Litecoin founder Charlie Lee looking to implement confidential transactions to LTC

29 Jan, 2019
by Ryan Boltman
News
Litecoin founder Charlie Lee looking to implement confidential transactions to LTC

In a recent tweet, the founder of Litecoin, Charlie Lee mentioned that his next focus for Litecoin will be to make the coin more fungible. To do this, the founder will be focusing on privacy features by looking to implement confidential transactions.

Lee tweeted about implementing privacy features on Litecoin as his next step for the project to become more fungible, stating "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."

The idea of creating a more privacy featured Litecoin, will allow more privacy for users when spending and sending their Litecoin. Lee believes that by hiding the sender and the receiver's address from the blockchain, people are more likely to use the token. As this would prevent people from seeing your balance, much like when you draw money from an ATM and no one knows how much is in your bank account.

Read More: Litecoin Price Analysis January 27th: Looking to retest $34

One obvious reason for this privacy feature would include security, and not letting potential criminals or hackers see your balance, therefor not making a user a target.


The potential idea of adding confidential transactions means that Litecoin could potentially fork at some point in the future, although that is just speculation at this point.

Read More: The Winklevoss twins choose ZCash over Monero since it's more regulator-friendly

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