Litecoin Makes its Way Toward Privacy

October 14, 2020

litecoin image

Litecoin is also known as the silver to BTC’s gold and it has been utilized over its history as a medium for testing out technologies that later became a major part of giant blockchain networks, even bitcoin’s. LTC or Litecoin is a nine-year cryptocurrency whose value returns have typically underperformed the popularly known and bigger bitcoin in the recent years, is lifting its wagon to a new star, privacy.


Litecoin originator Charlie Lee told CoinDesk that the project is presently hoping to receive key protection improving highlights, which he sees as progressively appealing to cryptographic money users. 


If the effort succeeds, it may infuse a jolt of eagerness into a project that has experienced an absence of momentum and excitement in digital resource markets. Litecoin is up 21% this year after a 38% addition in 2019, which could not hope to compare to bitcoin’s 59% year-to-date gain and a 94% expansion a year ago. 


So digital-asset developers have been working for quite a long time to develop better approaches to protect the benefits of blockchain, the simplicity and speed of cash moves without the requirement for banks as delegates without the glaring transparency. Such features are getting significantly more attractive as law-enforcement agencies and regulators increase investigation of digital currency exchanging and consistency with tax and anti-money laundering rules


An inherent feature of blockchain tech is that transfers of cryptocurrency through the computer networks are majorly visible to everyone having internet access, which makes it easy to monitor and track wallet addresses and locations and sometimes it traces those locations back to identifiable entities.


Litecoin relies on a technology known as MimbleWimble which reduces the amount of data that is visible on the main blockchain network, and through the use of extension blocks, it helps in hiding the outputs and inputs.

Image Courtesy : Pixabay

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