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Litecoin (LTC) has always been viewed by crypto analysts as the shadow clone of bitcoin due to similarities in their blockchain technology. However it looks like the coin is looking towards a major shift, in 2019.
Following the recent trend of developments planned by the developers of the blockchain project, Litecoin is moving towards becoming an anonymous coin. This new phase of developments was revealed by Litecoin founder Charlie Lee recently on Twitter.
Lee tweeted that the blockchain solution is looking towards increasing privacy and fungibility by incorporating confidential transactions. It is understood that research has started on this new update and Lee posted an image of research papers.
Some lite crypto reading… 😂 pic.twitter.com/1uYzU36b6a
— Charlie Lee [LTC⚡] (@SatoshiLite) January 29, 2019
When asked about their view on the introduction of the latest update, the community of the altcoin endorsed the move.
What's your view on the plan to add Confidential Transactions into Litecoin?
— Litecoin.com (@LitecoinDotCom) January 28, 2019
Litecoin (LTC) Announcement A Major Talking Point In The Past Few Weeks.
This announcement by Lee has been a major talking point in the crypto space. It is believed that this development would be difficult to pull off due to blockchain dissimilar in technology to established privacy coins such as Zcash and Monero.
However Lee is confident that this update is required to make Litecoin (LTC) a currency token and add an extra layer of privacy for transactions. Most altcoins have begun to focus more on improving privacy features.
Security Issues Need To Be Sorted Out Before Rolling Updates
Litecoin (LTC) is one of the most used cryptos and currently lies 7th on the top 100 list based on marketcap. It risks running foul with exchanges if it becomes a private coin as many exchanges are beginning to get regulated by government agencies.
Litecoin (LTC) must also contend with possible hacks as any loophole in the privacy update can lead to the hacker mining more coins without restrictions. The developers in Litecopin would have done their research on the possible problems that could result when the update is finally implemented.
No date has been fixed to implement this new security update but it is speculated to occur sometime in 2019.
Litecoin (LTC): This Could Be One Of The Most Anticipated Updates In 2019
However, this development is an interesting one for the crypto space in the coming months. The results of these update when implemented could have a significant impact on the future of the token.
Litecoin (LTC) is currently listed on many exchanges and the impact of this new feature could cause a significant change in its operations. It would be beneficial for the developers to develop a strategy in which the updates will have a minimal impact on the coin.