A week ago, the Litecoin development team revealed some of the plans for implementation of anonymous transactions in bitcoin-based Protocol MimbleWimble. Initially, the policy of raising the anonymity announced the project’s Creator Charlie Lee at the beginning of this year. During the event, Litecoin Summit in Las Vegas was announced a few interesting details about the future of LTC.
A new course from Charlie Lee
The theme of anonymity and privacy for a very long time seriously discussed in the industry. Concealing data of the users of cryptocurrencies, there are some risks — namely, the threat to ban anonymous crypts in certain countries. However, this is not afraid and is willing to take the risk. He is convinced that his initiative will still be successful for the project.
The main goal of the Creator of Litecoin — to achieve complete interchangeability of the coins. That is, in circulation, LTC should not be “untouchable” coins, the exchange of which is prohibited by the state or anyone else. Lee is convinced that his plan can be translated into reality only with the help of anonymous transactions. Thanks to them, the cryptocurrency will become completely resistant to censorship.
See also: is it Profitable mine Litecoin three months after halving?
Meanwhile, China has set the course for the development of new projects in the field of blockchain and release their own centralized digital currency. Of course, it will become another tool to control the personal lives of citizens by the government. In addition, some other countries clearly do not approve of the very existence of cryptocurrency with a private transaction, so changes in Lidoine not everyone will like.
Yes, of course there are risks. Countries such as Korea or Japan may find an anonymous Litecoin unacceptable. And yet I believe that progress is impossible without risk.
Charlie is not the first who started to experiment with the protocols of privacy, so he has the opportunity to use the experience of others in the improvement of LTC. There is every chance that the exchange will not mind the upgrade coins and keep the status quo in this matter. That is Litecoin as before you can sell or buy on the trading floors.
Charlie Lee taking about implementation of privacy on Litecoin.
It is a bit risky because countries with an anti-privacy stance might delist the coin but it’s a very important step to make fungible currency.@SatoshiLite on a panel with @magicalcrypto & @naomibrockwell pic.twitter.com/tTlk4LFcSJ
— Mati Greenspan (@MatiGreenspan) October 29, 2019
MimbleWimble still testing, and the final date for full integration of private transactions is still unknown. Let’s hope that all this will positively affect the price of the cryptocurrency. Or at least it will not be removed from the major exchanges that complicate the life of the traders.
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