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Litecoin (LTC) to Fund Dev Team to Introduce Harry Potter-Named Protocol for Solving Fungibility Issue
Contrary to reports that Litecoin chain has given up developing which emerged earlier this year, on October 30, Charlie Lee said on his Twitter page that the Foundation is going to hire a Grin++ developer David Burkett to lead a team to implement the MimbleWimble protocol and Extension Blocks.
Earlier, the media reported that three people, including Charlie Lee and David Burkett, proposed the implementation of the MimbleWimble protocol (the title comes from the world-popular fantasy books about Harry Potter) to make LTC more fungible by means of Extension Blocks.
[Update on MimbleWimble & Litecoin]: @ecurrencyhodler, @DavidBurkett38, & @satoshilite have proposed a draft of two Litecoin Improvement Proposals to implement MimbleWimble through Extension Blocks.
— Litecoin Foundation (@LTCFoundation) October 22, 2019
LIP-0002 EB:https://t.co/u2ORFy6yfD
LIP-0003 MW:https://t.co/u2ORFy6yfD
Litecoin to fund David Burkett to implement MW
In today’s tweet, Charlie Lee spread the word that David Burkett, a Grin++ Network developer, is going to be funded to lead a dev team to work on adding the MimbleWimble (MW) protocol through extra running blocks onto the Litecoin chain.
Thanks @DavidBurkett38! Your presentation on MimbleWimble and Extension Blocks was awesome. ?
Good news! @LTCFoundation will fund David to lead the team on implementing MimbleWimble and Extension Blocks on Litecoin and also for continuing his work on Grin++. ? https://t.co/wyEID7aQuo— Charlie Lee [LTC⚡] (@SatoshiLite) October 30, 2019
MimbleWimble offers a new format of Confidential Transactions working through so-called extension blocks. Those work alongside the main blockchain and the interval is the same – around 2.5 minutes.
“An auxiliary block is created for each main block. Auxiliary block looks like a traditional block without the header.”
MW was first suggested by a BTC developer, Johnson Lau, on Github, and described as a way to efficiently increase the size of blocks without any rules on the network to be changed.
Charlie Lee determined to make LTC more private
In late January this year, Charlie Lee publicly addressed the issue of Litecoin fungibility, saying that due to blockchain operations on Litecoin being transparant, risks are high that transaction details can be made available to governmental agencies. He tweeted that fungibility is the only thing that both Bitcoin and Litecoin do not have at the moment.
Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy.
— Charlie Lee [LTC⚡] (@SatoshiLite) January 28, 2019
I am now focused on making Litecoin more fungible by adding Confidential Transactions. ?
What are your thoughts on Litecoin introducing MW? Feel free to share them in the comment section!
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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