) Creator, Charlie Lee Says Stellar (XLM) Could Be A Security
Litecoin was recently in the spotlight regarding an important subject in the crypto industry: mainstream adoption of digital assets.
It’s been revealed not too long ago that Litecoin is supported by Storm Shop – an online platform that allows people to earn digital asset rewards for shopping online.
StormShop is the reward-based e-commerce web plugin from StormX. This allows consumers to earn crypto as they are shopping online.
The plugin is integrated with more than 290 merchants across more industries.
— StormShop (@Storm_Token) December 12, 2019
Charlie Lee says Stellar could be a security
Litecoin creators Charlie Lee said that Stellar might be a security. During a new episode of Magical Crypto Friends, Lee offered his take on the Stellar Development Foundation’s sudden decision to destroy 55 billion XLM.
The foundation is responsible for the development of the Stellar network, and they burned XLM after finding out that it no longer needs the funds in order to continue building the coin.
When asked if the move brings XLM closer to being a security, Lee said, “I think it does.”
Lee said that “They burned coins that were meant to be distributed. They had a whole plan of distributing like 80 billion coins over the next ten years, and they decided to burn half of them.”
Lee continued and explained that “it’s kind of quite ridiculous that they can just decide to do that. It’s similar to if a coin decided to reduce mining, basically enrich people who own a lot of coins today and reduced emissions in the future.”
XLM races towards mainstream adoption
In other news, Stellar made headlines recently when it’s been revealed that Stellar co-founder Jed McCaleb stated that the Stellar Development Foundation is working on taking a more proactive approach to create real-world adoption of digital assets.
The team has been working really hard to bring XLM to mainstream adoption. The mass adoption of digital assets, in general, is one of the great goals of the crypto industry.
Jed McCaleb is the CTO of Steller, which is an open-source, protocol for digital currency to fiat money. Prior to co-founding Steller, McCaleb was also the founder of Mt.Gox exchange as well as serving as the CTO to Ripple and is also known for creating Magic: The Gathering Online Exchange, and the peer-to-peer eDonkey and Overnet networks.
Ex-Google engineer, Charlie Lee is the creator of Litecoin and MD of the Litecoin Foundation. Previously Director of Engineering at Coinbase, Lee now focuses full-time on Litecoin. To enhance fungibility and privacy of LTC, integration of MimbleWimble has begun, however Lee has recently announced a crowdfunding launch to fund the development.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.