According to the Litecoin Foundation’s announcement, it will utilize multi-sig addresses, a feature that allows multiple parties to agree to a transaction before it is sent. Currently, it is not necessary for LTC holders to deposit funds with a custodian, but doing so will provide institution-grade security.
BitGo announced support for Litecoin’s SegWit feature.
The multi-sig feature is typically used to form joint accounts or perform escrow service, but that is not all. BitGo earlier announced to support Litecoin’s SegWit features back in October. This feature will lower the transaction fees for users who send payments frequently and in small amounts, but Litecoin has not commented on its plan to use SegWit.
Pleased to announce that we have chosen @BitGo multi-signature wallets for our #custody solution. #security #cryptocurrencies #payments #litecoin #LTC $ltc
— Litecoin Foundation (@LTCFoundation) January 3, 2020
Litecoin begins implementing MimbleWimble extension blocks.
Litecoin has officially begun the development of MimbleWimble extension blocks to make transactions more confidential done using Litecoin. The Litecoin foundation started a crowdfunding campaign to provide developers with enough funds to support a year’s worth of work on the project. But the project still needs $57,000 in donations to complete its target of $72,000.
Here's the December update on MimbleWimble on Litecoin by @DavidBurkett38: https://t.co/wbmcQJEcDQ
Fundraising for the Litecoin Confidential Transaction Fund is going strong. We are 1/4 of the way there. But we still need your help #LitecoinFam. Thanks! https://t.co/lHZE1ipGtn pic.twitter.com/iDoGlp3vMG
— Charlie Lee [LTC⚡] (@SatoshiLite) December 30, 2019
