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Litecoin’s Implementation of MimbleWimble: Details Disclosed by Dev

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  • Vladislav Sopov
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    David Burkett, developer of MimbleWimble protocol, shares the Litecoin implementation progress. It looks like the release is around the corner!

Litecoin’s Implementation of MimbleWimble: Details Disclosed by Dev
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Shortly after the hot discussion on the MimbleWimble (MW) protocol vulnerability, David Burkett, the lead developer of Grin (native blockchain behind MW), disclosed some amazing details that brings MimbleWimble to Litecoin.

From Funding to Implementation

Recently, the developer announced that the Litecoin Foundation decided to fund his efforts at implementing the MW extension block. Thus, we can conclude that Litecoin's protocol governance is focused on implementing its new privacy protocol.

Widely criticized for the lack of anonymity in MimbleWimble, the developers have now made their technology work with TOR. MW requires interacting with the receiver in order to finalize a transaction collaboratively. By using TOR for that interaction, the protocol can use familiar-looking addresses, a simpler set-up, and improved privacy.

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CoinJoin: Single Exchange Point for Speed and Privacy

Mr. Burkett also reconsidered some aspects of the transactions broadcasting in Litecoin's mainnet. In order to increase speed without sacrificing privacy, every MimbleWimble transaction can now be pre-broadcasted to the CoinJoin server. As a result, users in some cases can avoid latency and transaction denials.

As one more step to its release, Mr. Burkett re-designed the Grin++ codebase in a way that allows LTC to reuse Grin++ with minimal modifications. Therefore, the implementation of MW into Litecoin will have a barely seamless design.

MimbleWimble protocol is a kind of side-chain extension that can be used for the unmatched level of privacy in some major blockchains.

What do you think? Will the release of MimbleWimble in Litecoin somehow affect the price of this asset? Share your opinion on Twitter.

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years

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  • Yuri Molchan
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    The Whale Alert account reports that nearly 89,000 ETH was wired to Poloniex from a wallet that had remained inactive since April 2018

$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years
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On Friday, the Twitter account Whale Alert that tracks large movements of crypto on the blockchain, spotted nearly 89,000 ETH (that’s around $13 mln in Ethereum) sent to the Poloniex exchange.

The account points out that the wallet which sent the money had been inactive since April 1 last year. No one has used it for nearly two years, apparently, waiting for the crypto winter to be over and hoping for a price surge afterwards.

One of the possible reasons of this wallet becoming active again is the Ethereum hard fork Istanbul which is about to happen today, on December 7, at block 9069000.

Very often the price of an asset goes up after a major upgrade (the Istanbul hard fork will not cause an appearance of a separate coin as it was with Ethereum Classic).

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Earlier, U.Today reported that the South Korean exchange Upbit suffered from a hacker's attack and lost around $50 mln in Ethereum. Whale Alert on Twitter has recently published data about $37 mln stolen from Upbit that was moved by the hacker from one wallet to another.

The head of Binance, CZ, has promised that all funds stolen from Upbit that would end up on Binance would be immediately frozen.

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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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