Charlie Lee proposed to change Litecoin accounting units

Founder of Litecoin proposed to change mLTC to "Lite" and get rid of μLTC 
16 July 2017   1199

Features faster transaction confirmation times and improved storage efficiency than the leading math-based currency.

Charlie Lee, the founder of Litecoin, made an interesting proposal. His idea is to change the usual system of cryptocurrencies accounting units to a more understandable and simple one.

He had his thoughts published on the Reddit, saying that growth of Litecoin gave him such idea. 

According to him, such accounting units as mLTC (milli-litecoin) and μLTC (micro-lightcoin) is an exponential representation of numbers that does not fit the general public.

Therefore, he suggests using the term "Lite" instead of mLTC and completely discarding the use of μLTC in the client.

As the marketcap of Litecoin grows and each litecoin becomes more and more expensive, I think we need a smaller unit of accounting. Humans are not used to seeing prices with more than 2 decimal places. As we see, Bitcoin has had trouble switching to a smaller unit of accounting. And we will have trouble also in the future when both the community and adoption are much larger.

I think that we should decide on a smaller unit of accounting now. mLTC and μLTC are scientific notations and not suitable for the general public.

My proposal is to use the term "lite" to replace mLTC and get rid of μLTC in the reference client. So 1 LTC equals 1000 lites and 1 lite is worth about $0.04 right now. People will use lites to measure litecoins, but exchanges will still trade in LTC.

Charlie Lee
Litecoin Founder


Distributed database that is used to maintain a continuously growing list of records, called blocks.

The post caused a stormy discussion, and although many of Charlie Lee's offers people liked, alternative versions of the new accounting system also sounded.

For example, one of the commentators with nickname "sh4ms" proposed to use "1 LTC = 100 lites is better! because: 1 EUR = 100 Cents 1 USD = 100 Cents ..."

Also, don't forget that MIT is going to launch mysterious Litecoin project in 15 days.

Litecoin Foudation to Purchase 10% of WEG Bank AG Shares

The acquisition of shares was the result of an agreement with the company TokenPay
11 July 2018   129

The non-profit organization Litecoin Foundation, which supports the popular crypto currency, announced the acquisition of almost 10% of the shares of the German bank WEG Bank AG.

As noted in the press release, the acquisition of shares was the result of an agreement with the company TokenPay, which operates with the transfer of assets from crypto-currency to fiat and vice versa.

It is reported that TokenPay transfers 9.9% of shares of the German bank WEG Bank AG to Litecoin Foundation to pay for technical support and the introduction of cryptocurrency payments for TokenPay customers.

This partnership is a huge win-win for both Litecoin and TokenPay. I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin. I’m also excited about Litecoin’s support in TokenPay’s eFin decentralized exchange.

Charlie Lee

Managing Director of the Litecoin Foundation

TokenPay purchased part of WEG Bank shares in May.

The partnership with innovative institutions such as TokenPay and Litecoin might at first come unexpectedly for a very conservative institution like us. But we have thoroughly and diligently examined the prospects of a common future, and we became convinced that the future of banking will make adoption of such modern payment methods inevitable. We are therefore proud to have teamed up with the best in the field.

Matthias von Hauff

Founder and CEO, WEG Bank AG

Rumours about possible cooperation between TokenPay and Litecoin Foundation appeared back in April.