Litecoin creator Charlie Lee is once again in the news as the man is relentlessly working on the implementation of financial privacy on Litecoin. However, reports on the web hints that the development of the same required solid fund.
Essentially, the team is building the MimbleWimble protocol which aims to bring the confidential transactions to Litecoin but not too long, the community alleged the protocol may not assure the privacy of transactions at all. In more recent updates, the Litecoin Foundation seeking $72k through the crowdfunding process to aid as well as foster the development of the Litecoin Network confidential transaction. However, the foundation believes that financial privacy is essential to bring the mainstream adoption of Litecoin among the users and businesses across the globe.
At the moment, Grin developer David Burkett is the face of the protocol and the Litecoin Foundation on LitecoinTalk forum asserts that the fund will finance the effort for building MimbleWimble extension blocks (EBs). The foundation further elaborated that;
“If Litecoin is going to be adopted by mainstream users and businesses, we need to provide financial privacy. For example, fungibility helps protect users from having their transactions or balances readily accessible on the blockchain for criminals to identify attractive targets. “
Privacy-focused coins such as Dash, Monero, Zcash provides massive anonymity to users behind transactions – these coins hide the identity of sender as well as recipient. With the planned fund, Litecoin foundation seeks to help developer David Burkett who is currently leading the MW protocol and Grin ++.
The plan is for David to work 30 hours a week. This will be split into 15 hours for Grin++ and 15 hours for MimbleWimble via Extension Blocks. We believe that this will be a mutually beneficial arrangement because Grin++ code will eventually be forked onto Litecoin’s Extension Block. Therefore any development in Grin++ will be immediately beneficial to Litecoin, elaborated Litecoin Foundation.
According to Charlie Lee, 111.07 LTC and 0.00284 BTC have already been donated so far and the firm is routing with 1/10 towards the goal. If anybody interested to donate LTC, they can do so by clicking this link. They can also track the fund for donations using the same link.
Interestingly, members of the crypto community (many of whom are likely LTC enthusiasts) are appreciating the effort of bringing the privacy feature in Litecoin. They have also shared the screenshot of funds donated.
Image Source – Flickr