The Litecoin foundation recently opened fundraising to upgrade security
To complete the code for the Litecoin expansion block and implement MimbleWimble, the Litecoin platform has recently been trying to raise funds in hopes of raising $ 72,000 to hire David Burkett, Grin++ developer for 15 hours of work each week for the next 12 months. The purpose of hiring Grin++ is to promote improved privacy after Charlie Lee, Litecoin’s founder, committed in 2019. It seems that the development towards this goal is currently well underway when funding accelerated development.
The Litecoin network is in disagreement over the donation
Despite calling for $ 72,000 to raise, Charlie Lee said the money would be split 50/50. At the same time, the community only needs to raise $ 36,000 to meet the funding goal.
However, some people in the Litecoin community disagree with Lee. They expressed the opinion that Charlie Lee should pay all of the above with the money earned from selling his stash near LTC’s all-time highest value back in December 2017.
Just f*cking donate the rest yourself Mr. “I Sold at the ATH” https://t.co/my75UOojNg
— Chico Crypto (Giving Away Eth-Jeez Greedy F***s) (@ChicoCrypto) December 31, 2019
Besides, others seem to be concerned that this new fundraising plan is proof that Litecoin is dying. Because after Litecoin halving, LTC does not look to stand out either.
If you have to cheerlead for a fund raising, then I think your project is dead or dying. Fast approaching the crypto graveyard.
— $CARPENTERMATT (@mwroutledge) December 30, 2019
The development update revolves around Litecoin
Besides, the money raised will be used to deploy more new projects. In particular, the latest development project will implement the MimbleWimble protocol on Litecoin, allowing users to opt in to secure confidential transactions selectively.
As for developer David Burkett, he has been working on the update since December 1, 2019, and has contributed two new LTC Improvement Proposals (LIPs). This includes LIP-0002 proposing additional expansion blocks (EB) that can be used to enhance Litecoin functionality without changing its consensus rules. Besides, LIP-0003 also describes the implementation of MimbleWimble – an opt-in technology that improves transaction privacy.
David Burkett, Crypto-anarchist and Grin developer
These LIPs will need to be deployed before LTC can benefit from confidential transactions using MimbleWimble technology. Also, despite the controversy surrounding fundraising, the process of bringing in secret transactions seems to be accelerating.
Last weekend, Burkett provided a detailed update of the current development process for deploying MimbleWimble. As he is now, he is currently working on refactoring the core logic shared between Grin++ and Litecoin.
With that in mind, Burkett will focus on three main tasks in January 2020:
- Find the best way to move forward with building new updates that can use a simplified version of the Libbitcoin build system.
- Identify specific details of Litecoin title & kernel (including signature).
- Migrate database deployments to libmw-core.
Since the community has only raised less than a month and has raised a quarter of the required funds, it seems that this effort will be fully funded within three months. Therefore, MimbleWimble will be integrated into Litecoin within the next few months, if the development goes as planned.
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