- Litecoin kick start $70,000 Mimblewimble Development project
- Mimblewimble – The Journey So Far
Litecoin finally begins its Mimblewimble-based privacy project to make transactions private. The developer behind the project, David Burkett declared that he has completed the first month of development. He went thus: “After months of planning, development of the Mimblewimble extension block has officially started.”
For close to a year now, the project has been in progress, sometime in January 2019, Charlie Lee, Litecoin founder declared plans for private transactions.
In August, the project hired David Burkett to aid the development of the project. Burkett is prominent for his work on Grin, a Mimblewimble-based privacy token. Precisely, Burkett develops Grin++, a wallet, and operation for Grin. Earlier In December, Burkett shared information on the project. He stated then that he has redesigned Grin++ for simpler incorporation with Litecoin.
He also verified that the feature would be incorporated through Litecoin’s extension blocks, canceling the need for a slow hard fork. Lastly, he presented Tor and CoinJoin as additional privacy features.
Mimblewimble – The Journey So Far
Litecoin is one of the biggest cryptocurrencies by market cap, currently, LTC is exchanging hands at $42 and it has a market cap of $2.68 billion. The Mimblewimble implementation will work effectively for the entire ecosystem. It will be the only cryptocurrency among the top ten with advance privacy features to permit users to send and receive LTC transactions with their information safely protected from the general public.
Litecoin (LTC) Price Today – LTC / USD
In Burkett’s weekly update, he claimed that he has updated and regulated parts of the projects. He added that he will regulate s build procedure, outline Litecoin models, switch database implementations, and hasten up sync time in January. The finalization of the Mimblewimble project is close, and it appears that the development of Litecoin and Grin++ is somewhat unified.
Commenting further on the project, Burkett went thus: “I’m using this opportunity to go over every line with a fine-tooth comb. As part of this, I’m standardizing patterns that were originally followed inconsistently, backfilling missing tests, and adding better documentation.”
Burkett is being paid $6000 monthly to work on the project. Litecoin’s community has contributed immensely to the growth of the project. So far, $18,500 worth of cryptocurrency has been donated to a development fund, which it plans to increase to $72,000. A bulk sum of this amount was from Litecoin creator Charlie Lee.
Though it seems Litecoin is spending a lot of money on a subproject, its efforts could come in handy for Mimblewimble. Grin and Beam, the two biggest Mimblewimble coins, both have sub-100 market caps. With akin incorporation efforts form Monero’s Tari sidechain, Litecoin’s effort could help Mimblewimble ascend a greater height.