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Litecoin [LTC] creator puts forth a privacy vote, possibility of a new feature integration ahead?

Priyamvada Singh

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Litecoin [LTC] creator puts forth a privacy vote, possibility of a new feature integration ahead?
Source: Pixabay

On 29th August, Charlie Lee, the Founder and creator of the 7th largest cryptocurrency by market capitalization, Litecoin, posted a poll for his followers on Twitter. The poll sought to fetch a popular opinion on what privacy feature should be added to Litecoin.

Charlie Lee conducts a Litecoin Twitter poll | Source: Twitter

Charlie Lee conducts a Litecoin Twitter poll | Source: Twitter

As suggested by the tweet, the four options put forth by the computer scientist were Confidential Transactions, ZK-Snarks/ZK-Starks, MimbleWimble and no privacy at all. The most popular vote was obtained by Confidential Transactions, followed by no privacy, ZK-Snarks and MimbleWimble.

Confidential Transaction [CT] is a method of adding privacy into a payment system by using homomorphic encryption through a blinding factor. A blinding factor is a string of numbers that assist in encrypting the inputs and outputs of the system. This feature ensures the authenticity of a transaction but conceals any information related to it from the network, such as the amount of transaction.

On the other hand, ZK-Snark or Zero-Knowledge Succinct Non-Interactive Argument of Knowledge is a privacy protocol used by privacy coins such as Zcash [ZEC] and Zcoin [XZC]. The transactions shielded by this protocol are completely encrypted by it on the blockchain. This protects all the transactional information, such as the amount and addresses involved in the payment.

A large number of critics joining the discussion spoke about the many technicalities of executing the plan if it were to be thought of at all. Francis Pouliot, the CEO of the Satoshi Portal wrote:



“you can’t add MimbleWimble in litecoin, you’d have to completely scrap the existing blockchain design.”

Here, Charlie Lee dropped in to reply to the remark and suggested:

“It will be a hardfork for sure. Can do it as an upgrade where 2 blockchains run side by side with a one-way send from current blockchain to new MW blockchain. Once you go private, you stay private.”

Riccardo Spagni, a core team member of Monero, which uses another privacy protocol known as Ring Signatures also commented:

“Privacy technology tends towards monopolisation, because privacy-desirous people want to get lost in the largest crowd.”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Altcoins

Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out of ‘saucer bottom’ pattern

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Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out out of 'saucer bottom' pattern
Source: Unsplash

Binance Coin [BNB] is nothing short of becoming the best performing crypto asset of 2019, as it creates higher highs every day. In a recent surge, BNB went up by approximately 12% in 24-hours breaking out of the ‘saucer bottom’ pattern.

BNB has been on a bull run since December 2018, it has surged by approximately 470% since that point. In the last 24-hours, the price was up by approximately 12% from wick-to-wick.

Source: TradingView

Moreover, the rise in the price over the day can be attributed to the announcement by Binance DEX, that was launched recently. The tweet read:

The new update will convert the BNB, which is an ERC20token, into BEP2, it will be called the “mainnet swap”. Furthermore, users have to convert their ERC20 tokens on Binance, the details of which will be released in the near future.

In addition, Mithril, a cryptocurrency project has announced that it will be the first project to migrate to the Binance Chain. It tweeted:



“$MITH token holders on the new @Binance_DEX will be the first to experience increased speed, security, and user friendliness while maintaining full control over their funds.”

A Twitter user, @carlitosblvd123, commented:

“So , all BNB we have now like erc20 in binance exchange and on trust wallet will be converted to bep2 automatically or we have to do anything to happen?”

@jigneshon, another Twitter user commented:

“Crypto Revolution will happen on 23rd April when Binance Chain Genesis block will be created. 🔥”





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