In January, Charlie Lee announced his plans to introduce confidential transactions in Litecoin, but his announcement was followed by a period of long lull, as a result of which Litecoin followers began to doubt the appearance of the promised functions.
Hope revived recently when Lee said that a new developer will join the privacy project in Litecoin. He became the developer of Grin David Burkett, the company he will make another developer, known under the pseudonym “ecurrencyhodler”.
“MimbleWimble progress updates: now the main developer of Grin ++ @ davidburkett38, together with @ecurrencyhodler and me, is working on the design. We are finalizing the LTC input and output mechanism from MW EB. ”
Litecoin’s confidential transactions will be based on Mimblewimble’s private protocol, as planned from the start. These functions will use Litecoin blocks, allowing you to enter additional functions, such as adding Mimblewimble, without the need for a hard fork.
Burkett is closely associated with the Grin coin, which along with Beam is a representative of the Mimblewimble protocol. Despite the fact that both projects are insignificant in terms of market capitalization (ratings No. 85 and No. 92, respectively), they brought Mimblewimble a certain fame. In this sense, Litecoin can also be a big breakthrough.
Litecoin Foundation paid for the services of Burkett, who is developing Grin ++, a wallet and a client that was created for greater user convenience than the standard Grin client. Yesterday, the Litecoin Foundation transferred 1.5 BTC (about $ 16,000) for the security audit for Grin ++.
At the moment, Lee prefers not to give any deadlines for the implementation of the project, since progress is achieved at the cost of lengthy negotiations and great efforts. Most likely, Litecoin will not be able to launch privacy features until the end of 2019.
Confidentiality is now more important than ever. Recently, Binance survived a large-scale dust attack on Litecoin wallets, during which 295,000 LTC addresses were affected. This dust attack does not necessarily target the theft of funds; it could be used to analyze addresses and identify their owners.
Due to tougher legislation, some users are concerned that privacy features may cause problems. Recently, for this reason, Coinbase UK has eliminated the private Zcash from its platform in the UK. It cannot be ruled out that the Litecoin initiative may lead to similar results.
Nevertheless, the creator of Litecoin perceives the idea of confidentiality as important in terms of achieving project progress:
“I think it’s time to shift attention from adoption back to development,” Lee tweeted. “But there is no clear distinction – an improved privacy protocol can be a serious incentive for the adoption of Litecoin.”