Litecoin Foundation launches crowdfunding campaign to develop confidential transactions for LTC

Litecoin Foundation launches crowdfunding campaign to develop confidential transactions for LTC

The Litecoin Foundation has announced the creation of a dedicated fund to support the ongoing development of privacy features for Litecoin and is calling for community members to donate.

On Tuesday, the Singapore-based non-profit said on LitecoinTalk the fund will finance the efforts of David Burkett, the Grin developer currently working to bring confidential transactions to Litecoin via MimbleWimble extension blocks (EBs).

Burkett, Litecoin creator Charlie Lee, and Litecoin developer Andrew Yang architected the push for privacy earlier this year, announcing in two proposals that the ability to send confidential transactions was needed to protect the fungibility of LTC. The foundation’s latest post explains:

“If Litecoin is going to be adopted by mainstream users and businesses, we need to provide financial privacy. For example, fungibility helps protect users from having their transactions or balances readily accessible on the blockchain for criminals to identify attractive targets. “

A “mutually beneficial arrangement”

Technically only half of the fund’s proceeds will be used for work on the Litecoin-MimbleWimble integration. The other half is to finance Burkett’s work on Grin++, an open-source wallet and node client for Grin that will be used in Litecoin’s extension blocks — the foundation explained that for this reason, they had a vested interest in funding the development of Grin++.

The fund is targeting a total of $72,000 to compensate Burkett at a rate of $6,000 per month for the next 12 months, as he will purportedly be working 30 hours a week split evenly between the two “mutually beneficial” projects.

The Litecoin Foundation — which is headed up by Lee — has pitched in $5,450 worth of LTC and BTC to kickstart the crowdfunding effort, and at time of press has received 5 LTC (roughly $221) from donors.

Posted In: , Adoption, Technology
Invest with AMFEIX

Like what you see? Subscribe to CryptoSlate

Get our daily newsletter containing the top blockchain stories and crypto analysis straight to your inbox.

Sign up to stay informed
Jonnie Emsley

Jonnie Emsley

Fintech Journalist @ CryptoSlate

Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. Discovering new corners of the world and emerging tech trends makes him tick.

View author profile

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.