New updates concerning the implementation of the MimbleWimble protocol on the Litecoin (LTC) blockchain have been announced yesterday.
The very founder of Litecoin, Charlie Lee tweeted:
Fundraising for the Litecoin Confidential Transaction Fund is going strong. We are 1/4 of the way there. But we still need your help #LitecoinFam. Thanks! https://t.co/lHZE1ipGtn pic.twitter.com/iDoGlp3vMG
— Charlie Lee [LTC⚡] (@SatoshiLite) December 30, 2019
The intention to make transactions on Litecoin’s blockchain more secure from the point of view of privacy was made official only a couple of months ago, seeing that, being a public blockchain, all information is publicly available at the moment.
In an effort to address this inconvenience, partly because those who need privacy can choose other blockchains such as Monero (XMR), the focus was placed on the integration of the MimbleWimble (MW) protocol, which is already operational on several blockchains, such as Grin and Beam.
The MimbleWimble code is in progress of integration. Here is the roadmap and therefore the updates expected in January:
- Determine the construction method: at the moment there is still no clear direction on how to operate with the code and how to simplify its compilation;
- Define all LTC models, then determine the precise field for how to format the code;
- Move the database implementation to the libmw core (the libraries) and test them.
All progress can be tracked on GitHub in order to understand in detail all the progress. This could be a real revolution in the crypto and blockchain industry.
Privacy is a crucial and essential factor because it provides extra security and makes transactions anonymous compared to what occurs, for example, on Bitcoin’s blockchain.
Moreover, if this implementation is successful, it is likely that MimbleWimble will also be integrated on other blockchains.
Meanwhile, other chains are also integrating various privacy systems: think, for example, of TRON (TRX) and what has been done with Tezos (XTZ), which have chosen the zk-SNARKS model already operating on the ZCash (ZEC) blockchain.