- Litecoin set to implement the MimbleWimble protocol
- Litecoin wants to become a privacy-oriented digital currency
- Litecoin privacy move is a risk that could cost the digital currency trading platforms in some countries
Litecoin News Today – Litecoin (LTC) wants to become a privacy-oriented digital currency. Charlie Lee – the creator of Litecoin (LTC) – disclosed this when he revealed a change in direction for the project. Lee also revealed that Litecoin would partner with David Burkett – a Grin developer – to implement the MinbleWimble protocol and use extension blocks for scalability and privacy on the network.
Litecoin (LTC) Wants to Become a Privacy Coin
In the digital currency space, privacy is one of the major themes – one that has cost some cryptos such as Monero and Zcash exchange listings in Japan. The creator of Litecoin is willing to take that chance. During the Litecoin Summit in Las Vegas, Charlie Lee said:
“There is definitely a risk, but I think the way we are approaching it is pretty safe.”
Litecoin (LTC) Price Today – LTC / USD
Nevertheless, for Lee, it is really about fungibility, which ensures one LTC is equal to one LTC irrespective of which Litecoin is being spent, and that cannot be achieved without privacy. Lee said:
“The public nature of the history of the coin makes it so that people can censure you based on which coin you are spending. And I would like to see that changed.”
This even appears to be a perfect time, as China just declared that blockchain is its best friend. Hence, the government would use the distributed ledger technology to spread its tentacles to keep an eye on its citizens. Lee added:
“Of course, there is going to be a risk. Potentially some countries, maybe Korea or Japan… maybe they might take another look at Litecoin with MimbleWimble and say this is too risky… but I guess there is really no progress without risk.”
MimbleWimble-Fueled Litecoin Would Be Treated as the Status Quo
The Litecoin creator has the benefit of retrospection considering that Litecoin (LTC) is not the first privacy-oriented digital currency in the crypto space. Lee has been exploring the reception a MimbleWimble-fueled Litecoin would get by trading platforms. He also seems pretty confident that trading platforms would treat it as the “status quo,” especially since they would integrate the extension blocks of MimbleWimble.
In order words, digital currency trading platforms can just choose to disregard the confidential transaction capabilities and stick with the Litecoin (LTC) chain they already know. The LTC creator is treating the MimbleWimble experiment as a test, one that is capable of becoming a harbinger for what is ahead for the big brother of digital silver, also known as digital gold, Bitcoin (BTC), in which case the student would become the teacher.