[2016-09-23] Litecoin Core Development Update

[wangxinxi]

Research on confidential transactions (CTs) is being continued. As we think the theory behind it is solid enough for implementation, we start to think about the detailed plan.

Confidential transactions have been implemented in the Elements Alpha project [1], which is intended to work as a sidechain of Bitcoin eventually. While I personally feel sidechains are very useful, CT is much more convenient to use when it is integrated into the Litecoin main chain. And because we now have reference code done by the Elements Alpha project, implementing CT on Litecoin probably becomes much easier.

According to [2], we will need SegWit to implement CT as a softfork. This should not be too far away because we are planing to release a new Litecoin Core with SegWit soon.

Confidential transactions will increase the size of the Litecoin blockchain, but there is no need to worry much about it. Although each confidential transaction has a nearly 1.8 KB proof (the total transaction size is a little bigger than that), which is quite a few times bigger than a normal transaction, since it can be put into the witness part by modifying the current SegWit slightly [2], the actual number of transactions of each block will not decrease much. Of course, more disk space will be needed to hold the whole blockchain, but that should not be a big problem given the cheap hard drives. Also, more transaction fee may be charged for a CT.

When we were researching CT and checking its cryptography method, we saw elliptic curve is being used, which is not quantum resistant. This may not be a problem in the near future, but given the fast pace in the quantum computing field [3], we may have to plan ahead. Upgrading CT to a quantum resistant version, i.e., quantum resistant confidential transaction or QRCT named by @coblee, is possible by replacing the elliptic curve based method with quantum resistant ones like lattice based methods.

Further on, we realised that Litecoin itself is also not quantum resistant, because spending coins requires putting the public key in the transaction, and a quantum node can discover the private key based on the public key and modify the transaction's destination address. But this can be fixed without much effort [4].

The ideas about quantum resistance above are obviously still in a very early stage. However, given that all the upgrades can be implemented as soft forks, we see no reason that they are something unrealistic. Actually, we see very good hope that Litecoin could take the initiative and lead the whole blockchain community into considering this for the reason that Litecoin has a unified development team and a huge user base.

We need more developers. Please contact us if you are interested.

[1] https://elementsproject.org/
[2] https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2016-January/012194.html
[3] http://news.mit.edu/2016/quantum-computer-end-encryption-schemes-0303
[4] https://bitcoinmagazine.com/articles/bitcoin-is-not-quantum-safe-and-how-we-can-fix-1375242150

[spartak_t]

I'm not a coder, but wouldn't that be a negative effect to the speed and block size of LTC chain?

[smitemesmith]

Nice to hear that LTC development is active. With all the hype right now about anonymity this is a good call for litecoin.

[Ayers]

i don't understand much, but why those confidential transaction, are necessary for litecoin? do they solve something like segwit? but i also remember that litecoin has no problem of overwhelming transactions

[spartak_t]

but i also remember that litecoin has no problem of overwhelming transactions

It does not, but if we assume that LTC user base would increase over the years, then it might become a problem and (I think) a hard fork would be required.

[shyliar]

but i also remember that litecoin has no problem of overwhelming transactions

It does not, but if we assume that LTC user base would increase over the years, then it might become a problem and (I think) a hard fork would be required.

wangxinxi is aware of this potential and it was briefly discussed in the subreddit. It's in the early stages and I think many possibilities are currently being looked at. Definitely important to be forward looking and prepare for potential problems.

[FruitBucket]

It will be interesting to see how this will affect the crypto landscape. Litecoin has the fourth biggest marketcap which brings anonymous crypto to a lot more users. This may help to enter a period in which anonymous tech becomes a standard for a lot more altcoins - as far as I can see, the vast majority is still not anonymous.

[AlexGR]

Quantum proofing would position Litecoin as a market-hedge to the possibility of quantum computers breaking other coins (including Bitcoin).

[Spoetnik]

but i also remember that litecoin has no problem of overwhelming transactions

It does not, but if we assume that LTC user base would increase over the years, then it might become a problem and (I think) a hard fork would be required.

wangxinxi is aware of this potential and it was briefly discussed in the subreddit. It's in the early stages and I think many possibilities are currently being looked at. Definitely important to be forward looking and prepare for potential problems.

Yup.. in other words lets make LTC ANON because.. well.. it's popular (since Ethereum died)

Yup.. lets "prepare" by writing new code that can NEVER work and will eventually be hacked.
There is no such thing as security with computers.
Implementing ANON in a coin is pandering and immediately lowers the security of the coin
and worse attracts criminals to use it and hackers to crack it.

The only thing that matters is general audience adoption and going an ANON will not be helping this cause.
As a matter of fact i bet it will make it worse.

Litecoin guys are shooting themselves in the foot trying to pander for attention.

We see guys clapping because they see "development"
There was no need for any.. it's a currency right ?
Go use it.. don't wait for "new features"

Sad state of affairs when Litecoin is pandering to kidiot profiteers retards.
I guess they got tired of those same idiot losers crying LTC sucks..
Hence the pandering bullshit.

[Leonard2016]

i love this news from the first time i heard it.
litecoin is still alive and kicking anybody in the teeth who says litecoin is dead.

i don't care what anybody else says. i like it and i think it can be a potential for litecoin to grow much bigger than this and in time take the market out of other altcoins hands and be the number 2

[bbc.reporter]

The LTC development team is getting more aggressive now and that is good to see. I believe this is carefully planned not done on a whim because of Monero's recent success. Everyone should note that it all started with the addition in Coinbase's GDAX.

Will Coinbase offer litecoin wallet services in the future?

[smitemesmith]

Ltc is in a good position to try some risky changes. I do agree that It does feel like jumping on the boat of anonymity with all the current hype in anon coins. Trying desperately to get some of that capital flowing towards LTC. XD In the networks current state there is nothing left to lose. Price wise at least. Why shouldn't crypto be anonymous? Worry about the FBI sure. Currently you could be fully or at least mostly anonymous with Bitcoin even as long as you are careful how you buy it. With all centralized exchanges having to report to the gov on demand it helps cast plausible deniability on wether you still have the funds ran through them or not. Although more than CTs will be needed for this to work. If LTC is finished now it would just be a clone of bitcoins past, could be a good thing perhaps.

[thepo1m]

Litecoin developers seem to have woken up from their slumber, I suspect the jump in prices of Dash and Monero have woken them up from their slumber to their responsibility because they left the project on attented to for along time and relying only on the  Silver coin tag  to Bitcoin when you can even go for the King. Ethereum and Monero are both aiming for the first spot.

[Herbert2020]

Litecoin developers seem to have woken up from their slumber, I suspect the jump in prices of Dash and Monero have woken them up from their slumber to their responsibility because they left the project on attented to for along time and relying only on the  Silver coin tag  to Bitcoin when you can even go for the King. Ethereum and Monero are both aiming for the first spot.

from what i have been seeing in even before this, litecoin was being developed constantly you can see on their github repository if you want to follow the changes and see how active or not the project actually is before spreading your FUD comment.

[Spoetnik]

Monero's recent success ?
Uhhhhm NO.

It got some very luke-warm minor activity as the popularity of Ethereum died down as PREDICTED.
Monero got some attention because of default.
There was really not much else to try and fuck with to profit from.
Which is why the Dark Market push was made (to capitalize on this positioning)

I really think you are all deceitful and or dumb.
You post so much fucking bullshit here 24/7 all year long it simply amazes me.

Success ?
What fucking success ?  
The stupid ANON coin got a little bump in price because there was nothing much else going on ?
And we are parading that around as some success milestone ?
Are you kidiots high or what ?

And LTC is NOT dead ?
I agree it's alive & kicking.
But you will all notice NOBODY wants to comment on whether adding the ANON feature will be good or not.
All they do is proclaim "development" is good.

It's a currency right ?
Does it work ?
Then you are suppose to use it.
Is adding ANON shit going to HELP that ?
Seriously ask YOURSELVES people.. then you tell me !

Imagine the FIAT dollar in CAN/USA
Then imagine people crying for more features.. make sense ?
Spend it retards.. it's money LOL

This dipshit mentality that you need an ever changing morphing coin..
treating it as though it's a software program is fucking moronic.

In the Software world people rightfully deem a program as dead if it is not updated anymore.
In crypto they they apply this mentality as an indicator of a coin's legit stature.
As in the more it's "developed" the more legit it is..

On another web site i just finished posting a comment back to a guy about the program "Fireworks"
Same situation as Litecoin.
People were posting alternatives to Adobe Photoshop.. many were pretty shitty.
So i said Fireworks guys.. it's great and even supports Fireworks + Photoshop plugins.
But since it's died off in popularity ever since Adobe bought it from Macromedia a decade ago..
No one even remembers it exists.
So i started replying back to comments ..or i should ASSUMPTIONS.
Some guy said.. well it should be kept updated.
I said it is updated LOL
Why did the guy assume it was not ?

PEOPLE ARE FUCKING STUPID.

REALLY REALLY REALLY FUCKING GOD DAMN STUPID.

..and oh boy do they LOVE thinking the opposite.

I coded a file sharing MOD years ago.
I think the last build update i did on it was 2012.
Guess what people ?
It works 100% perfect STILL !
..as intended.

Get it ?

[smitemesmith]

LTC is a currency sure. To say that it is done in its current state I don't agree. What would the perfect crypto be?

Instant transactions.
Fully scalable.
Private? To be debated I suppose
Smart contacts / Programmable
Fair distribution..

Is LTC there? Far from imo.

[smitemesmith]

I do agree with you that the most important thing is to use crypto. Actually we could probably be fully scalable today if everybody just accepted any type of CryptoCurrency..

LTC could be kept in its current state in this type of scenario. Perhaps we will use many different cryptos instead of having one rule exclusively.

[Spoetnik]

LTC is a currency sure. To say that it is done in its current state I don't agree. What would the perfect crypto be?

Instant transactions.
Fully scalable.
Private? To be debated I suppose
Smart contacts / Programmable
Fair distribution..

Is LTC there? Far from imo.

Then you may have to make a new coin buddy.

And it was fairly distributed and smart contracts are scammy and who says coins have to use a block chain ?
Why because you all did not find a better way to do it ..yet ?

Further more who said "done" ?
I sure as hell never said LTC was done.

But..
It is a currency smart fuckers.
Soooo uhhhhhh

If you want that list of lame scammy features then go buy ICO scam coins like Ethereum etc.
Don't demand legit coins copy cat the scammy garbage so you can make a buck of it.

Instead go out and SUPPORT Litecoin and use it as intended as a currency
..not waiting around here to see if it' updated yet.. with ?

Don't think your smart.. BE smart.

Poor arguments.. poor retorts.. poor mentality.. for bucks $$$

[smoothie]

Nice to hear that LTC development is active. With all the hype right now about anonymity this is a good call for litecoin.

I'm skeptical that adding CT will have adverse affects to LTC on a socioeconomic level.

CT is only part of the solution to privacy/anonymity.

[spartak_t]

I'm skeptical that adding CT will have adverse affects to LTC on a socioeconomic level.

CT is only part of the solution to privacy/anonymity.

Let's face it, the recent effect in anonymous coins is mostly because of hype (or over expectations). I do agree that it would not really affect LTC's price (unless certain groups decide something else). Bad thing is that in the past 2 years cryptocurrencies are restraining from adoption more and more. We have a new "gimmicks race", which probably leads to nowhere.