Litecoin creator admits he intends to step down

Creator of Litecoin and former head of engineering for Coinbase Charlie Lee has said he intends to step down from his company in order to ensure its future.

Lee points to an interesting contradiction in decentralised systems, in that him being an influential part of Litecoin makes it more intrinsically centralised, rather than less.

In an interview with TenX, he said: “Litecoin is more centralised because I’m around, so it has a more centralised development team, [and] has a more centralised foundation. I can steer Litecoins towards my vision, and people will listen to me because I created it.”

The answer is an anonymous creator, which Litecoin does not have and, in order for this to be achieved, Lee would have to remove himself.

Admitting he stepped away for a period two years ago, Lee continued: “For a currency to really be… a worldwide decentralised currency, you can’t have… a real leader who’s trying to control things, so to make it more centralised, eventually I would step away.

“I’m not quitting Litecoin. I will spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins.”