For 2019, Litecoin is on road to fungibility and Confidential Transactions which will be “optional initially,” while working on becoming the payment choice for the world.
It’s Time for Fungibility & Privacy
Litecoin has been working hard on becoming the payment choice for the world. And now, according to Charlie Lee, the founder of Litecoin and the managing director of Singapore-based Litecoin Foundation has announced the new goals for the digital asset Litecoin, moving further in 2019.
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. 🚀
— Charlie Lee [LTC⚡] (@SatoshiLite) January 28, 2019
With fungibility, individual units of the digital asset will be interchangeable and with Confidential transactions (CT), the amount transacted on the network will be obfuscated. The plan to add confidential transactions into the full node implementation will be happening, according to Lee, “sometime in 2019.” There won’t be any hard fork involved as Lee further answered on Twitter, “No, Confidential Transactions can be softforked in.”
Charlie Lee Clears the Doubts
One enthusiast questioned Lee for putting out the same thing about 2 years back to which he replied, “2 years ago, I was focused on SegWit.” Looks like finally, Litecoin will get the confidential transactions.
For Confidential Transactions, Litecoin won’t be going for new implementation and it would be rather using the code from Element project as Lee answered another Litecoin enthusiast, “Definitely looking at Elements. Blockstream has done great work in this area.”
As for, will it be, “mandatory like Monero or optional like Zcash?,” Charlie Lee had this to say,
“Optional initially. I think mandatory is much stronger privacy and fungibility but it’s harder to reach consensus on doing.”
Lee cleared further doubts and provided clarifications that crypto enthusiasts needed as he did regarding long-term issues with block size due to CT transactions being 3x in size. “Blocksize is always something we need to keep an eye on. But it’s not a concern right now.”
Well, people did have more options such as satellite streaming that requires no forking and much more value added. But, “Unclear value added IMO as it’s hard to know how many people really need it. But it’s coming…”
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.