Guides to Cryptocurrency Founders
6. Litecoin (LTC) Founder Introduction
Charlie Lee' s parents were from Shanghai and were among the pioneer group of Chinese people who moved to Africa in the early 60s, they settled there and gave birth to Charlie in the Ivory Coast.
When Charlie was 13 years old, he moved to the United States with his parents form the Ivory Coast. He studied in Lawrenceville High School and graduated there in 1995. He then attended MIT for college and eventually graduated with a Master’s Degree in Computer Science.
After college, he went to work for Kana Communications as a Software engineer from 2000 to 2003, Guidewire Software for 4 years to July 2007, and then Google from 2007 to 2013 when he first discovered Bitcoin in 2011. Charlie was impressed with the blockchain technology along with Bitcoin, and started Bitcoin mining. He bought his first Bitcoin from Mike Hearn, one of the early Bitcoin developers.
First Cryptocurrency Creation
After discovering alternate coins were flawed in those days, Charlie Lee saw the need for a Bitcoin alternative and in September 2011, created his first cryptocurrency, Fairbix, by cloning the Tenebrix and making a few adjustments. However, Fairbix had major software bugs and the client used for the coin was unable to withstand a 51% attack.
After the failed Fairbix release, Charlie Lee decided to clone the Bitcoin source code, made some changes eg. higher maximum number of coin supply cap, decreased block generation time. Thus, on 7 October 2011, Litecoin was born and Charlie acquired a new nickname “Satoshi Lite”.
Coinbase and Later Years
2 years after creating Litecoin, Charlie left Google and went to work at Coinbase as a Engineering Manager and later Director of Engineering before leaving in 2017 to focus his work on Litecoin. Under his leadership, Litecoin became the first top 5 cryptocurrencies (by market cap) to implement SegWit or Segregated Witness and shortly later, completed the first Lightning Network transaction both in May 2017. As of 1st May 2018, Litecoin reached cryptocurrency market cap of more than $8.4 billion USD.