- Recently, the Litecoin [LTC] Foundation established a Trust Fund for the development of MimbleWimble with LTC
- Charlie Lee announces that he will match LTC and BTC donations every month (in total $72,000)
- David Burkett, the lead programmer, highlights the Achilles heel of the project
The Litecoin Foundation set up a Dedicated Trust Fund towards the development of privacy and fungibility in LTC.
David Burkett, the developer of Grin++, will be working closely with the Litecoin Foundation to implement MimbleWimble for Extension Blocks. These will be used along with the Litecoin blockchain to provide the complete fungibility of the network.
Charlie Lee, the creator of Litecoin, tweeted,
I am going to do a donation match towards this donation drive. At the end of every month, for every LTC/BTC donated, I will match the same amount.💥
He also reports that out of the target for $72,000, about 1/10th has already been achieved. Moreover, including Lee’s contribution, the amount is doubled already.
Burkett and the foundation will release monthly updates on the progress and release of funds for his work. He plans to work 30 hours/week for a year simultaneously on Grin++ and Litecoin [LTC]. Moreover, any progress on Grin++ will eventually be forked onto Litecoin’s extension blocks.
The Achilles Heel
Currently, Litecoin is entirely transparent and traceable; this can be used to earmark specific Litecoin [LTC] tokens in particular addresses. Hence, it needs to add privacy and fungibility for it to function as ‘money.’
MimbleWimble was proposed at the start of the year. Until very recently, not much progress was seen on the front. However, Charlie Lee has brought his focus back on the project and is working actively towards it.
It uses TOR other cryptographic techniques to ensure the privacy of transactions. However, before the extension blocks are even implemented, it can be traced by the nodes. Burkett notes,
The Achilles heel of MimbleWimble privacy though, has always been that transactions are broadcast before they’ve had a chance to be joined with other transactions. That means nodes monitoring the network can see the original input-to-output links of most transactions.
Burkett has proposed Coinjoin as one of the potential solutions to it. Nevertheless, it looks like he is looking to improvise while working on it. The discussion and updates from the developers will be provided here.
Do you think Litecoin’s plans with MimbleWimble will be a success despite the regulators? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com