Litecoin founder Charlie Lee asked the Litecoin community on Twitter what privacy feature they would like to have for their cryptocurrency. Monero and ZCash are digital currencies, which are characterized by a particularly high degree of anonymity and transactions cannot be tracked. The founder of Litecoin has started a survey because he thinks about missing a similar feature in his cryptocurrency.
The largest approval was given to the “Private Transactions” option, ahead of ZK-Snarks/ZK-Starks and MimbleWimble. Completely disguising transactions or making them traceable is not an easy task. Here, all information related to the transaction should be completely hidden or made inaccessible.
In the case of ZCash, a privacy protocol is used that completely shields all transactions and makes associated information, such as the transaction amount or the addresses associated with the payments, cryptographically encrypted and inaccessible.
Although the idea is well received in the Litecoin community, there are still many critics who question its technical feasibility. Francis Pouliot, CEO of Satoshi Portal, describes that eg MimbleWimble cannot be implemented simply because the existing blockchain has to be completely changed:
You cannot add MimbleWimble in Litecoin, you would have to completely discard the existing blockchain design.
The well-known developer of Monero, Riccardo Spagni, states that the demand for anonymous cryptocurrencies is increasing as more and more people place high demands on privacy:
Privacy technology tends to monopolize because people willing to protect themselves want to lose themselves to the greatest extent.
For the time being, there is no more information from Charlie Lee, if and when a proposal should actually be developed and ultimately implemented. Nevertheless, this survey clearly shows that the demand is still there for such technologies. We will continue to follow developments in this area.
The price of Litecoin has risen by + 5.34 percent to a price of 63.74 USD. With a market capitalization of just under 3.70 billion USD, Litecoin ranks number 7 in the world’s largest cryptocurrencies.