Charlie Lee the founder of Litecoin ( LTC ), is currently considering the addition of privacy features to bring true fungibility to the hugely popular altcoin.
Feasibility is the only characteristic of the sound money missing at Bitcoin and Litecoin. Does it support the addition of a privacy feature to Litecoin? If so, which one do you prefer and why?
– Charlie Lee [LTC⚡] (@SatoshiLite) 29 August 2018
A recent tweet by Lee revealed that he sees fungibility as a missing piece of Litecoin and Bitcoin. In an effort to engage the community, Lee opened a poll on Twitter to see if the investors and users of Litecoin would like to see the privacy features added and, if so, what would be their preference in the underlying technology.
The options that Lee offers to the community include Private Transactions (CT), ZK-Snarks / ZK-Starks, MimbleWimble and, of course, the option to deny any type of privacy functionality.
According to current results, which was closed at 17 hours from the end, the Twitter survey indicates that a significant part of the Litecoin community would like to see the CTs implemented on the Litecoin network, although "Do not add privacy" the second
CT, which were originally conceived by Bitcoin developer Gregory Maxwell would work in homologously encrypting the inputs and outputs of Litecoin transactions using a blinding factor, which is a string of numbers that encrypts the identifying information associated with the addresses.
The next technological option, which is in the third place behind "Do not add privacy", represents evidence with zero knowledge, a technology that is used by a number of cryptocurrencies of considerable privacy, including Zcash ( ZEC ). This technology works at the end to ensure the validity of transactions without revealing additional information about them.
The last option is MimbleWimble, which works similarly to CT technology with a major difference. With the MimbleWimble transactions, the Litecoin receiver would generate a binding factor, which would be used as proof of ownership by the recipient.
When pressed in response to his tweet, Lee agreed that the implementation of the MimbleWimble fork would be implemented as a 2-blockchain system that runs side by side allowing easy transfer from the non-private chain to the new chain.
It will surely be a hardfork. It can do this as an update where 2 blockchains run side by side with a one-way send from the current blockchain to the new MW blockchain. Once you go private, stay private.
Although currently unlikely, if privacy technology is implemented, Litecoin would become the largest currency in the coin index AltDex Privacy ( ALTPRV ), which tracks cryptocurrencies and tokens focusing on privacy or security – a position currently held by Monero .
Other: Charlie Lee's Tweet
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