Litecoin’s Charlie Lee Is Questioning Stellar Development Foundation’s Mechanics
Litecoin has been recently in the spotlight when it’s been revealed that it can strengthen Bitcoin.
The CEO of crypto investment platform Abra stated not too long ago that Litecoin’s work on privacy transactions could be able to strengthen both LTC and BTC as well.
In a new tweet, Bill Barhydt said that the Litecoin Foundation’s efforts to implement the MimbleWimble privacy protocol to ensure that Litecoin transactions are fungible is just one example of the huge importance that the altcoin market has.
Charlie Lee questions Stellar’s burn of 55 billion XLM
Now, Charlie Lee questions the mechanics of the Stellar Development Foundation’s recent burn of 55 billion XLM.
The burn has been dedicated to giveaway programs.
“[The] 50 billion XLMs burned were supposed to be distributed to the community,” he said.
He continued and said that “Stellar Development Foundation only burned 5 billion of their own 17 billion XLMs. This means SDF increased their percentage of total coins from 16% (17/105) to 24% (12/50). And they did this without any community discussions.”
The Foundation said that it burned coins and reduced the total supply due to the fact that it had more coins than actually needed in order to continue the mission of boosting Stellar’s adoption and development.
The burn has been able to cut the total supply of XLM down to 50 billion from 105 billion, according to info coming from the online publication the Daily Hodl.
Charlie Lee explains the reasons why Litecoin decided to use MimbleWimble
In other news, Litecoin made headlines not too long ago when, during a new interview, Charlie Lee talked about why the platform has decided to use MimbleWimble to power confidential transactions.
Other than this, regarding LTC’s price today, well, the coin is trading in the red on CMC and it’s priced at $61.95 at the moment of writing this article.
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.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
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.