Last Updated on
The crypto industry is a tough environment to operate in, and several projects have failed to survive the harsh conditions. Many blockchain projects have been unable to keep going due to different factors.
In recent times, rumors have been floating around the crypto community, stating that Litecoin may have reached its demise. Litecoin is one of the most successful projects in the crypto industry, and these rumors have created some negativity around the project.
Some prominent names in the crypto community such as Erik Finmam, a Bitcoin millionaire, also think that Litecoin may be living in its last days. In December last year, Finmam claimed that Litecoin was close to its end.
There are a variety of reasons why the crypto community believes that Litecoin’s lifespan has expired. The altcoin has seen little development around it since last year, and this is a discouraging sign for investors and stakeholders who may be looking to buy Litecoin (LTC). Litecoin’s GitHub repository has had very little activity in the first half of 2019.
Crypto markets have been experiencing positivity, but Litecoin has been excluded from this activity. The Litecoin team has also not delivered on their promise to develop new privacy measures on the blockchain, which has prompted community members to think that it may never happen.
The rumors became stronger after an alleged conversation between Litecoin’s top management leaked on Reddit. The exposed conversation revealed that developers working on Litecoin have admitted that the project has stagnated and there is no activity around it.
The alleged leaked conversation strengthened the rumors already circulating that Litecoin may be dead.
Litecoin Boss Responds To Rumors
These rumors can be damaging to a brand, and the Litecoin Foundation has responded in a bid to squash these rumors. The response came through Litecoin’s founder, Charlie Lee, who addressed the matter in a 16 part twitter thread. Lee also went on to explain a number of things about Litecoin to explain why activity around the altcoin has been the way it is.
1/ Just want to set the record straight.
In the 8 years history of Litecoin, we've only had a handful of core developers working on Litecoin Core.
— Charlie Lee [LTC⚡] (@SatoshiLite) August 11, 2019
According to what the founder said, Litecoin developers have been hard at work unlike what the rumors around the project have been saying.
Lee also clarified that the altcoin’s codebase prevents developments and changes from showing on the GitHub repository as is common with crypto projects. Instead, Litecoin is set up similarly to Bitcoin, and hence changes do not show on the catalog.
If the statements by Lee are right, the crypto community may be misinformed about where Litecoin is standing. Lee says they have been operating using these methods for many years and he wouldn’t be surprised if rumors resurfaced next year purporting that the altcoin is dead again.
The founder went on to explain that the issue of the implementation of privacy measures has been delayed due to focus being directed towards projects pushing for the adoption of Litecoin.
Some of the projects include the addition of Litecoin to crypto payment platforms such as Flexa. Recently, the Miami Dolphins, an NFL team, adopted Litecoin as their official cryptocurrency and this is one of the projects the altcoin’s team have been working on.