Litecoin Creator Charlie Lee Joins DMG Blockchain Solutions Advisory Boardbr>
DMG Blockchain Solutions has named Litecoin creator Charlie Lee to its advisory board. The move is a prelude to the company adding Litecoin mining to its offerings.
DMG is a diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. DMG, along with its Blockseer division located in Silicon Valley, focuses on industrial scale crypto mine hosting — mining as a service (MaaS), crypto mining, blockchain forensics/analytics and blockchain platform development.
Lee is the inventor of Litecoin and former director of engineering at Coinbase. He joins DMG Blockchain Solutions as the company prepares to add Litecoin mining as part of its mining-as-a-service (MaaS) operations, as well as apply the Lightning protocol for cross-chain atomic swaps between blockchains such as bitcoin and Litecoin.
Lee created Litecoin just two years after the first bitcoin appeared. LTC has remained one of the top-valued cryptocurrencies and exploits a hashing protocol that uses a different algorithm from bitcoin and was designed to reduce blockchain transaction time by almost 75 per cent, which potentially makes Litecoin better suited for higher-volume transaction applications like retail shopping and online payments.
Lee graduated from MIT with a computer science degree and developed Litecoin while working at Google as a software engineer. He left Google in 2013 to become one of the first hires at Coinbase, and in 2017, Lee stepped down from his position at Coinbase to work full-time on LTC as managing director of the Litecoin Foundation.
“Next to bitcoin, our global mining-as-a-service (MaaS) customers are requesting Litecoin mining services,” said Dan Reitzik, chief executive officer of DMG Blockchain Solutions. “Thus we are fortunate to have Charlie Lee as both a shareholder and an adviser. As for Charlie, every employee in DMG Blockchain Solutions knows him by reputation, if not personally, and we are all excited to have his industry knowledge and his personal attention on DMG’s strategy and development going forward.”
“I am delighted to see DMG’s interest in supporting LTC,” said Lee. “I’m looking forward to advising both DMG’s industrial mining and engineering teams as the company expands into the LTC ecosystem.”