yes too Litecoin, the eighth cryptocurrency in terms of market capitalization, seems to be moving towards greater levels of privacy. An increasingly strong demand from users crypto which Charlie Lee's project has clearly decided not to shy away from, despite the risks. Enough to announce already at the end of 2019 its intention to implement MingleJingle, a protocol which aims to introduce an additional level of confidentiality to network users who so desire.
Litecoin: David Burkett's announcement
An important announcement has come in the last few hours regarding the implementation of the new protocol. He did it David Burkett, the developer who was in charge of taking the project forward. Indeed, he said that great strides have been made and that the initial code will be complete and ready for revision on March 15.
He did so on Twitter, clarifying how in practice the work done so far has resulted in MingleJingle. That is a variant of the original protocol, which offers completely non-interactive transactions. What does it mean? That in practice the sender only needs to know the address of the recipient consisting of 2 public keys, in order to be able to complete the operation. A significant step forward for the entire project Litecoin.
Tevador in the center of MingleJingle
The protagonist of the work that resulted in MingleJingle is Tevador, formerly known for being the lead developer of RandomX, the algorithm of mining used in Monero. Activated on WRM's mainnet during 2019, RandomX has proven to be able to keep the network protected from ASIC mining by providing a high level of security.
The hope is of course that his work on Litecoin has also been able to make real improvements in terms of confidentiality. An aspect which has represented a sort of Achilles heel for Charlie Lee's project to date. However, it remains to be seen whether the direction taken does not risk causing a collision with the government agencies that are dealing with the so-called privacy coin. That is cryptocurrencies that promise to ensure the anonymity of those who use them for their transactions.
Litecoin: the direction taken is fraught with dangers
Over the last few months, the tension between the supervisory authorities on the correct execution of financial transactions and privacy coins has intensified considerably. In particular Monero it came under the crossfire of state agencies of the United States and Russia. You intend to crush a project that is viewed with open annoyance, precisely because it is capable of proving to be a valid aid for those who intend to screen their operations. Enough to push the Department of Homeland Security to turn to ciphertra by, asking for a tool that can stop XRM from hiding transaction details. Imitated byIRS (Internal Revenue Service), which he instead consulted Chainalysis e Integrates FEC, asking to have a solution for cracking Monero.
Precisely for this reason, Litecoin's decision to move towards greater privacy seems a harbinger of considerable dangers. Opening the way to possible friction with surveillance institutions which could have unpredictable outcomes. As the case of Ripple, called upon to defend himself in court against the heavy allegations of the SEC.