Private payments are coming to Litecoin but need extra funding

The Litecoin foundation is looking to step up development of private transactions on the Litecoin network. To do so, it has posted a Litecoin wallet address for donations specifically to this cause. So far, the address has received 2.5 litecoin, worth $240.

- Advertisement -

Normal cryptocurrency transactions involve making the transaction data publicly available. This has the downside that blockchain analytics providers can build up profiles of who is sending how much money to whom. Currently, crypto transactions are far less private that the current banking system—let alone cash payments. In contrast, private transactions use cryptography to hide the transaction data, enabling people to keep their financial transaction history private.

Some blockchains already offer this ability including Monero, which makes transactions really difficult to follow along the blockchain, and Zcash, which uses such cryptography to fully hide transaction data—although few people use its privacy preserving features.

However, paying people to research and code private transactions is expensive since the cryptography is so complex few people can get their head around it—let alone program it. And with the Litecoin Foundation spending its money on promotional deals with the UFC, it needs further funding to build out features for the network itself.

It will also focus on developing the Lightning network, a second-layer scaling solution built on top of the Bitcoin network. Additionally, funds will go towards building standalone Litecoin wallet LoafWallet.

In the past two months alone, the coin has been added to Binance’s Singaporean exchange, and been accepted for buying flights and hotels through a collaboration with TravelbyBit. But now it’s time for the hard graft to begin.

Source

Previous Articles:

- Advertisement -

Latest

Uniswap (UNI) Rebounds Above $6 After Brief Uptrend Breakdown

Uniswap's UNI token dropped below its key uptrend line following a failed hold above the $6.00 support level.High trading volumes accompanied the decline, including...

Michael Saylor Invites Joe Rogan to Discuss Bitcoin on Podcast

Michael Saylor has shown interest in discussing Bitcoin on The Joe Rogan Experience podcast.The idea has generated excitement in the Bitcoin community, with some...

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

Must Read

This is How to Buy and Sell Bitcoin

Now more than ever, there are a variety of ways to enter and exit the crypto market. While this is good, the availability of...