{"id":120145,"date":"2019-12-04T04:30:24","date_gmt":"2019-12-04T04:30:24","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=120145"},"modified":"2020-04-09T18:42:33","modified_gmt":"2020-04-09T17:42:33","slug":"litecoin-foundation-launches-crowdfunding-campaign-to-develop-confidential-transactions-for-ltc","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/litecoin-foundation-launches-crowdfunding-campaign-to-develop-confidential-transactions-for-ltc\/","title":{"rendered":"Litecoin Foundation launches crowdfunding campaign to develop confidential transactions for LTC"},"content":{"rendered":"

The Litecoin Foundation<\/a> has announced the creation of a dedicated fund to support the ongoing development of privacy features for Litecoin<\/a>\u00a0and is calling for community members to donate.<\/p>\n

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

Burkett, Litecoin creator Charlie Lee<\/a>, 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\u2019s latest post<\/a> explains:<\/p>\n

“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. “<\/p><\/blockquote>\n

A \u201cmutually beneficial arrangement\u201d<\/h2>\n

Technically only half of the fund\u2019s proceeds will be used for work on the Litecoin-MimbleWimble integration. The other half is to finance Burkett\u2019s work on Grin++, an open-source wallet and node client for Grin that will be used in Litecoin\u2019s extension blocks \u2014 the foundation explained that for this reason, they had a vested interest in funding the development of Grin++.<\/p>\n

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.<\/p>\n

The Litecoin Foundation \u2014 which is headed up by Lee \u2014 has pitched in $5,450 worth of LTC<\/a> and BTC<\/a> to kickstart the crowdfunding effort, and at time of press has received 5 LTC (roughly $221) from donors.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Litecoin Foundation has announced the creation of a dedicated fund to support the ongoing development of privacy features for Litecoin\u00a0and 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 […]<\/p>\n","protected":false},"author":175,"featured_media":120152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,61045,37],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nLitecoin Foundation launches crowdfunding campaign to develop confidential transactions for LTC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/litecoin-foundation-launches-crowdfunding-campaign-to-develop-confidential-transactions-for-ltc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Litecoin Foundation launches crowdfunding campaign to develop confidential transactions for LTC\" \/>\n<meta property=\"og:description\" content=\"The Litecoin Foundation has announced the creation of a dedicated fund to support the ongoing development of privacy features for Litecoin\u00a0and is calling for community members to donate. 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