David Burkett, the developer of the MimbleWimble protocol for Litecoin, just released the second monthly development update, and it looks like he’s made some pretty incredible progress. In fact, he announced that Litecoin’s non-interactive transactions are ready – let’s take a look.
What is MimbleWimble?
MimbleWimble is built on the same input and output transaction model as Litecoin, except that it’s impossible for an observer to gather any information on ownership, or the value of transaction, conducted over the network.
MimbleWimble uses a “Pedersen Commitment Scheme” which ensures that any hidden transaction data is totally accurate, and that the amounts can’t be changed later. This is done through multi-sig technology. Blinding factors and the Pedersen Commitment Scheme ensures that MimbleWimble can hide transaction information from third parties, while maintaining reliability and accuracy.
I’ll be posting monthly status updates detailing progress on the LTC MW EB (YAY acronyms). This is geared toward those interested in LTC development, but will also talk a lot about Grin++ changes, so it may be interesting to Grinners as well. https://t.co/hTpUbWSPI6
— David Burkett ツ (@DavidBurkett38) December 1, 2019
Previously, both the sender and the receiver needed to stay online when sending Litecoin (LTC). Now, the new proposal supports receiving LTC via cold storage. It upgrades the option of using hardware wallets.
Burkett also re-considered the database framework to enable coin-agnostic updates. This has already been tested using LTC specifications.
The developer also received and applied security audit results for Grin++. As a result, both Grin++ and libmw improved significantly.
The Litecoin community is fully in support of the efforts from Mr Burkett. So far, the Litecoin Foundation has managed to collect $12,000 for his salary, which is then re-doubled by Foundation leader Charlie Lee.
How will Litecoin benefit from MimbleWimble?
Litecoin’s non-interactive transactions are ready, but there’s still a long way to go. So, how will Litecoin benefit from MimbleWimble once it’s actually implemented?
MimbleWimble is a privacy technology, that can be used in a variety of ways on the blockchain – either on the mainchain to make all transactions private, or as an extension block or sidechain so that private transactions are opt-in.
MimbleWimble will bring private transactions to Litecoin, and will tackle the issue of fungibility. Right now, privacy coins are gaining popularity and MimbleWimble may help Litecoin compete.
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Litecoin is moving forward
Litecoin’s non-interactive transactions are ready, and MimbleWimble is edging closer. However, there’s still a while to go before the protocol is actually implemented. With that being said, things are definitely happening for the blockchain, and it’s becoming increasingly obvious that change is coming. Litecoin is moving forward, and will hopefully be able to compete with its competitors in the long term.