Charlie Lee, the founder of Litecoin (LTC), stated that he’ll focus on improving the fungibility of Litecoin by adding confidential transactions capabilities ‘sometime in 2019’.
Litecoin Confidential Transactions
According to the founder of Litecoin, fungibility and privacy are the only properties Bitcoin (BTC) and Litecoin are lacking in comparison to fiat money. In a tweet from January 28th, he noted “
Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy.
I am now focused on making Litecoin more fungible by adding Confidential Transactions.
According to Lee, the update should come at some point in 2019. He also stressed that confidential transactions can be ‘softforked’ in the network, meaning that there’s no need to worry about a potential hard fork and network split.
A Needed Development?
LTC was one of the cryptocurrencies to take the biggest hits throughout 2018’s tumbling market condition. It lost more than 90% of its value, which in January 2018 was over $310. At the time of this writing, Litecoin is trading at a little less than $32.
Last year in October, the team announced that there is an upcoming upgrade to Litecoin’s network dubbed as Litecoin Core 0.17.
According to the official announcing blog post, Litecoin Core 0.17 is intended to lower the network fees by a factor of 10, bringing them back to where they were 2015.
Speaking on the matter, Adrian Gallagher, the Lead Developer on the project outlined:
To encourage more adoption and usage of Litecoin, I think lowering the fees are good thing. We’re not even close to block limits and the block size on disk is pretty small (20GB) relative to other coins. Technically people can already adjust their fees right now to the one above because of the more relaxed min relay/dust relay fee.
What are your thoughts on confidential transactions for Litecoin (LTC)? Share your thoughts down below!