Upcoming LTC Technology
http://leakyhydrantga.ga/2017/10/upcoming-ltc-technologyhttps://www.reddit.com/r/litecoin/comments/71enjy/litecoin_technology_and_general_timelines/1. MAST
What does it do? It allows more privacy by hiding lumped transactions through a Merkle root. It also allows for complicated smart contracts. Smart contracts are currently capable on the LTC blockchain, it just takes up a lot of space.
When will it be released? Of all the tech, this is the closest to being released. Perhaps in the next Core release update. (But who knows?)
2. Lightning Network
What does it do? Allows instant transactions and reduced fees.
When will it be released? The LN isn’t being developed by the Litecoin Foundation specifically. It is being developed by Lighting Labs. There is a prototype wallet called ZAP! by jack mallers. If you’re a coder, you can help them test it. That being said, it will take a significant amount of time in order for the LN to create a fully functional product. Perhaps a year to create stable wallets. Multiple years to scale it out.
3. Atomic Swaps
What does it do? It allows people to trade one coin for a different coin without an exchange. This is called cross-chain swaps. It actually utilizes LN to do it.
When will it be released? Charlie reported that LTC and Decred just did an official test run but that was not through the LN. If it takes a year for stable LN wallets, it will take longer to build AS on top of that and even longer to integrate it into the mainstream.
4. Covenants
What does it do? You are able to select LTC to be bound together and stay together no matter what. When LTC blocks are formed, all the LTC are lumped together. Covenants will allow chosen LTC not to be lumped in with the other coins but be continually bound together. This allows Colored Coin application. It also allows “vaults” which will be added to Litecoin core. You basically lock it up so in case someone gets your priv keys, it has a delayed transaction time (let’s say a day) for it to be sent out without interruption. But you have a special “key” that lets you spend the LTC faster than the ones your attacker is sending. Pretty cool stuff. More security.
When will it be released? Honestly, I have no idea. Right now, it doesn’t seem to be a high priority from what I understand.
5. Confidential Transactions
What does it do? Allows anonymity between LTC transactions, something similar to Monero.
When will it be released? Charlie recently expressed in an interview that he thinks this might be the next project to work on. So I assume once MAST is implemented, they will focus on this next. My general guess would be in about a 6 months to a year.
6. Colored Coins
What does it do? Allows LTC to be repurposed to be attached to an asset. Yes. That means ICO’s. But think bigger and be more creative. Johnson Lau speculated you can assign LTC to a computerized car like Tesla. Your LTC could be given the property to act like a key to your car which you could send via your mobile phone. mind blown
When will it be released? I’m not sure this is very high on their priority list. BTC might take the lead before LTC on this one. Maybe 2 years?
Thanks for this overview, some points are new to me. Good to see such plans. Seems that the anonymity trend is very strong now.
weeee
