Litecoin and the concerns about MimbleWimble
Litecoin and the concerns about MimbleWimble
Blockchain

Litecoin and the concerns about MimbleWimble

By Alfredo de Candia - 25 May 2020

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In a recent interview with Charlie Lee, creator of Litecoin (LTC), the community learned some details about the integration of the MimbleWimble (MW) protocol on this blockchain and how it will impact users.

The various questions raised during the interview highlighted how the new protocol can be used and asked whether or not the new transactions will be shielded by default.

In answering this question Charlie Lee explained that the user will be able to decide whether or not to perform transactions with the new protection system. This is a model already found on Zcash (ZEC) where the user can decide whether or not to shield transactions for more privacy.

Another topic touched on during the interview was about the adoption of the new version of Litecoin by exchanges: Lee is aware that at the beginning it will be difficult and that not all wallets will be compatible with this new feature; exchanges will also have to update and allow users to take advantage of the new protocol:

“Initially the use of Litecoin post-MimbleWimble implementation will be difficult; it’s going to be a learning curve. Not all wallets will support it from the start[…] Since it is a soft fork, the whole ecosystem won’t need to care about it until they want to.”

Lee also answered questions about the so-called hidden inflation, as more privacy would mean not controlling how many LTC are moved and in what way, so this could create a risk of inflation generated by the extra cryptocurrencies.  

Lee gave some reassurance on the subject saying that the blocks with their protected transactions will be added to the chain and so even if someone were to attack those blocks, the bug would not spread to the whole chain.

“The good thing about our ecosystem is the extension block for Litecoin; it would be kind of isolated by itself. So even if something happens to that, it won’t infiltrate the main chain because one won’t be able to withdraw more coins.”

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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