Litecoin (LTC) News – Is Litecoin (LTC) planning to take on Monero (XMR)?

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Monero (XMR) is one of the mainstream cryptocurrencies which provides complete anonymity when it comes to cryptocurrency transactions. The ring based signature ensures that even the authorities, as well as the blockchain experts, are not able to detect the transactions. In fact, it has borne the brunt of this feature as well. Many cryptocurrency exchanges have actually delisted it because of completely anonymous nature. More and more cryptocurrency exchanges are moving towards transparent cryptocurrencies. However, it seems like there is indeed a demand for anonymous cryptocurrency. It seems like Litecoin (LTC) might want to take on Monero (XMR) when it comes to fungibility.

Is Litecoin (LTC) planning to take on Monero (XMR)?

Recently, Charlie Lee creator of Litecoin (LTC)  clearly stated that the next battle will be around fungibility and privacy. It clearly indicates that Litecoin (LTC) also is moving towards providing anonymity to the cryptocurrency users. With proper fungibility, transactions cannot be tracked in Litecoin (LTC). It is also an indication that Litecoin (LTC) might be preparing to take on Monero (XMR). Currently, among the mainstream cryptocurrencies Monero (XMR) dominates the anonymous transactions base. It is widely used in darknet. That is why, if Litecoin (LTC) moves into this space, there might be considerable competition between both.

At the same point in time, Charlie Lee was clear that the functionality will be added to Litecoin (LTC) through a soft fork. It remains to be seen whether such a soft fork goes through or not. He was also quick to point out that it can be as early as 2019 itself. It clearly indicates that the decision is not an impulse. He has thought over the decision and plans to introduce the soft fork to introduce fungibility and anonymity. When that happens, the competition in that space will increase as well.

When you look at Monero (XMR), it is widely used in darknet. Litecoin (LTC) will find it exceedingly difficult to gain market share from Monero (XMR) in that market. It is a trusted cryptocurrency in that market. Moreover, users who want to conduct anonymous transactions due to a variety of different reasons also use Monero (XMR). It is widely associated with anonymous transactions. That is why, it will be difficult to make users to switch from Monero (XMR) to Litecoin (LTC) in spite of providing complete fungibility.

One thing which is for sure is that Litecoin (LTC) is surely stepping onto the turf of Monero (XMR). Things can get pretty interesting by the end of 2019.

About Manish 351 Articles
I am an avid crypto lover and a electronics & telecommunications engineer by qualification. I follow the cryptocurrency & blockchain industry closely to focus on the latest news & developments.

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