Litecoin (LTC) founder Charlie Lee says that he sees other use cases for cryptocurrencies apart from speculation and store of value. Payment settlement and confidential transactions are on the top of the list.
In a new episode of Cred’s Meet Our Partners, Lee explains how the Litecoin Foundation is shaping the world’s seventh-largest cryptocurrency by market capitalization to become a reliable means of exchange.
“With Litecoin, we are definitely aiming moving more towards payments for people to actually spend the coins as opposed to just holding onto it as a store of value. You can see there’s more and more ATMs coming out that support Litecoin, where people can easily withdraw their Litecoin or convert cash to Litecoin…
The goal is for [Litecoin] to be money. It’s where you store your value and also where you can use it to purchase goods and services.”
To bolster Litecoin’s bid as the preferred cryptocurrency for payments, Charlie Lee is pooling resources to make Litecoin transactions private.
“Recently, we’ve put a big effort into a project around confidential transaction in MimbleWimble which is to create ways to make Litecoin more private. I think privacy and fungibility [are] very important, and we’re pushing that technology, trying to get that implemented and deployed in Litecoin.”
Litecoin’s push for privacy is led by developer David Burkett who plans to begin testing confidential transactions on the network in the first half of this year.