Litecoin News – Privacy and Fungibility Features: Progress Goes Smoothly
Litecoin was in the spotlight not too long ago when creator Charlie Lee talked about privacy.
He talked about the reasons for which the platform has decided to use MimbleWimble to power confidential transactions.
After that, 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 rather than privacy.
He stated the following back then: “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.”
Progress is going great
The lead developer is working to bring privacy and fungibility features to Litecoin says early progress is going great.
In a new blog post and Twitter thread, David Burkett said that the very first step was getting familiar with LTC’s codebase, which is a fork of Bitcoin.
“After that, I got to work re-designing the Grin++ codebase in a way that will allow LTC to reuse Grin++ with minimal modifications…” he said.
He continued and explained that “It’s no secret that their dev process has long been to just merge the latest Bitcoin changes. Part of the challenge with the EB will be designing it in a way that this practice can continue, in case I get hit by a bus.”
I'll be posting monthly status updates detailing progress on the LTC MW EB (YAY acronyms). This is geared toward those interested in LTC development, but will also talk a lot about Grin++ changes, so it may be interesting to Grinners as well. https://t.co/hTpUbWSPI6
— David Burkett ツ (@DavidBurkett38) December 1, 2019
The update doesn’t have a launch date set yet.
Litecoin in the crypto market
Regarding the price of LTC in the crypto market, things are not looking amazing since the fall of BTC.
Today, the market is bloody red, and LTC is also trading in the red at the moment of writing this article. LTC is priced at $44.89, and the coin is placed on the 6th position on CMC.
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.
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.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.