- Litecoin Developer Proposed the Use of Block Extentions And Mimblewimble
- Litecoin’s Upgrade Will Aid In Fixing Arising Issues
Following the launch of Bitcoin, several altcoins have been created and these altcoins are often used as test cases for blockchain technology that could be of use to Bitcoin. Litecoin I one of the prominent altcoin often used for these projects. It seems Litecoin will benefit from all the development as the company made public two different improvements to be expected of the company.
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Mass Adoption has been one of the major issues facing cryptocurrency, most altcoins have tried diverse means to attain that height. Sadly, none have been able to reach the same transaction volume as Bitcoin. Although there might be a possibility of an altcoin reaching that height in the future, a series of development have to been made to achieve this. One of the developments of interest is Extension Blocks, which is not a new topic in the cryptocurrency world, and it has stayed unproven.
The latest improvement to the Litecoin team is the use of Extension Blocks, it would aid the coin with a major block size surge, yet it would not alter the main mechanics of the network. This blockchain operates similar to the existing blockchain which makes it well-designed and a project with a high prospect of a viable solution. Although it does necessitate a more technical methodology associated with other substitutes.
Litecoin’s Upgrade Will Aid In Fixing Arising Issues
The MimbleWimble is the second part of the improvement, it has been termed LIP 3, and this is the section of the proposal that talks about the MimbleWimble project. Bitcoin and other altcoins are often condemned for their lack of privacy. While some of its users see this as a benefit, others see it as a major setback. The enactment of MW would give Litecoin a degree of privacy, although it does not seem like a lasting solution. With MW, transactions can still be traced even though it will become slightly complicated to track.
The most captivating part of the proposal is how Litecoin developers want to approach the implementation of MimbleWimble. When considering such an option, it is paramount to put into consideration the future. Quantum computing appears to be a threat to how cryptocurrencies run today. Bearing that in mind, the developers have shown they would modify to a more secure solution if Quantum computing would ever disrupt the privacy phase of MW.
Considering this, the developers have stated that the upgrade would be temporary and under the best of circumstances. Currently, much has not to be done about coding regarding LIP, the date for the launch of the upgrade has not been set thus making the proposals mere talks.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
