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Analysis & Opinion

Success for Charlie Lee, Litecoin Hash Rate Flies to ATHs

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No doubt, Litecoin’s native currency, LTC has been on a roll. But it is not always about price. Statistics indicate that the network’s security is also improving as more miners shift their computing power, confirming transactions and getting rewarded.

For example, On April 4, Litecoin’s hash rate hit an all-time high record printing 359.44 TH/s and consequently surpassing its earlier record of 342.888 TH/s achieved in May 2018. Even then, LTC was performing exceptionally well. This recent surge in hash rate according to an article published by Litecoin.com, could be caused by positive LTC price movement plus the upcoming halving of Litecoin that is scheduled for later this year.

Other speculative reasons include the availability of efficient mining hardware. Current data is suggesting that the hash rate could go as high as 500TH/s at $100 but with this hinged on the availability of mining hardware.

Prices Up 300 Percent, Traders Expert More

In Q1 2019, Litecoin did post impressive numbers spearheading price recovery. The result therefore saw prices surge 300 percent from lows of $22. This rapidity was simply because of what lay ahead with Charlie Lee plans of introducing Mimble Wimble. Besides, prospects of Confidential Transactions were a big plus, boosting participation. Add that to next year’s halving event and investors are re-aligning themselves for scarcity by hoarding the asset. Expectedly, the move will see Litecoin’s supply go down and demand go up.

Clearly, the rise in hash rate signifies strength in the network. One fundamental aspect of the that hash rate tags along is security against majority attacks. Since available computing is high, it is challenging for any group to commandeer an attack, reversing broadcasted transactions.

Charlie Lee’s Success Undeniable

As record shows, Charlie Lee is a pioneer in the space and a former employee of CoinBase where he worked as the Director of Engineering. However, in Oct 7, 2011, sensing opportunity, he decided to roll out an alternative coin that would complement Bitcoin’s objective of being a medium of exchange and a store of value.

Presently, Bitcoin is increasingly becoming a secure, settlement layer thanks to the coin’s parabolic rise in value, complete distribution. Even so, the slow block generation time allows Litecoin to be its “cousin” thanks to its fast block generation time and effort by the Litecoin Foundation to market the coin as a suitable means of exchange for merchants. Their efforts were pretty successful despite falling market prices and other externalities beyond Litecoin’s fundamentals.

Despite having sold all his Litecoin holding by 2017, citing conflict of interest, Lee continues to be the managing director of the Litecoin Foundation. This set up continues to pan out for him, investors and enthusiasts of the project to date. And this year, by all indication could be the best one yet for all involved parties.

Jason Lee is a writer for various crypto publications and manages a small team on Medium. His love of technology and inquisitive nature set him up with crypto back in early 2016 and he hasn’t looked back since. In his spare time, Jason enjoys rock climbing and wakeboarding.

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