Litecoin’s [LTC] much awaited mimblewimble testnet launch might happen coming September as per project lead developer David Burkett. In the blog post shared by Litecoin team David Burkett shared the progress and current status of the project.
Litecoin Mimblewimble: A More efficient & Private Litecoin
It’s a known fact any update or a new development for cryptocurrencies is linked with rise in prices and demand on exchanges. The Litecoin community though is viewing Mimblewimble Testnet launch as a revival of lost glory for Litecoin after a series of set backs. Earlier Charlie lee the creator of Litecoin sold all his Litecoin holding once the coin reached its all time high. This event was followed by the news that there is no developer activity on Litecoin for over 9 months.
The news of Litecoin Mimblewimble testnet launch is expected to generate much needed confidence and trust in Litecoin cryptocurrency.
As per wikipedia, Mimblewimble is a blockchain protocol created to improve privacy, fungibility, and scalability of blockchains. Grin was one among the first projects to implement the Mimblewimble protocol.
Advantages Of Mimblewimble Protocol Update
Firstly, if Litecoin implements Mimblewimble protocol there will be no need for addresses on the blockchain and hence the network’s data storing capacity can be improved multifold. It means litecoin will be more scalable, faster and less centralized.
Secondly, Mimblewimble protocol brings back anonymity to the blockchain and more private transactions can be made on the network anonymously. In the proposed Mimblewimble architecture the general UTXO model of input & output in Bitcoin is replaced with mutlisignature known as confidential transactions.
So, if Alice & Bob want to do a transaction they can create a multisignature key and use it to verify their transactions. There are no addresses in this protocol!
Third and most important Mimblewimble provides a cut through mechanism to boost the scalability of a network by removing the part of information from blocks that is not necessary to be stored in Blockchain. This information is eliminated without posing any threats to security of the network.
No doubt, this new update will make Litecoin more efficient, scalable and anonymous. What are your views on this?