In what is welcome news for many in the cryptocurrency, and especially the Litecoin community, Charlie Lee today announced that Litecoin will be made more fungible, and that confidential transaction features will be implemented in a future release of the full node. Although Lee hasn’t put forward a specific time-frame for the release, he did suggest that he expected it to be implemented sometime in 2019.
Charlie Lee has long been interested in fungibility and incorporating Gregory Maxwell’s Confidential Transactions features to Litecoin. Confidential Transactions, in his opinion, offer a comprehensive solution to Litecoin’s fungibility problem and will finally allow it to be recognized as sound money. Now it would seem, however, that Lee has moved on from SegWit and is moving ahead to soft fork this in.
With Confidential Transactions, users will no longer be able to find out how many coins the other party owns, a useful tool for individual privacy and the security of financial transactions. This feature, like Zcash, will be optional only initially and not mandatory like Monero as although the latter offers more privacy and fungibility, it is difficult to achieve via consensus.
Charlie Lee also confirmed that Taproot, a feature that offers smart contract flexibility and more privacy options will also be part of such a release when ready. Taproot uses the Schnorr signature and combines it with the Merkle tree to offer more privacy solutions to the ever-increasing network and was first offered to be implemented on the Bitcoin network.
The move to add CT and make Litecoin more fungible does have its detractors, however. For instance, many on Reddit have pointed out that block size will be thrice the present size after CT is implemented (Charlie Lee has suggested that it isn’t a present concern though). Some have also suggested that making the CT and privacy features an opt-in would defeat the entire purpose of the development as often, users don’t even use them because of the added formality to a transaction.
Fungibility, or the ability of a good to hold equal value when interchanged with individual units of the same good has long been an issue for cryptocurrencies such as Litecoin and Bitcoin. Bitcoin, in fact, has long suggested that it is fungible. However, the fact that the Bitcoin blockchain’s pseudo-anonymity allows anyone to differentiate between clean and tainted coins, making the former more valuable than the latter, adversely affects the coin’s fungibility.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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