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: Litecoin, Adoption, Technology