See More

Litecoin Publishes Proposal For MimbleWimble Implementation

2 mins
Updated by Adam James
Join our Trading Community on Telegram
After Litecoin founder Charlie Lee teased new privacy features early this year,  it has finally published the first draft plans. Litecoin has proposed MimbleWimble (MW) transactions to bring on updated scaling and privacy features.
Litecoin launched in 2011 after forking from Bitcoin. Since then, the cryptocurrency has been trying very hard to differentiate itself from Bitcoin. Litecoin’s latest proposal for implementing MimbleWimble could be a huge game-changer.

Litecoin Improvement Proposals

Litecoin has proposed two improvement proposals, LIP 2 and LIP 3. The first proposal, LIP 2, introduces extension blocks (EB) to Litecoin. It allows Litecoin to implement new protocols such as MimbleWimble without altering consensus rules. It is similar to a block size increase and runs alongside the main chain’s canonical blocks. The second proposal, LIP 3, deals with the implementation of the MimbleWimble protocol. It uses the extension blocks proposed in LIP 2 and users can then use MimbleWimble by moving their coins into EB if they so choose.

MimbleWimble Privacy

The Bitcoin community first proposed MimbleWimble (MW) back in 2013. It has not progressed much with Bitcoin, however, the Litecoin community is now more adoptive. Litecoins moved to extension blocks are sent to a specially marked anyone-can-spend address. Inside the EB, an equivalent amount of MW coins are redeemed. MW then hides the amount and also deletes the transactional history from the ledger. It helps with increasing privacy while reducing the block size at the same time. Additionally, LIP 3 has also proposed a switch commitment to Elgamal. If Quantum Computers become a viable threat in the future, it can be activated. litecoin bitcoin

Possible Exchange Delisting

MimbleWimble can make Litecoin significantly better, but it could also result in exchange delistings. Several exchanges like Coincheck, Upbit, and even Coinbase UK have already delisted privacy coins such as Monero and Zcash. Hostility towards privacy coins could bring extra scrutiny onto Litecoin and also result in delisting. Do you think exchanges will delist Litecoin if they implement these privacy features? Let us know your thoughts in the comments below.
Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!
Top crypto platforms in the US | March 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Vignesh_Selvasundar..jpg
Vignesh Selvasundar
With experience in journalism and marketing, Vignesh first came across Bitcoin in 2012. He quickly understood the importance of this revolutionary technology and later went all-in. He has been working exclusively with crypto for the last four years while travelling.
READ FULL BIO
Sponsored
Sponsored