Litecoin Introduces Fungibility and Private Transactions

Litecoin is set to become more fungible and private according to a January 28, 2019 tweet from Charlie Lee, the creator of Litecoin.

As for fungibility, this will ensure that every unit of Litecoin maintains the same value regardless of circumstance. In the past, it has occurred that some bitcoins found their value diminished due to their previous use in illegal activities. Fungibility will, therefore, allow Litecoin to be exchanged for other digital assets of the same value without difficulty.

Necessary Change?

The team at Litecoin has previously explained how confidential transactions (CTs) will take place on the network, writing: “While it’s not complete privacy, when spending coins parties no longer would have insights into how much the other owns, something very valuable for individual security as well as business operations. CT is an optional parameter in transactions which means regulated bodies would still be able to deal in the asset so long as transactions made to and from them are clear and publicly viewable on the blockchain,”

When these changes are implemented, Liteocin will join the ranks of coins like Monero and ZCash which were designed with a view to offering fungibility and privacy for users, a feature that is apparently lacking in bitcoin.


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