Charlie Lee, Founder of major alternative cryptocurrency in a tweet, hinted that Litecoin will see privacy improvements with the implementation of Confidential Transactions.
One of the hottest use cases for cryptocurrencies has been for sending and receiving money through private means using coins like DASH, Monero, ZCash, PIVX, and Verge.
Litecoin has seen progressive developments in the past, closely following Bitcoin, a code base from which it forked. On Monday, January 28th, Charlie Lee took to Twitter to announce that he will be focusing on making Litecoin more fungible.
He described fungibility as the “only property of sound money missing from Bitcoin and Litecoin.” A currency is said to be fungible when all units of supply are exactly equal and interchangeable.
Fungibility is very important because it ensures reliability. Imagine if only some bitcoins are interchangeable with others and others are not due to the history of transactions conducted with the coins.
The addition of Confidential Transactions is to ensure privacy on the Litecoin blockchain will make the currency fungible and give it an urge over several currencies that are not fungible.
Replying to follow up questions from his initial tweet, Charlie indicated that a softfork will be enough to implement Confidential Transactions without a hardfork.
According to recent tweets, Charlie is currently conducting research on various protocols and technologies that will make this update possible.
It will be interesting to see how other privacy coins fair when Litecoin pivots into that category.
Litecoin seems to have a lot planned for 2019. The LTC Foundation added 4 new advisors recently, the project sponsored a huge UFC pay per view and our sources indicate that Asian partnerships are on the horizon.
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