Coin News

Litecoin founder Charlie Lee is focusing on privacy with Confidential Transactions in 2019

Charlie Lee founder of the Bitcoin hardfork Litecoin has tweeted that he will be dedicating time this year to make Litecoin more fungible.

Putting the fun back in fungible: Charlie Lee, founder of Bitcoin fork Litecoin, has announced that he will be aiming to make Litecoin more fungible. In a tweet, Lee explained:

It seems that Lee is hoping to make Litecoin more functional as a currency token; fungibility is required for a medium of tender to become widely adopted for transactions.

According to Lee, this addition of Confidential Transactions can be implemented as a softfork, so the Litecoin blockchain will not need to undergo a hardfork. This shift should be taking place sometime in 2019.

The founder is in the process of doing his homework for the new “battleground” feature. Lee tweeted that he has some “lite crypto reading” on Confidential Transactions to focus on. Puns aside, Lee seems set on implementing this new plan and users are praising him for his hard work.

The sharp attention to privacy in Confidentiality Transactions could be bad news for privacy and anonymity focused tokens, such as ZCash, Dash and Monero. It will be interesting to see how the privacy tokens fair once Litecoin introduces Lee’s vision into its blockchain.

Litecoin price

The token has seen a moderate rollercoaster over the past seven days. Over the weekend, Litecoin price increased only to drop back down again as Monday rolled around.

At present, Litecoin is trading at $31.19 USD, which is a moderate 1.25% increase in day-on-day trading volume.

Posted: Oct 30, 2020 Author: Becky Categories: Coin News