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Litecoin (LTC) to Fund Dev Team to Introduce Harry Potter-Named Protocol for Solving Fungibility Issue

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  • Yuri Molchan
    📰 News

    Litecoin’s Charlie Lee plans to use the MimbleWimble system and extra blocks on the Litecoin (LTC) network to make LTC more fungible

Litecoin (LTC) to Fund Dev Team to Introduce Harry Potter-Named Protocol for Solving Fungibility Issue
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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.

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.

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.

 

What are your thoughts on Litecoin introducing MW? Feel free to share them in the comment section!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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  • Alex Dovbnya
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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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Ethereum (ETH) Price Undergoes Bullish Consolidation, Says Prominent Crypto Trader

Ethereum (ETH) Price Undergoes Bullish Consolidation, Says Prominent Crypto Trader

The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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