Litecoin’s Fungibility Property For Money Privacy Is Still A Work In Progress Says Ilir Gashi
Litecoin’s Fungibility Solution Is Still A Work In Progress Says Ilir Gashi
The Litecoin (LTC) and cryptocurrency community are very excited about the plans that Litecoin has to include Confidential Transactions (CT). With CT, users on the Litecoin network will be able to process transactions without having to be worried about their privacy.
Charlie Lee, the founder of this popular cryptocurrency announced the intentions they have a few weeks ago. During 2019 this implementation might be ready and running on Litecoin, allowing the digital asset to be part of the selective group of privacy coins.
Although there is a lot of excitement around this, Ilir Gashi, the Community Manager of Litecoin, wrote a tweet in which he clarifies the current situation of Confidential Transactions.
He explains that they are focusing on bringing fungibility and privacy to Litecoin but ‘nothing has been set in stone yet.’ Now, developers are analysing the technical aspects of this new implementation. At the same time, he explained that they are trying to implement solutions that work best for the people, exchanges and also regulators.
Just want to clarify a few things.
Whilst the focus is on bringing fungibility and privacy to Litecoin, nothing has been set in stone yet. The technical aspects are still being researched.
We're investigating solutions that work best for the people, exchanges and regulators.
— Ilir Gashi [LTC⚡] (@mrilirgashi) January 30, 2019
These comments could mean that the expected new fungibility upgrade may not come as soon as expected in 2019. Such important implementations use to take a long time to be added to crypto networks. At the same time, this could mean that the team behind Litecoin is still considering other options. There are other solutions that can be adopted by Litecoin to increase users’ privacy while using the coin.
Regulators have usually been implementing different regulations on virtual currencies, including Bitcoin. Privacy coins are very controversial because transactions might not be able to be traced and users would remain almost anonymous. This is the case of Monero (XMR), that hides the information of those involved in transactions, including the funds that are being transacted.
Apparently, Litecoin wants to be in line with regulators and also the community. Nevertheless, is something strange to hear that a virtual currency is anonymous and that a regulatory agency will be comfortable with it. It also might be possible for Litecoin to think about a new implementation to disrupt the crypto ecosystem and privacy in the space.
Litecoin is currently the 7th largest digital currency in the market. It has a market capitalization of $2 billion and each coin can be purchased for $33 dollars.