Home Uncategorized Litecoin foundation partners BitGo over custody solution

Litecoin foundation partners BitGo over custody solution

Litecoin Foundation has announced partnership with BitGo to provide the organization with digital asset storage and custody solutions.

The Foundation via its Twitter account, made the announcement that it will employ BitGo’s services for its custody wallet. It will use BitGo’s feature that allows multiple parties to agree to a transaction before it is sent, and also provide institution-grade security.

Currently, such protocol is not necessary for LTC users to deposit funds with a custodian.

According to the Foundation spokeperson, BitGo was selected because they believe the company offers the necessary security guarantees.

Ben Chan, chief technology officer of BitGo, said its the first multi-signature wallet platform that provides support for such a wide offering of highly traded digital currencies.

BitGo to support SegWit feature

The multi-sig feature is typically used to form joint accounts or perform escrow service, but that is not all.

BitGo earlier announced to support Litecoin’s SegWit features back in October.

This feature will lower the transaction fees for users who send payments frequently and in small amounts, but Litecoin has not commented on its plan to use SegWit.

Litecoin begins implementing MimbleWimble extension blocks

Litecoin has officially begun the development of MimbleWimble extension blocks to make transactions more confidential done using Litecoin.

The Litecoin foundation started a crowdfunding campaign to provide developers with enough funds to support a year’s worth of work on the project. But the project still needs $57,000 in donations to complete its target of $72,000.

According to David Burkett, the main developer of the project, the update made in December 2020 is the first step in the process of developing the extension blocks.

Litecoin’s founder, Charlie Lee made a request to those interested in the project to make donations.

While some members of the crypto community expressed their support for the petition, others severely criticized Lee. This adds to the criticism of the implementation of the MimbleWimble protocol.

Muhaimin Olowoporoku
Muhaimin is a journalist and a crypto enthusiast. He believes in the Africa project and sees blockchain technology as a possible solution alongside developmental journalism

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