- A little over 24 hours ago, a Reddit user known as Celentano1234 who is apparently fascinated with everything related to cryptocurrencies questioned the Litecoin (LTC) community on probabilities that the “Blockchain silver” network would undergo a “Schnorr-Taproot” upgrade.
- Normally, such a question would get answers of varying quality and usefulness from every crypto lover on the Reddit platform, but one answer stood out because it was made by a Litecoin (LTC) developer and was revealing in its content.
Celentano1234 has a reputation for asking loads of hard-hitting questions related to various blockchain projects on Reddit. He apparently decided to have a little fun and find out the latest news on Litecoin.
To make this happen he hit on the bright idea of questioning Litecoin (LTC) developers on how well or badly their projects were going and was rewarded for his persistence. Celentano1234 questioned the developers about the possibilities of their upgrading the network, especially since the kick-off of Taproot schemes and Schnorr signatures that can be used to endow the network with top-class security of the sort that was only a pipe dream a few years ago.
The Answers Have It
In response to the question posed by Celentano1234, a Reddit user by the name of Losh11, who might well be a well-regarded Litecoin developer called Loshan T gave an insightful answer. Specifically, Losh11 said that for Bitcoin to implement the latest security upgrades was not a problem in the least, nor would it be much of a trouble for its little brother Litecoin (LTC) to copy the aforesaid upgrades.
A well-known crypto analyst by the called Lucas Nuzzi went further to imply that should Litecoin embark on a sibling-copying spree, it wouldn’t be out of the bounds of possibility for it to go further by embarking on a soft-fork this year when Bitcoin does the same.
Tapping Into Big Upgrades
The Schnorr/Taproot upgrade if implemented could well change the way Litecoin (LTC) does business. It would alter the current transaction signing methods and that would also permit the development of novel multi-signature methods.
The upgrade could as well work in concert with the MimbleWimble protocol and boost both user confidence and scalability. This particular protocol jumbles the transaction data to an incredible extent and therefore makes user tracking a very difficult if not impossible endeavor indeed.
Litecoin Is Big Business
As of the present, Litecoin is the 7th biggest digital coin, with its market value almost reaching $4 billion. The price of the coin climbed to a high of $63.17 on January 17, and its price movement is bearish, with speculators and technical factors keeping the price jumping from a high to a low point and vice versa.
Should Litecoin (LTC) implement a soft fork, that could make it more attractive to lots of investors in search of the next big thing. And once it does implement the mooted upgrades, that is bound to boost its current use, with individuals around the globe using it to buy things and store assets that they do not want the taxman to be aware of in the slightest.