Charlie Lee is pushing Litecoin as a next-generation cryptocurrency based payment option. From changing the brand image to a huge number of recent partnerships, Litecoin is slowly but surely gaining momentum.
And to solidify its position as a dominant payment option as well serve as a testing ground for future features of the Bitcoin network, Litecoin is introducing “Private Transactions”. The news was announced by Charlie Lee on Twitter on 29th January. The Litecoin core team plans to add private transactions in the middle of 2019.
Charlie Lee had hinted about Private transactions since last year. According to him, Private Transactions are the last frontier to overcome to ensure cryptocurrencies become sound money. Private transactions obfuscate the receivers address so that the transaction remains private.
Litecoin foundation is currently running a poll to see the community’s reaction to the proposal to add Private transactions to Litecoin. At the time of the writing, 72% of people voted positively.
What's your view on the plan to add Confidential Transactions into Litecoin?
— Litecoin.com (@LitecoinDotCom) January 28, 2019
Private transactions were proposed on the Bitcoin network by Adam Back. CEO of Blockstream, back in 2013. The Blockstream team suggested testing Private transactions on a sidechain before implementing it on the Bitcoin network. If PT is successful in Litecoin it may found itself implemented on the Bitcoin network.
“PT might not be quite there yet for Bitcoin. But I think it’s a good time for Litecoin.- Charlie Lee”
Private transactions are slowly getting popular, much to the annoyance of lawmakers. Monero and ZCash are the two leading blockchains in the PT space. Monero is banned in Japan due to its untraceable nature. Moneros use is also increasing in criminal activities.
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