Litecoin Foundation announced today that it has opened a trust fund dedicated to the development of Confidential Transactions with the aim of sponsoring the developer David Burkett.
More specifically, the objective of the donation is to reach the total amount of $72,000 in a month, to be kept in the trust fund of the Foundation, which will then pay Burkett $6,000 per month.
The new mission of the crypto called “digital silver” seems to be to solve the problem of the fungibility of Litecoin (LTC) transactions so as to expand its continued adoption while ensuring financial privacy.
The implementation of Extension Blocks and the MimbleWimble code is led by a Grin++ developer, David Burkett, who in yesterday’s tweet announced that he will publish monthly updates on progress.
I'll be posting monthly status updates detailing progress on the LTC MW EB (YAY acronyms). This is geared toward those interested in LTC development, but will also talk a lot about Grin++ changes, so it may be interesting to Grinners as well. https://t.co/hTpUbWSPI6
— David Burkett ツ (@DavidBurkett38) December 1, 2019
“I’ll be posting monthly status updates detailing progress on the LTC MW EB (YAY acronyms). This is geared toward those interested in LTC development, but will also talk a lot about Grin++ changes, so it may be interesting to Grinners as well”.
In detail, the new agreement between Burkett and the Litecoin Foundation provides for 30 hours per week of which 15 hours will be dedicated to Grin ++ and 15 hours to MimbleWimble through Extension Blocks.
The Litecoin Foundation specifies:
“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“.
Not only that, the post also specifies that Burkett will act directly on the infrastructure by making the necessary changes to ensure that Litecoin Core developers will be able to regularly merge Bitcoin Core code updates even after the MimbleWimble code is integrated into Litecoin.
An initiative focused on the development of the Litecoin (LTC) blockchain which recently also saw a transaction record with exactly 67,142 transactions in one day compared to the previous daily average of 20,000 transactions.
Recovering this type of information is possible because Litecoin’s blockchain is public.