Litecoin founder Charlie Lee has stated that their focus would be making the virtual currency more fungible by allowing confidential transactions “sometime in 2019.”
The only thing that Bitcoin and Litecoin are missing compared to “sound” money is privacy and fungibility, according to Charlie Lee.
“Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy,” the Litecoin founder said.
He also underscored that his next efforts are going to be centered on making Litecoin more fungible by incorporating confidential transactions.
Without committing to a definite date, Lee expressed that the update would be “sometime in 2019.”
Lee also detailed that a hard fork or chain split wouldn’t be required in this update, but it could be softforked in the existing network.
Litecoin (LTC) is presently the seventh largest cryptocurrency in terms of market capitalization. It is currently trading at $30.90 at press time.
The cryptocurrency had a difficult year in 2018 like most of the other coins. It actually lost over 90 percent of its all-time high value in early 2018.
Nevertheless, the Litecoin team announced in October 2018 that an upcoming release will make the network faster and cheaper than the Bitcoin Cash (BCH).
Litecoin Core 0.17 is purportedly going to cut network fees by as much as 10x, according to the release.
The developers are positive that lowering the fees will be a good thing for Litecoin and will improve its adoption.