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:
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
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.
Some lite crypto reading… 😂 pic.twitter.com/1uYzU36b6a
— Charlie Lee [LTC⚡] (@SatoshiLite) January 29, 2019
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.
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.