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Litecoin with Incognito Network for anonymous transactions
Litecoin with Incognito Network for anonymous transactions
Blockchain

Litecoin with Incognito Network for anonymous transactions

By Amelia Tomasicchio - 18 Jan 2021

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While work continues on the integration of MimbleWimble for anonymous transactions, the community of Litecoin, the blockchain founded by Charlie Lee, has decided to use the Incognito Network to speed up the process and obtain payments that protect the privacy of the recipient and the sender.

And indeed, as stated on Incognito Network’s blog in a post written by Aaron Ahmadi, marketing strategist for the project: 

“When you send LTC to your Incognito wallet with the new bridge, you receive pLTC at a one-to-one rate. From there, you can use your LTC as you normally would, within the Incognito network. All tokens can be swapped back to standard LTC at any time. Your pLTC will be burned, and standard LTC will be released to your wallet at a one-to-one rate”.

The process is therefore already feasible and simple, thanks in part to pNetwork and its pLTC, which are simply tokens pegged 1-to-1 with Litecoin but on the Ethereum blockchain.

Meanwhile, the integration of MimbleWimble has been talked about for a long time and the developer David Burkett has made it clear that the tests will probably be completed by the end of the year, but in the meantime, it will be possible to use Incognito Network.

Litecoin news besides Incognito Network

But the novelties for LTC don’t end there, as Future’s Value, a company specializing in blockchain, has partnered with eTaxi, the Radio Taxi of Milan and province, to integrate crypto payments including Litecoin.

It will soon be possible to book a taxi ride using Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Dash by scanning a QR code from a dedicated app.

This is actually not the first time that taxi circuits accept cryptocurrencies: in Rome, Milan and Naples, Chainside has already allowed people to pay for their ride with Bitcoin for years.

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

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