We reported that Charlie Lee, Founder of the Litecoin project teased the implementation of Confidential Transactions to bring proper privacy and fungibility to the project but we might have gotten part of it wrong according to Community Manager, Illir Gashi.
What did we report?
We indicated that, on Monday, January 28th, Charlie Lee took to Twitter to announce that he will be focusing on making Litecoin more fungible by implementing Confidential Transactions.
He then went ahead to describe fungibility as the “only property of sound money missing from Bitcoin and Litecoin.”
Replying to follow up questions from his initial tweet, Charlie indicated that a softfork will be enough to implement Confidential Transactions without a hardfork.
In his recent tweets concerning the matter, Charlie seemed to be conducting research on various protocols and technologies that will make this update possible.
Clarification
In an update to the community on Twitter, Illir Gashi made it known that “nothing has been set in stone yet” regarding the technical aspects of Litecoin’s privacy ambitions.
Gashi also mentioned that the solution would be one that works best for users, exchanges and regulators.
What does this mean?
This probably means that the highly anticipated privacy offering by Litecoin might take longer than initially expected and may not come in the form of what has already been reported.
The indication that the impact the new feature might have on the currency is being considered shows the possible use of a strategy that seeks to achieve the end goal in away that does not disrupt the existing ecosystem.
Nevertheless, the fact that privacy-based features are coming to the Litecoin blockchain presents a very interesting outlook on the future of the crypto landscape in a few months to come.
Want to get the latest crypto updates, analysis and breaking news? Follow us on Twitter (@CoinnewsLive).
