Charlie Lee has been talking a lot about privacy and making Litecoin a highly confidential digital asset. The users were waiting for something to listen from the LTC founder regarding the promised privacy features. And now, it seems, the community has got what they wanted.
The founder of Litecoin (LTC) mentioned that they have donated about 1.5 Bitcoin (BTC) to the Grin++ security audit. Grin developer, David started the funding campaign for Grin++ couple of months ago. The initial goal of raising $30K has been achieved, but there is still a long way to go. To encourage to donate for Grin++, David said:
Although we’re a long way from meeting the goal, I still think a security audit is something worth having. If you agree with me and want to support this effort, I encourage you to donate at one of the addresses at the bottom.
Grin++ is a lightweight contrivance of the MimbleWimble protocol. It is a blockchain project that focuses on providing scalability and privacy. Recently, it had a successful hard fork spell and the key feature added to this program is the tweak of one of two mining algorithms.
Supporting a mining algorithm which is compatible for both GPUs and ASICs, however, the recent fork might prevent the specialized machinery from materializing to build the GPU-friendly algorithm.
Charlie Lee briefed on his Foundation’s collaboration with the Grin++ security audit saying that alongside David and ecurrencyholder, they have ironed out the mechanism of getting Litecoin in and out of MW/EB. They also seem to have figured out how to handle MW fees cleanly.
The Mimblewimble protocol provided by Grin++ will improve the privacy of Litecoin by making transactions confidential. Alongside this, it will also use the LTC’s extension blocks, giving it an option to be integrated without the need of going through a full hard fork.
There are a couple of other cryptocurrencies in the market using this Mimblewimble feature, and they have given a bit of visibility to the Grin++ project. With the adoption of this feature by Litecoin, it will be a leap forward for Mimblewimble, too. Moreover, Litecoin’s financial aid will be a key for its growth as they donated around $16,000 to Grin++ if we count in the fiat.
Lately, Litecoin has lagged in the development sector, and now it is looking to move back to development from promotion. Lee stated that the time has come to shift focus from adoption back to the development. With development, adoption automatically increases. If there is something that users need, it is privacy, and with an improved privacy protocol, it will pop-up the adoption of Litecoin. That’s what Charlie Lee believes.
So, it is good news for the Litecoin community because it’s been a while since they last heard a severe development program for the digital asset. At the moment, Litecoin (LTC) occupies the fifth spot in the crypto rankings, and such vital developments will help boost its value in the market further.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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