David Burkett: The Litecoin MimbleWimble will ready on March 15 to the community for review
Litecoin MimbleWimble (MW) is a blockchain design. This design uses a completely new method of transaction storage and structure. It is a form of implementation of a Proof of Work (PoW) blockchain in a new way to enable better network privacy and scalability. And recently, the main developer David Burkett announced an update on the project’s progress. In it, Burkett also mentioned improvements to do with hidden addresses, as well as improvements to the wallet interface.
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!?
— @firstname.lastname@example.org (@DavidBurkett38) February 2, 2021
Litecoin MimbleWimble privacy upgrade is ready to roll on March 15
According to Burkett, March 15 is the final day to consider when it is possible to launch Litecoin MimbleWimble for the community to consider.
In early 2019, Litecoin founder Charlie Lee mentioned the MimbleWimble upgrade. According to Lee, MimbleWimble is a necessary update for Litecoin to be good money. And this is always the use case that he aims for.
“Litecoin (LTC) is decentralized money, free from censorship and open to all. Send low cost private, secure, borderless payments to anyone, anytime, anywhere.”
Although Litecoin is a fork of Bitcoin, it makes a difference by becoming a faster and cheaper version. Some would argue that Litecoin is a more accurate version of Bitcoin, in the literal sense of Satoshi Nakamoto’s cryptocurrency concept.
Similarly, Lee points out that most cryptocurrencies, including Litecoin, lack a complete measure of what good money constitutes. His main concern is the lack of surrogacy. This refers to the interchangeability of the tokens since interchangeability means equal values across the board.
“In January of last year , 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 of the cryptocurrency tokens are indistinguishable from each other. Each Litecoin has a unique chain of transaction history for that Litecoin. This can affect its value, for example, due to its illegal history.
For Litecoin to be the payment system it is striving towards, fungibility is the next step and that reality is fast approaching.
You can see the LTC price here.
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