Litecoin News Today – Concerns About Litecoin’s MimbleWimble Protocol Arise in Litecoin Community – May 25th, 2020 

  • There are concerns over the impact of Litecoin’s MimbleWimble
  • Users will decide whether or not to complete transactions using the system
  • Blocks with user protected transactions will be included on the chain

Litecoin news today – Recall that during a recent interview Litecoin’s Creator, Charlie Lee, spoke about the network’s latest protection system. The Litecoin community was able to learn details of the integration of the protection system known as MimbleWimble. The MW protocol is now running on the LTC Blockchain. Now users have shown concerns over how it will impact Litecoin’s users. Various questions were raised during Lee’s interview regarding how the new solution can be used. The community was particularly concerned about whether or not user transactions are going to be shielded by default. Below is a highlight of what the Litecoin Creator had to say about the new transaction protection solution.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$42.04

Litecoin LTC Latest Update – Users Will Decide Whether or Not to Complete Transactions With the System

To answer this question Lee stressed that users will have the ability to decide whether or not to carry out transactions using the new protection system. This model is already practiced in Zcash where users can decide to shield their transactions or not. The purpose of this is for more privacy. Another topic that the LTC executive touched was about the new model of Litecoin by exchanges. Lee knows that at the starting point it is going to be difficult. He is also aware that some wallets will not be compatible with the new feature on his network. And exchanges must update their platform to let users enjoy the new protocol. Here is what Lee said:

“Initially the using Litecoin after the MimbleWimble implementation may be difficult. This is why we call it a learning curve. Not all user wallets will support the protocol from the beginning. Because it’s a soft fork, the entire ecosystem will not need to worry until they want to.”

Litecoin LTC News Today – Blocks With User Protected Transactions Will be Included in the Chain

Lee also gave answers to questions about hidden inflation, because more privacy would mean controlling the amount of LTC that is moved and what way they are moved. This could bring about the risk of inflation because of the extra cryptocurrencies. Lee was able to reassure the community on this subject. According to Lee, the blocks with protected transactions will be included to the chain. Hence, even if anyone tried to attack the aforementioned blocks, the bug wouldn’t spread to the entire Blockchain. The good thing about the LTC space is the extension block for LTC. It would be isolated by itself. Meaning that, if anything happens to it, it will not infiltrate the main network because the user won’t have the option to withdraw more tokens.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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