Charlie Lee: Hard Work of Bitcoin Developers Directly Benefits Litecoin

According to Charlie Lee, the creator of Litecoin and former executive at Coinbase, most innovative works done by Bitcoin developers and projects directly benefit Litecoin given the structural similarities between Bitcoin and Litecoin.

Lee explained:

“Every Bitcoin developer also works on Litecoin. Absolutely nothing they can do about that. If you don’t like that Litecoin piggybacks off of Bitcoin developers’ hard work, it is because you care more about Bitcoin making you rich than crypto changing the world.”

The statement of Lee was released after significant progress has been made with the Confidential Transactions solution. On the Bitcoin Mailing List, Bitcoin Core Developer Greg Maxwell revealed a breakthrough with the solution, which has decreased the size of Confidential Transactions from 16x the normal size to 3x. Maxwell added that the reduction in the size of Confidential Transactions maximizes the applicability of the solution, improving privacy measures of the Bitcoin Blockchain network. Maxwell said:

“This work also allows arbitrarily complex conditions to be proven in the values, not just simple ranges, with proofs logarithmic in the size of the arithmetic circuit representing the conditions being proved–and still with no trusted setup. As a result, it potentially opens up many other interesting applications as well.”

Confidential transactions also applicable with Litecoin

Like Lightning and SegWit, Confidential Transactions is a solution that is applicable to Litecoin, given its structure that is nearly identical with Bitcoin. Hence, after Bitcoin’s integration of Confidential Transations, Litecoin will be able to implement the same solution, increasing the privacy of the Litecoin network and its transactions…

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