Franklyn Richards,during the recently completed Web Summit, spoke about the position of Litecoin in the bearish atmosphere of the crypto market. Enumerating the use cases of Litecoin, he spoke on the comparison of the cryptocurrency to Bitcoin. Speaking about Litecoin being addressed as the silver to Bitcoin’s gold, he explained that the comparison was wrong. This is because it would mean that Litecoin was dependent on Bitcoin for its growth and that Bitcoin was better than the coin itself. He asserted that contrary to this opinion, Litecoin is an individual entity and“stands tall by itself”. He added that on basis of comparison, Litecoin was better equipped as a payment solution than Bitcoin. Referring to the high transaction fees and slow transaction speed in Bitcoin, Richards stated that Litecoin was one step ahead of Bitcoin.He commended the foresight of the Litecoin team in ensuring that it focused on proffering payment solutions instead of creating Ethereum-like smart contracts.

“[…]tens of thousands of transactions are being made across networks daily and hundreds of millions of dollars are being moved across network daily. It’s fantastic as a form of money because it serves and does these few things very well. It doesn’t attempt to go out its way to build smart contracts into a thing like Ethereum does because we can see how that can lead to disaster.” He said.

Litecoin’s Move towards Mass Adoption

He also commented on Litecoin’s push towards mass adoption citing the Litecoin foundation’s partnership with various crypto companies and exchanges as points in the right direction. He added that with the world gearing towards innovative technologies, people are beginning to view Litecoin as a powerful technology.

“[…]doing so many trades and transactions all over, well daily. People understand how powerful the technology is and are adopting it. There’s only a handful of cryptocurrencies which are listed on every single major exchange out there and those three are Bitcoin, Litecoin and Ethereum. Out of those two are sound money-Bitcoin and Litecoin[…]”

He highlighted the difference between the Litecoin foundation and other foundations stating that the existence of the foundation was to push for adoption on all levels. He stated that the foundation had sponsored the team of Litecoin developers without telling them what to do. Hence, decentralization is at the core of Litecoin. This comes in the wake of the recent comment made by venture capitalist, Ariana Simpson on the existence of Litecoin. She, like Richards, disagreed with the comparison of Litecoin as a silver to Bitcoin’s gold. However,she differed on Richard’s opinion by stating she had reasons to believe that Litecoin had no reason to exist. She cited Charlie Lee’s dumping of his Litecoin stakes to avoid a conflict of interest as a reason for her beliefs. Hence,contrary Richards’assertion that the cryptocurrency could stand tall alone, Simpsons highlighted that the Litecoin project seemed like a joke to her.