The main goal for a lot of cryptocurrency organizations has been to eradicate the middle man and allow users to freely conduct transactions. Litecoin (LTC), Charlie Lee founded cryptocurrency has been known to be a champion of fungibility and their latest update is skewed in that direction.
In an official release, Litecoin developers talked about a new dedicated fund that would allow core members to improve LTC’s fungibility system.
Since its inception in 2011, the Litecoin blockchain has been working with zero downtime, a point that has also been brought up by Charlie Lee. One of Litecoin’s biggest hindrances has been the fact that all LTC transactions are made public.
This, in turn, means that transactional information can be deducted from the LTC ledger to track a user’s spending. During the first month of 2020, LTC enthusiasts donated a total of 138 LTC and 0.03 BTC to the Litecoin MW Development Fund.
The official LTC blog said:
“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.”
The LTC community follows the Litecoin Community Crowdfunding System which decided to dedicate 30 hours to David Burkett. Burkett, who acts as the developer for Grin++, will also lend help to the Extension Block and MimbleWimble updates. The 30 hours allocated will be split between both Grin++ and the Extension blocks [15 hours each].
Burkett also talked about how he has been working with ecurrencyhodler, Charlie Lee and several others to design the Mimblwimble extension block. After the initial proposal was accepted by the Litecoin Foundation, Burkett was able to make several developments on the chain.
The developer revealed that he was able to implement payments via TOR specifically for Grin++. Burkett revealed that he had also found ways to combat the privacy problems in Mimblewimble’s network.
Litecoin and all its collaborators have assured users that they will provide progress updates to keep everyone informed. On the Litecoin side, the developers have stated that they were familiarizing themselves with the existing code setup.