Litecoin & Monero Merge: How LTC & XMR Help Each Other?
Charlie Lee recently admitted that he could start working with Monero in a series of tweets on January 27, 2018. In the tweets, he claimed that the liquidity of Bitcoin could be a good fit for the fungibility and anonymity of Monero. The project lead of Monero was equally enthusiastic in a series of tweets that he made on that same day.
In the tweets, Riccardo Spagni, who is the project lead of Monero, said that he had gotten the chance to sit down with Lee to discuss the possible merger of the two coins. Lee has in the past, said that he would wish to increase the anonymity offered by Litecoin.
The tweets by the two highlight what might be the possible future of crypto coins: on chain atomic swaps. This is a system where two coins would theoretically be able to swap instantly and securely. However, the utilization of on-chain atomic swap technology has yet to have an impact on the digital currency industry. This technology first became possible after SegWit changes were adopted by Litecoin, which were later adopted by Bitcoin in the last years.
How Both Litecoin & Monero Merge Could Benefit
With this swap, Lee said that it would be a win-win for both coins. It would help XMR gain access to the liquidity of LTC and give LTC users access to the fungibility and anonymity offered by Monero. However, this is not something that would happen overnight. Firstly, the Monero community and developers would have to accept that this as a good idea.
Lee Has Done This Before
It is not the first time that Lee has reached out to other coins for some collaboration opportunities. He once helped to save Dogecoin by allowing the two coins to be mined together. This was in the early days of pol mine swaps where pools would switch to the most lucrative coin at the time. This helped Dogecoin survive and introduced it to the Litecoin community and the crypto world in general.
Charlies recently made headlines when he sold off all his Litecoin holdings to avoid conflict of interest. However, most saw this as him abandoning his coin. This move turned out to be quite disastrous in the fickle crypto coin community. He had previously been seen as a strong guiding hand by the community when he oversaw the implementation of SegWit on Litecoin and later on Bitcoin. However, much of this goodwill disappeared when he was seen to have lost faith in his own coin.
What This Would Mean
If this merger goes ahead, it could save Litecoin a lot of development time. However, that much of development burden would fall to the Monero community. Thus, it could take months or even the whole of 2018 before the Monero community agrees to it. However, when it does finally happen, it will make the headlines, but it will not be wholly unexpected.