According to a press release, DMG Blockchain Solutions Inc. welcomes Charlie Lee, inventor of Litecoin and former director of engineering at Coinbase to its advisory board today to help the company strategize their new plans. DMG is a cryptocurrency and blockchain platform that focusses on mining public blockchains and applying permissioned blockchain technology, to solve the problem of fraud and friction associated with the movement of value through the supply chain.
Dan Reitzik, CEO of DMG Blockchain Solutions, Inc. said:
“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.”
As a part of their Mining-as-a-Service [MaaS] operations, DMG is planning to go beyond Bitcoin [BTC] by adding Litecoin [LTC]. Retzik said that they planned to do so as their Mining-as-a-Service [MaaS] customers were requesting Litecoin mining services.
He further said that the company was fortunate to have Charlie Lee join as both a shareholder and an advisor. Charlie Lee was an influential shareholder of Blockseer, which was later acquired by DMG Blockchain Solutions.
Earlier this month, DMG had announced that it would be contributing core code to the Lightning protocol which can increase blockchain transactions improve the Bitcoin network. Now, they are planning ‘to apply the Lightning protocol for cross-chain atomic swaps between blockchains such as Bitcoin and Litecoin’, as stated in the press release.
Charlie Lee’s hashing protocol reduces blockchain transaction time by almost 75 percent as it uses a Scrypt-based algorithm, which is different algorithm from the one used by Bitcoin. This makes Litecoin suitable for retail shopping and online payments as they involve high volume transactions.
Charlie Lee shared his opinion saying:
“I am delighted to see DMG’s interest in supporting LTC. I’m looking forward to advising both DMG’s industrial mining and engineering teams as the company expands into the LTC ecosystem.”
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