More

    Litecoin’s MimbleWimble privacy upgrade is ready to roll on March 15

    The Litecoin MimbleWimble (MW) lead developer, David Burkett, has given a progress update on the project. He mentioned improvements to do with stealth addresses, as well as enhancements to the wallet interface.But crucially, Burkett puts a date of March 15 for when he can hand it over to the community for review.January Progress:Improved how we handle stealth addresses thanks to the “MingleJingle” proposal (https://t.co/m4iBLZsJg9)Cleaned up tx history UI and other wallet improvements.Initial code will be complete and ready for review March 15th!🚀Details: https://t.co/MZdvpCGhrL— @[email protected] (@DavidBurkett38) February 2, 2021Litecoin founder Charlie Lee first mentioned the MW upgrade back in early 2019. He argued that MW is needed for Litecoin to become sound money, which was always the use case he was aiming for.“Litecoin (LTC) is decentralised money, free from censorship and open to all. Send low cost private, secure, borderless payments to anyone, anytime, anywhere.”What is MimbleWimble?MimbleWimble is a blockchain design that allows for more privacy and better network scalability. The design differences center on a compact history, making data easier and quicker to process and verify.However, what sets MW apart is the encryption of the amounts of inputs and outputs on a block. The block can still be verified and confirmed. But, to an outsider, it looks like one large transaction, as opposed to a combination of several.The result is that there are no identifiable or reusable addresses, as individual inputs cannot be linked with their respective outputs. Meaning only the transacting parties can view the transaction data.Litecoin as sound moneyEven though Litecoin is a Bitcoin fork, it differentiates itself by being a faster and cheaper version. Some would argue that Litecoin is a truer version of Bitcoin, per a literal interpretation of Satoshi Nakamoto’s electronic money concept.All the same, Lee points out that most cryptocurrencies, Litecoin included, lack the full yardstick of what sound money constitutes. His chief concern is a lack of fungibility. This refers to the interchangeability of tokens, as fungibility implies equal value across the board.“In January of last year [2019], I tweeted something saying fungibility is the only property of sound money that is missing from Bitcoin and Litecoin. And now that the scaling debate is behind us, the next paragon will be on fungibility and privacy. And I really believe that. “But the problem is, most cryptocurrency tokens are not indistinguishable from one another. Every Litecoin has a sequence of history transactions unique to that Litecoin. This could potentially affect its value, for example, by having an illicit history.For Litecoin to become the payment system it strives to be, fungibility is the next step, and that reality is fast approaching.Litecoin, currently ranked #7 by market cap, is up 11.42% over the past 24 hours. LTC has a market cap of $9.58B with a 24 hour volume of $6.92B.Litecoin Price ChartLTCUSD Chart by TradingViewLike what you see? Subscribe for daily updates.

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 39,727.00
    ethereum
    Ethereum (ETH) $ 2,656.52
    tether
    Tether (USDT) $ 1.00
    binance-coin
    Binance Coin (BNB) $ 335.12
    cardano
    Cardano (ADA) $ 1.33
    xrp
    XRP (XRP) $ 0.749111
    usd-coin
    USD Coin (USDC) $ 1.00
    dogecoin
    Dogecoin (DOGE) $ 0.204947
    polkadot
    Polkadot (DOT) $ 18.54
    binance-usd
    Binance USD (BUSD) $ 1.00
    uniswap
    Uniswap (UNI) $ 23.06
    chainlink
    Chainlink (LINK) $ 23.71
    bitcoin-cash
    Bitcoin Cash (BCH) $ 550.73
    litecoin
    Litecoin (LTC) $ 142.92
    solana
    Solana (SOL) $ 33.98
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 39,756.00
    matic-network
    Polygon (MATIC) $ 1.06
    ethereum-classic
    Ethereum Classic (ETC) $ 51.72
    stellar
    Stellar (XLM) $ 0.279995
    theta-token
    Theta Network (THETA) $ 5.91
    vechain
    VeChain (VET) $ 0.086949
    internet-computer
    Internet Computer (ICP) $ 40.85
    dai
    Dai (DAI) $ 1.00
    filecoin
    Filecoin (FIL) $ 55.00
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022153
    okb
    OKB (OKB) $ 18.84
    terra-luna
    Terra (LUNA) $ 12.15
    tron
    TRON (TRX) $ 0.065298
    cdai
    cDAI (CDAI) $ 0.021611
    monero
    Monero (XMR) $ 234.39
    aave
    Aave (AAVE) $ 327.02
    compound-ether
    cETH (CETH) $ 53.33
    eos
    EOS (EOS) $ 4.08
    ftx-token
    FTX Token (FTT) $ 36.37
    cosmos
    Cosmos (ATOM) $ 12.70
    pancakeswap-token
    PancakeSwap (CAKE) $ 16.15
    amp-token
    Amp (AMP) $ 0.068207
    the-graph
    The Graph (GRT) $ 0.673654
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.125721
    neo
    NEO (NEO) $ 44.71
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    leo-token
    LEO Token (LEO) $ 3.08
    bitcoin-sv
    Bitcoin SV (BSV) $ 144.96
    maker
    Maker (MKR) $ 3,016.83
    tezos
    Tezos (XTZ) $ 3.20
    algorand
    Algorand (ALGO) $ 0.829189
    klay-token
    Klaytn (KLAY) $ 1.04
    celsius-degree-token
    Celsius Network (CEL) $ 6.00
    iota
    IOTA (MIOTA) $ 0.912153
    avalanche-2
    Avalanche (AVAX) $ 13.28