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Litecoin Charlie Lee would add LTC privacy and fungibility – Coin Hero

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Litecoin Charlie Lee would add LTC privacy and fungibility

Home News Litecoin Charlie Lee wants LTC privacy and fungibility add

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Marcus Misiak –
06.02.2019

Litecoin-founder Charlie Lee, the Litecoin Foundation currently, as “Confidential Transactions” (CT), i.e., confidential transactions, to implement, to improve the sixth largest cryptocurrency by market capitalization. How Lee via Twitter announced also examines the Litecoin Foundation MimbleWimble.

Lee, Creator of Litecoin, the “silver of Bitcoins Gold” has announced last week that he is aiming for fungibility and privacy for Litecoin. This announcement was accompanied by a lot of Fanfare, especially of the many, Charlie Lees, welcomed the promise to expand Litecoin confidential transaction functions. In addition, are currently being investigated all the possible solutions to the fungibility.

Litecoins Community Manager Illir Gash said:

While the focus is to teach Litecoin fungibility and privacy, has yet to be anything written in stone. The technical aspects are still being researched. We examine solutions that work best for the people, stock exchanges and the regulatory authorities.

Charlie Lee’s latest Tweet suggests, however, that the Litecoin Foundation will promote the originally announced confidential transactions. Additionally, Lee tweeted that the development team MimbleWimble with extension blocks for the solution to the fungibility problem.

Confidential transactions (CT) is a special method that increases the privacy of a transaction by using the key, the Bitcoin can obscure addresses and amounts.

The MimbleWimble Protocol, whose Name is inspired by the Harry Potter universe, is Essentially a Tom Elvis Jedusor developed a privacy Protocol that the crypto would give currency, but also fungibility. The Protocol is currently being used by the rather unknown Privacy Coins Grin and Beam. The MimbleWimble Protocol uses an Innovation called CoinJoin, a mechanism that combines multiple payment information to a single transaction chain of what to do for the outside is not possible, find out which payment from which the user came and for whom it was intended.

The fungibility allows a medium of exchange is interchangeable, and also allows a unit into smaller denominations to split, and still keep the same value. Fiat money, for example, is fungible, because of 20 Dollar bills notes with the other $ 20 replaceable. A $ 20 Note can also be used in two 10-USD notes divided without losing value. The fungibility of Bitcoin is controversial because the history of a bitcoin, for example, can be traced to an illegal transaction.

Because MimbleWimble and Litecoin differ significantly, would require an implementation of MimbleWimble remarkable a Litecoin Hard Fork.

While Litecoin privacy explores functions, amplifies the US Securities and Exchange Commission, currently your efforts to read the Blockchain data, to obtain detailed information about transactions, including the identification of the Wallet addresses.

Featured Images: Visual Generation | Shutterstock

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