Litecoin Confidential Transactions - Dedicated Fund

Litecoin is one of the leading cryptocurrencies in the market. Its blockchain has been working consistently with 0-downtime since its inception back in 2011. In order to continue to grow Litecoin globally, we need to solve the very important issue of fungibility. At the moment, Litecoin transactions are made completely public. This means that that certain types of transactional information can be deducted from the Litecoin ledger to track a person’s purchases or wealth.

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.

Following the Litecoin Community Crowdfunding System, the Litecoin Foundation is setting up a dedicated development fund which will go towards sponsoring David Burkett, who is a developer for Grin++, to work on implementing the Extension Block and MimbleWimble code for Litecoin so that we address this issue of fungibility.

The plan is for David to work 30 hours a week. This will be split into 15 hours for Grin++ and 15 hours for MimbleWimble via Extension Blocks. We believe that this will be a mutually beneficial arrangement because Grin++ code will eventually be forked onto Litecoin’s Extension Block. Therefore any development in Grin++ will be immediately beneficial to Litecoin.

For more information on how opt-in privacy will be implemented onto Litecoin, here are the two Litecoin Improvement Proposals (LIPs):

Since the current Litecoin code is very similar to Bitcoin code, David Burkett will have a large task ahead of him. Historically, Litecoin Core regularly merges code upgrades from Bitcoin Core. So in order to make sure that this continues to happen even after the MimbleWimble code has been integrated, David will need further resources to make the necessary infrastructure changes so once MimbleWimble code is released on Litecoin, the Litecoin Core developers will still be able to merge changes from future Bitcoin core releases.

The goal of this proposal is to raise $6,000 per month for 12 months for David Burkett for a total of $72,000. The funds will be held in an escrow account held by the Litecoin Foundation and will be released evenly each month after David Burkett releases his progress update and code repositories. If the total goal is not raised within the first month, then the BTC/LTC amount needed to fund the remaining USD balance will be updated according to the asset prices of Bitcoin and Litecoin at that given time.

Goal: $72,000.

Community donated:

  • LTC: 497.25815127 Ł
  • BTC: 0.06934961 ₿

Charlie matched:

  • LTC: 497.25815127 Ł
  • BTC: 0.06934961 ₿

Total donated:

  • LTC: 994.51630254 Ł
  • BTC: 0.13869922 ₿

Total paid out:

  • Dec 2019 - 138.36074798 Ł
  • Jan 2020 - 84.19788186 Ł
  • Feb 2020 - 100.60024815 Ł
  • Mar 2020 - 154.31106539 Ł
  • Apr 2020 - 127.00805019 Ł
  • May 2020 - 124.86992716 Ł
  • Jun 2020 - 144.90968504 Ł
    = $42,000

Total left in fund:

  • LTC: 119.0525 Ł
  • BTC: 0.13869922 ₿
    ≈ $7000

Here is how you can donate:

Progress Updates

9 Likes

Can we “invest” not “donate”? For example we will get comission from users who will use MW feature. I think such strong developer can put this on code. I will donate in this case :smiley:

2 Likes

@noxonsu The fees from the main chain or extension block chain will go to the miners, as it is intended. If you want a cryptocurrency that is different in design use a permissioned blockchain. Litecoin has had no premine nor has any internal funding system - it has grown organically in 8 years and will continue to do so without the need for such a system. Hope that helps to clarify the question.

2 Likes

For transparency, monthly payouts will be sent to my LTC address:

LXgRDbEBNVTpncwdrN7KGmcrJKPv7hWz3c

2 Likes

I have sent in the donation match for this month.

0.01411267 BTC
https://blockstream.info/tx/ab807be13fc76574f2711c24e58dc74176d4d847dafe6eb4187bce174d08f2ae

208.25568015 LTC
https://insight.litecore.io/tx/c59647073f42328d54a4f3b41e25b1423f5b549e65c7cd88c4cdc5dc609386f2

Thanks to everyone that’s donated to this fund!

9 Likes

December pay of $6000 (138.36074798 LTC at 43.3649 LTC/USD) has been sent out to David.
https://insight.litecore.io/tx/b04d7a6ee755a13a8d8bae43db6ac1df0e09fec0c6ce65132f02057d0921704e

1 Like

Thank you so much Charlie for your continued support!

Sent a BTC donation last night. So stoked this is happening; thanks, Charlie, David, and team! :grinning:

1 Like

Happy to see open communication and progress :blush:

2 Likes

are there any developer positions available at the moment or in the near future?

3 Likes

Are there any Grin++ updates or threads?

1 Like

Only what’s discussed here: Mimblewimble Progress Update Thread

I should definitely get better about documenting future Grin++ releases though.

1 Like

Donation match for January sent out:

0.01760212 BTC
https://blockstream.info/tx/b5e9173464b8d9dfdcea6b837e451a7f821750cb10b21ceed78366df81160089

95.36915683 LTC (Sent from the Genesis address! :open_mouth:)
https://insight.litecore.io/tx/79345ac565fd99c244431b99f7d67480dda8456b26fa06cfdf6297f3910788ca

5 Likes

Thank you Charlie for your continued support & vision for litecoin and the community

We are forever grateful

David’s update for this month: Mimblewimble Progress Update Thread

January pay of $6000 (84.19788186 LTC at 71.2607 LTC/USD) has been sent out to David.

https://insight.litecore.io/tx/d13232733c043b4a61dbdb34884f6302871c1a15b582683c157d6b85f7902dd8

5 Likes

Donation match for February sent out:

2.683887 LTC
https://insight.litecore.io/tx/f0ba8c160140235ade30671309360cd936cf05618caffe8480f1806e1a22d2ec

Unfortunately, the community has not donated much this past month.

1 Like

David’s update for this month: Mimblewimble Progress Update Thread
MW/EB testnet launch targeted for end of summer.

February pay of $6000 (100.60024815 LTC at 59.642 LTC/USD) has been sent out to David.

https://insight.litecore.io/tx/2f96de4763877beac25595af85715d439af27f8a10ce25b0c8e5a1738b81ea91

7 Likes

Здравствуйте я разработчик лайткоин но почему я не получаю деньги за свою работу

1 Like