Litecoin Foundation launches fund for development of private transactions

  • The Litecoin Foundation has created a fund with the capital of which the development of private transactions in the Litecoin network is to be promoted.
  • The aim is to finance the work of David Burkett and to promote the programming and adaptation of MimbleWimble.

Users of so-called privacy coins such as Dash, Monero or Zcash can send anonymous transactions in which the sender and recipient cannot be identified. This results in significantly better data protection and privacy. Litecoin would like to implement an optional feature that makes transactions anonymous. The Litecoin Foundation now collects donations for this purpose.

Litecoin Foundation launches fund for further development of the project

The donations collected by the Litecoin Foundation should go directly to the developer David Burkett. Burkett is the lead developer of the MimbleWimble (MW) proposal by Litecoin and developer of Grin++. The report from the LitecoinTalk forum explains in detail:

The plan is for David to work 30 hours a week. This will be split into 15 hours for Grin++ and 15 hours for MimbleWimble via Extension Blocks. We believe that this will be a mutually beneficial arrangement because Grin++ code will eventually be forked onto Litecoin’s Extension Block. Therefore any development in Grin++ will be immediately beneficial to Litecoin.

Furthermore, the developers describe that consistency with the Bitcoin core code base should be maintained. This requires additional resources to make the merge as smooth as possible.

To date, the organization has raised more than $5,000 in Bitcoin and Litecoin from 21 donors in the first few days. Of these, 4 Sependers have contributed more than 100 Litecoin and thus donated more than 90% of the total value. Litecoin developer Loshan has also announced via Twitter that he supports the fund and that the donation target is 72,000 USD:

The goal of this proposal is to raise $6,000 per month for 12 months for David Burkett for a total of $72,000. The funds will be held in an escrow account held by the Litecoin Foundation and will be released evenly each month after David Burkett releases his progress update and code repositories.

If the overall goal cannot be achieved, Charlie Lee will raise more funds to ensure the progress of the project.

MimbleWimble brings more privacy and fungibility

As we already reported, Mimble Wimble was the focus of this year’s Litecoin Summit. David Burkett and Anrew Yang had published two Litecoin Improvement Proposals (LIPs), LIP-0002 and LIP-0003, at the end of October. LIP-0002 implements the so called “Extension Blocks” which are necessary to integrate MimbleWimble as Opt-in version into the Litecoin protocol.

LIP-0003 concerns MimbleWimble and the transparency of the network. Charlie Lee, founder of Litecoin, describes that the current transparency of the Litecoin protocol reduces fungibility. Therefore, in a regulated environment, LTC could be blacklisted by governments when suspicious transactions occur.

Regarding the Grin++ workspace, Burkett has implemented payments via the TOR browser so that all users enjoy significantly better data protection. He also conducted the first (AFAICT) pre-broadcast, MimbleWimble CoinJoin. This means that MimbleWimble transactions are anonymized before they are merged into a single block.

Burkett further describes that he has rewritten the codebase of Grin++ so that Litecoin can reuse Grin++ with a few small changes. Burkett wants to keep the Litecoin community up to date with further status updates.

Litecoin’s price, in line with the current market sentiment, has been showing a downward trend (- 3.46%) to a price of USD 44.35 in the last 24 hours.

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