Bitcoin and Litecoin moving in on Monero Confidential Transactions (CT)
http://oracletimes.com/bitcoin-and-litecoin-moving-in-on-monero-confidential-transactions-ct/Confidential Transactions (CT) It is no secret that the success of Monero since January 1, 2017 is directly linked to the overall cryptomarket bull run but also in its unique quality of confidential transactions.
Today Charlie Lee, creator of Litecoin, announced via Twitter that both Bitcoin and Litecoin are working to achieve CT and will be able to implement via a “soft” fork.
Confidential Transactions (CT) are important for several reasons and most of them are perhaps illegal. For the tin foil community CT means the government cannot track movements of currency or payments made between parties. This facilitates shielding from the ever present big brother but also allows transfer of currency across borders of nations without scrutiny.
The benefit of this should be obvious. Currently national currencies are tied in value to the backing of the printing nation with the US Dollar as the benchmark. Problems occur when a currency crisis such as the Asian Financial crisis in 1997 causes widespread devaluation of currency backed by a nation in reference to the US Dollar. This forced the IMF to step in to provide money to stabilize South Korea, Thailand, and Indonesia. The widespread inflation wiped out the savings of regular people in these nations and bankrupted many companies.
If a currency could be created that was not backed by nations, could flow across borders without scrutiny, and was not subject to taxation then it would be insulated again the currency fluctuation of any nation and traded on one standard worldwide.
As Cryptocurrency has value now many nations such as the United States are stepping in with policies for taxation and tracking for illegal activities. The Silk Road was brought down (along with some federal agents) through the tracking of Bitcoin Wallets and transactions on a public searchable blockchain.