Litecoin News Today: Headlines for October 23

  • Litecoin Reveals Draft Proposal for MimbleWimble Implementation
  • The Network Will Vote To Determine If the Technology Will be Implemented or not
  • LTC Network Can Opt for A More Secure Solution

Litecoin News Today – has finally published its draft proposal for the MimbleWimble implementation. The development was announced on the Litecoin Blog which stated it will be implemented through extension blocks under LIP 2 and LIP 3.

The first Litecoin Improvement Protocol or LIP 2 focuses on the implementation of the Extension blocks that allow MW with a block size that doesn’t affect the consensus rule of the network. this blog revealed that discussions are currently ongoing about what the size of the extension block should be as the size is still being debated. The development team is not sure about what the size should be, so whatever decision that is made will be fixed after it is accepted.

The Network Will Vote To Determine If the Technology Will be Implemented or not

The main goal behind the EB is to provide an Opt-in feature for the MimbleWimble. So far, this isn’t possible through the traditional soft fork as MW is not script-based. Still, there is a chance to lay the framework to implement alternative proposal making use of EB also.

From the proposal, it is clear that the network will allow voting on whether the technology will be implemented. The vote on the final code or soft fork will imply that 75% approved the implementation. The fork is scheduled to take place a year after the implementation is complete. Meanwhile, miners will be able to initialize activation with the 75% signaling threshold.

The extension blocks will run parallel to the Litecoin Blockchain. To properly differentiate the EB chain from the parent chain, it will implement a new witness program. The new witness ensures compatibility with all existing rules as well. This implementation uses Bech32 due to its efficiency since it is better than legacy and standard SegWit addresses. It will reduce the transactions fees as well.

The LIP 3 handles the actual MW proposal. LTC’s fungibility is affected in different ways by the transparent ledger. The proposal offers a solution for this stating that the MW is the ideal protocol for implementing private transactions. It hides the amount you are sending and also deletes the transactional history of the ledger. This would go a long way to increase privacy while removing linked transactions and keeping the blockchain size within limits.

Contingency Plan for Quantum Computing

In the blog post, it was revealed that the development team has gotten a contingency plan for cases where the quantum computing breaks the MW privacy commitment strategy. It also comes in handy when an attacker mints new coins secretly. The network can turn into a more secure solution by adding a switch commitment for Elagamal according to the proposal.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.