Charlie Lee agrees that Litecoin directly benefits from the hard work of Bitcoin developers
Litecoin creator, Charlie Lee, has stated that Bitcoin and Litecoin structural similarities make Litecoin benefit from innovative works that Bitcoin projects and developers generate.
Lee’s statement came just after there was some significant progress with Confidential Transaction solutions. Greg Maxwell, Bitcoin Core developer further expounded that they instituted a reduction in the Confidential Transaction size aimed at improving Bitcoin Blockchain network’s privacy measures and maximizing the solution’s applicability.
Litecoin’s applicable confidential transactions
Given its near-identical structure to bitcoin, Confidential Transactions is an effective solution that Litecoin can apply just like Segwit and Lightning. As part of an effort of Litecoin to increase its privacy of its transaction and network, it has settled to implement a similar solution that Bitcoin integrated.
Both bitcoin and Litecoin have faced a myriad of privacy issues even after several attempts to institute privacy-focused solutions like MimbleWimble. Businesses have faced difficulty in implementation of privacy measures that are beneficial to several users due to the government instituted AML (anti-money Laundering) and KYC (Know your Customer) policies. Tracing transactions and wallet addresses by anyone within the network using the public Block Chain explorer due to Blockchain network’s transparent nature is the source of the problem.
Confidential Transactions restricts third-party service or authorities’ surveillance of Bitcoin users through hiding the transaction amounts.
Following it being used as the testbed for Bitcoin solutions like Segwit, Litecoin’s codebase structure continues to benefit from bitcoin support.