On Feb 15, 2017, the community manager for the Litecoin Foundation published an article in which he stressed that LitePay is a distinct entity from Litecoin (LTC) and the Litecoin Foundation. In private comments sent to BeInCrypto, he also stressed that the Litecoin Foundation is distinct from the currency itself.
There are many entities working toward the mass adoption of various cryptocurrencies through decentralized efforts. There are no centralized authorities which govern Litecoin or determine how the currency can be used or decide where it can be integrated. Adoption depends almost dependent upon the decentralized actions of a diverse group of entities within the Litecoin Community.
Litecoin (LTC) is a decentralized cryptocurrency developed primarily as a clone of Bitcoin (BTC). A common metaphor suggests that Bitcoin is virtual gold and Litecoin is virtual silver.
Like gold and silver, both Bitcoin and Litecoin are often held as stores of value. Many investors purchase the currencies with the expectation that they will increase in price over time. At a future date, they can then be sold for either a profit or a loss. Neither Bitcoin nor Litecoin was designed to serve as a store of value, however. Their primary and defined use-value is as a currency.
The Litecoin Foundation
Both Bitcoin and Litecoin are designed using decentralized blockchain technology.
The philosophy of decentralization also extends to the real world. While many are working toward the mass adoption and social integration of cryptocurrencies, there is no single entity leading the effort. Furthermore, while the Bitcoin Foundation and Litecoin Foundation have been designed to facilitate adoption, they do not govern the network.
In private comments made to BeInCrypto in response to an earlier article, Gashi stated:
The LTC Foundation is a separate entity from Litecoin itself, so it [the Foundation] does not make any decisions for Litecoin…The foundation is a non profit organization that’s dedicated to advancing adoption and awareness of Litecoin, so its completely separate from the decentralized currency.
The Bitcoin Foundation is similarly distinct from the coin, itself. Both foundations exist as organized tools to be used for awareness raising and mass adoption — but neither are recognized authorities over the currencies or the networks on which they are hosted. These foundations work with other groups and individuals in a decentralized manner. This means that they work toward the same goal without necessarily communicating with each other or working on the same project.
LitePay vs. The Litecoin Foundation
LitePay, Inc. is a private company which announced a Litecoin crypto card to be released on Feb 26, 2018. The release of the card was subsequently delayed, indefinitely. On March 26, 2018, Keith Yong of the Litecoin Foundation wrote an open letter to the LTC Community. He stated that the CEO of LitePay, Kenneth Asare, was preparing to sell the company. It had effectively ceased operations.
Until LitePay failed, the Foundation had helped fund and promote the company. During a decentralized process such as this, various entities will often work together. Such partnerships may be short-lived, but they are important for minor adoptions. When there are enough minor adoptions after a sufficient period of time, mass adoption should theoretically be reached.
Gashi stresses that, despite the short-lived partnership between LitePay and the Foundation, both are distinct entities. He writes in his latest article that “Litepay was created independently from Litecoin and is not associated with the core project.”
Do you think decentralized efforts will help aid mass adoption of cryptocurrencies like Litecoin (LTC)? Let us know your thoughts in the comments below!
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