Charlie Lee: Flexibility and data protection for Litecoin in the upcoming upgrade

Litecoin founder Charlie Lee describes two important upcoming upgrades to the 13th largest cryptocurrency.

In one interview Together with analyst Scott Melker, Lee underscores why the upcoming Litecoin update, which gives the digital token flexibility and privacy, is so important for sound monetary principles.

“Availability is something that is currently lacking or not so good with Bitcoin and Litecoin … In terms of stable money, BTC and LTC have anything but fungibility.”

In terms of fungibility, Lee suggested that every coin is like any other coin. Flexibility allows users to swap goods or assets for other goods or assets of the same type because they are identical and of equal value.

Although one bitcoin can be exchanged for another because both are of equal value, blockchain transactions inherently provide additional information. For example, a particular bitcoin can be held in a wallet worth millions while another bitcoin can be held in a wallet worth $ 10.

Lee continued:

“For money, you want it to be exchangeable. Every $ 20 bill you spend is indistinguishable from any other $ 20 bill … And that doesn’t apply to Bitcoin and Litecoin today. If it is really important to you, then you should be selective about the currency when spending coins so that it doesn’t reveal any personal information that you don’t want to reveal.

So if you received $ 10,000 in Bitcoin and use those coins to buy coffee, the recipient will see that you have $ 10,000 worth of BTC in your bank account.

It’s the kind of information you want to keep private, even when you have nothing to hide. Financial privacy is important. “

To address this privacy problem, Lee and his team are planning to implement the new technology called “MWEB”.

“I’m bringing a technology called MimbleWimble into Litecoin in the form of expansion blocks. The project is called MWEB, which stands for MimbleWimble Extension Blocks. That will increase privacy and an alternative to Litecoin and I think that will make it a better form of money. “

Annie

According to Dailyhodl

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