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LA Blockchain Summit
October 14, 2021, Los Angeles, CA, USA
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The Future of Litecoin Development
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Well, thank you Charlie out, and missed him so bad. Some great conversations that we got to listen to not accept that invite only future of Litecoin development is likely very own code that David Beckett. Hi Ron, thanks for having me developer, been working on my coin for a few years now. I'm just going to get an update on some of the big feature both on the protocol. First and foremost at the time, it was created a two and a half minute long times were much faster than than what we had but it's still so funny fast for everyday transactions.

A couple minutes away and 30 minutes for a first confirmation. If we have four times as many blocks is Bitcoin. So we have can have four times as many transactions. We As long as we have this this extra block space than they should be less competition for it. And in the fee should generally be lower right now. They're the very low you don't have to wait till 2 a.m. To send your 3 Satoshi transaction. As it's pretty much a load fee. All the time does blocks to start to fill up. We have those to fall back on, will get instant

transactions with those. And we can, we can scale very well there and reliable than 10 years, the 10-year anniversary, and during all that time. There's never been any down time at all, which is quite impressive. It's just always there. It's always reliable. And you need that for money because if you had, you think I like the holiday seasons and go to a major departments. And suddenly Visa didn't work it. Be chaotic for for many, many people. So you need to be money. Really need it to be reliable all the time. You got to, you got to have just be there when it's needed an end. So

that's really effective. How Litecoin has developed a very conservative approach. We paid very close attention to what Bitcoin does will adopt their features after they prove in or if it's something like a cigarette in the past, will it will actually adopt before then. But we're very, very cautious about what we include at the core layer because we need to make sure that we're always going. We're not going to we're not a theory. I'm trying to be the world computer or anything like that. We're not trying to cutting-edge everything while risking the

most important application, which is money. That's really influenced. How Developers It's got all these great properties are, the properties of of money to is divisible. It's easy to transport. But there's one that we're really missing, which I mentioned before was fungibility. Bondability, this is from Wikipedia. So you can trust it. In economics fungibility is the property of a good or commodity whose individual units are essentially interchangeable. And each of these parts is indistinguishable from another part. So in other words, one Litecoin is one Litecoin is

one Litecoin. You don't want you don't want to go to a store and then have them. In a Different Light coins. Different amounts and try to figure out based off the price like, you know, How many of these these like going to need? You want to be able to just look and see. All this is 10 Litecoin, any pain like points will do. But if you have some coins, that have a history attached, if you think about how blockchain Works, they have each coin has a history that you can

trace it back and then see past transactions. It was involved with, let's say, one of those past actions was blacklisted. Buy some companies with may be involved with some kind of illegal trade or even some of those coins were involved with some other points that that were involved in some kind of illegal activity. Depending, how closely that that past activity was the odds of it being blacklisted, places made increase, or decrease. So what you really would end up with there is, is this kind of its uneven system, of of

some coins being way more than others. And you need have like some Come at a premium. Like if you were, if you want a brand new fresh coins, from a minor, you would end up paying more than one like going for each one of those like going. And when you have a system like that, it's really, it's just a barter economy. You don't have a base monetary unit. It's just, you're always bartering for the kind of defeats the whole purpose of being money. So you want it want to make sure that you can just price things in like going and every Litecoin

is accepted for it. So in order to do that, we need to we need to make sure every Litecoin is indistinguishable from the other. You don't want to have you don't want to be able to see that history at all in right now for Bitcoin and like when you definitely can it, it doesn't have the possibility. So our Focus for the past few years has been providing this this final property of money. Call for providing confidential transactions and confidential transactions. Just means the amounts are getting theirs. If

you look in the blockchain, if you look at a block Explorer today, you can see a mouse. You can see in certain cases. You may be able to see employer your co-workers, what they say, how much they make? What their salary is if you're able to track those transactions download watching so that you know, that's not very good property of money as it is. You don't really want other people seeing how much you make or how much you spend on things. But also if you think about it. That if you, if you're looking at them block Explorer, you can

based on the amount. You can often tell whether something is change or not. So you can, you can see the direction, the coins, go cuz every, every transaction has has an amount, you send to someone else but then it can also receive some change back. And so by having the amounts there and makes it easier to figure out which one is change and which one isn't, which is all very useful information. If you're trying to track down the history of a coin and that's what we're trying to avoid. We're trying to avoid others as being able to trace a coin because we don't

want a history really attached to a coin. Remember when will provide these confidential transactions which hides the amounts but they also do something called non-interactive coin joints. So for every transaction today, you have some coins, your spending and some coins you're creating as part of that spent. So if you could be spending 10 coins and you can send 9 to someone else and one back to yourself as change and it's easy to follow the money that way. But by doing non-interactive calling you on what, it really means. It's each block. It takes all of the

transactions From the Block. And it takes all the coins is being spent and it takes all the coins being created. It just combines them all together into one big transaction. And when it does that, you lose the end of the history of each coin. It makes it a lot harder to track who spent which coins, and where they went and that's that's a property that really gives us the bunch of Remember, Wendell and ended it. Does this using very conservative crypto. It doesn't, it's not crazy cutting-edge stuff. Like

it's the same security properties is as Bitcoin. So very safe, but we get all these great advantages of it. And there's also one really cool aspect of how the limbo limbo works, is that you actually can delete all data while maintaining the same security property. So it actually scales better typically with confidential transactions, you there 3 or 4. Sometimes, a lot more times the size of a normal transaction, but with member wimble, that's actually smaller

overtime because less data is needed to restore, its you get you a faster sing times and then in that improves the centralization, among other things. So yeah, we wanted to use this number when will but then for a while there. It looked like it might not be possible. You can see Charlie back in January, 2019 watching too much. Has to be a hard for but we, we found later there. There's a thing called an extension block, which is a pretty clever and very powerful. But is it

allows you to add like a second block to every block that can have its own set of transaction rules. You can see the transactions don't have to look anything alike. Anything, like the normal transactions to each block will just have its own copy. It's on its own separate extension block, but that's all as a separate rules and you can send coins back and forth between those two blocks. You can see in the image here. How There's a second. This Arrow to a second block free for each one of those

blocks. You have your normal chain, and they also have this additional data that they could follow any odd set of balls. Do you want? You could even do really crazy things like decrease or increase Supply and other stuff, but we're not doing anything shady like that. We're just we're supporting number one, bow on the side so that all you will need to do for 4. For clearing, free racing, the history of your coin or four at least of sharing the history of your coin, and making it so that everyone looks similar to others. And you can just send it to the

special address and it it moves it to like that other Block in the chain where you can follow the number one nipple in both roles in this only requires a stop for, if there's no need to have every no doubt. They're upgrade immediately. You can know it's going to upgrade slowly over time just like said, what was the soft for not going to be. It's not going to result in a change split or anything like that. So that's we decided we would Implement remember when both be an extension block and that's where we get the name.

So the status of the web, we started developing in late 2019 to community funded project. Every month. I do with a detailed monthly update. You can go out on the light talk. Like when talk. I owe, you can go read all the past updates. They're fairly detailed. I just I just submitted a new one yesterday. You could read that, but we've done some, some really cool things over top than normal mimblewimble protocol. We included non-interactive transactions through it. It was kind of a

limitation with how member wimble worked before to, where it was harder to transact with some people because both had to be online. At the same time unlike standard like going to send you an address and they can receive it whenever but we were able to get that, we're able to make some improvements on Noble in BO2. Add that support back. And we also, we also have the stealth addresses. So one way people do, you're not amazed themselves or one way that you can. Learn

about a transaction in in the in the chain is if you if someone sends coins to the same address, so if they have two different transactions are involved with and both end up sending coins to the same address. If you reuse an address, we know that address is owned by just one person and so like a big a big source of of privacy leaves for Bitcoin.

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