The founder of Litecoin, Charlie Lee, tweeted recently that their upcoming plan is to make Litecoin more “confidential”. In order to do so, Charlie Lee mentioned that they will be focusing more on privacy features by looking to implement confidential transactions.
You can view Lee’s tweet below:
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. 🚀
— Charlie Lee [LTC⚡] (@SatoshiLite) January 28, 2019
The confidential transactions on Litecoin will be allowing more privacy for the users when they’re spending Litecoin. Lee feels that privacy is a concern within the blockchain community and agrees believes that all transactions should be confidential and not traceable. With this, people wouldn’t be able see the balance. Similar to something which is followed in ATM when we withdraw money from it promoting more privacy.
Another crucial reason for having confidential transactions is to ensure that everything is secured. The fewer data available to the public, the better for security purposes.
Confidential Transactions is not a new concept. The Confidential Transactions that Lee mentioned in the tweet was first proposed in 2013 by Adam Back, who is creator of HashCash, CEO of Blockstream. “It was expanded on a few years later by Maxwell and the Blockstream team, with a sidechain in the Elements project setup to further test the implementation,” which was posted on the Litecoin website.
A good amount of the community believes that this concept should have been implemented from the very start.
All the transaction data must be conspicuously public so it can be verified, which is at odds with the normal expectation of privacy for traditional monetary instruments. As of now, we don’t know when the exact date of this release will be, but Litecoin does a good job with keeping the community in the loop. We should have more updates for everyone shortly as we come across them.