On August 29, Charlie Lee, founder and creator of the seventh cryptocurrency for market capitalization, Litecoin, published a survey for his followers on Twitter. The survey tried to get a popular opinion about which privacy feature should be added to Litecoin.
As suggested by the tweet, the four options advanced by the computer scientist were Private Transactions, ZK-Snarks / ZK-Starks, MimbleWimble and no privacy. The most popular vote was obtained from Private Transactions, followed by no privacy, ZK-Snarks and MimbleWimble.
Confidential Transaction [CT] is a method of adding privacy in a payment system using homomorphic cryptography through a blinding factor. A blinding factor is a string of numbers that help to encrypt system inputs and outputs. This feature guarantees the authenticity of a transaction but hides any information related to it from the network, such as the amount of the transaction.
On the other hand, ZK-Snark or Zero-Knowledge Succinct Non-interactive knowledge topic is a privacy protocol used by private currencies such as Zcash [ZEC] and Zcoin [XZC]. Transactions protected by this protocol are completely encrypted by it on the blockchain. This protects all transactional information, such as quantity and addresses involved in payment.
A large number of critics who joined the discussion talked about the many technical aspects of the plan's execution if they were to be thought of at all. Francis Pouliot, CEO of Satoshi Portal wrote:
"You can not add MimbleWimble to litecoin, you should completely discard the existing blockchain project."
Here, Charlie Lee came in to respond to the comment and suggested:
"It will definitely be a hardfork, it can do 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 become private, you remain private. "
Riccardo Spagni, a member of the nucleus of Monero, who uses another privacy protocol known as Ring Signatures, comments:
" Privacy technology tends towards monopolization, because people who want privacy want to get lost in the biggest crowd. "
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