Litecoin (LTC) Plans To Add Confidential Transactions – More Fungibility Than Privacy
Litecoin was recently in the spotlight when its creator Charlie Lee talked about privacy.
Lee addressed the reasons for which the platform has decided to use MimbleWimble to power confidential transactions.
More about fungibility than privacy
Now, it’s been revealed that the Litecoin Foundation director Franklyn Richards says that the plans to add confidential transactions to LTC are more about fungibility and not privacy.
During a new rebuttal to a takedown on privacy protocol Mimblewimble, Richards says the Foundation’s main focus is to make sure that the transaction history of a particular LTC does not affect its value.
He said that “the main appeal of MW and the reason the Litecoin Core team are looking to implement support for it, has primarily been its ability to provide network fungibility, future scalability, and ‘greater’ (not complete) privacy.”
Richards continued and explained that “Fungibility is derived from the inclusion of confidential transactions (CT) whereby the value sent over the network is hidden yet verifiable.”
In other words, when interacting with other people on the network they will not be able to look back and find out how much LTC you own.
Litecoin in the crypto market
The crypto market fell again, with Bitcoin trading below $6,740 at the moment of writing this article.
Litecoin is also trading in the red and the coin is priced at $43.70. LTC is placed on the 6th position on CMC.
It’s also worth noting that the coin’s price has been moving through a descending channel since back in July, and this digital asset oscillated between the trend lines since then.
AMBCrypto noted not too long ago that, “As the 200-day moving average moves high above the price, there could be long-term bearish movement, but the 50-day moving average could push the price up in the short-term.”
There are some potential reasons for which BTC price went down again, dragging the crypto market along.
Ex-Google engineer, Charlie Lee is the creator of Litecoin and MD of the Litecoin Foundation. Previously Director of Engineering at Coinbase, Lee now focuses full-time on Litecoin. To enhance fungibility and privacy of LTC, integration of MimbleWimble has begun, however Lee has recently announced a crowdfunding launch to fund the development.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.