Litecoin foundation announces partnership with BitGo custody wallet

  • The Litecoin Foundation has entered into a partnership with BitGo to use the multi-signature custody wallet.
  • The decision aims to increase the degree of decentralization of the funds of the Litecoin Foundation.

Through its Twitter account, the Litecoin Foundation announced that it will use BitGo’s services as a custody wallet. The company was selected to store the funds of the Litecoin Foundation because of the guarantees offered by BitGo.

Litecoin funds in a secure and decentralized platform

The Litecoin Foundation selected BitGo because they believe the company offers the necessary security guarantees. In addition, BitGo is a multi-signature wallet that allows for greater decentralization in the management of funds. The funds cannot be managed by a single entity or person, but must instead be handled by a multi party system. To make a transaction, it must be authorized by a majority of key owners.

Furthermore, the storage with Multi-Sig also allows the users to divide its keys. This is a mechanism of security and protection in case a loss of data exists. BitGo is also supporting Litecoin’s SegWit features. Therefore, transaction fees will be small. This is only for users who use the platform frequently and send small amounts of LTC. More information about the cooperation is still expected from the Litecoin Foundation and BitGo.

BitGo is a company located in the United States. It was founded in 2013 and has a multi-currency platform that supports more than 200 tokens. The company also has a variety of services, such as multi-sig, and an insurance policy that exceeds 100 million dollars and covers the funds of its users.

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MimbleWimble development and implementation for Litecoin

As reported by CNF, the Litecoin Foundation is currently implementing the MimbleWimble protocol. The main developer of the project, David Burkett, gave an update on the progress made in December last year. Burkett reported that they are in the process of developing the extension blocks. The developer also said that he is focusing on restructuring the core logic that Grin++ and the MimbleWimble protocol will use for Litecoin.

In January of this year, the Litecoin team will seek to determine an appropriate method of construction for the protocol code. So far, the developers have not been able to establish what the project’s build process will be, but Burkett is leaning towards libbtcoin.

Litecoin’s founder, Charlie Lee made a request to those interested in the project to make donations. While some members of the cryptocommunity expressed their support for the petition, others severely criticized Lee. This adds to the criticism of the implementation of the MimbleWimble protocol.

The price of Litecoin is at $42.93, at the time of publication, with a profit of 2.34% in the last 24 hours and 4.34% in one week.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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