Litecoin News Today – Top Headline For Litecoin LTC, October 31st

  • Litecoin to Hire and Fund David Burkett to Execute Mimvkewimble Protocol
  • Charlie Lee Aims at Making LTC More Confidential for its Users

Litecoin’s CEO Charlie Lee plans to utilize the MimbleWimble system and additional blocks on the Litecoin network to make Litecoin more fungible. As opposed to the rumors that Litecoin chain has stopped the development which began earlier this year, Charlie Lee has broken the silence on the issue, on October 30, 2019, and Lee stated on his Twitter page that the foundation is going to employ David Burkett, a Grin++ developer to lead a team to execute the WimbleMimble protocol and Extension Blocks.

MimbleWimble was first proposed by Johnson Lau, a Bitcoin developer on GitHub, he described the projects a way to efficiently increase the size of blocks without any rules on the network to be changed.

It was previously reported that three people proposed the execution of the MimbleWimble protocol among which are David Burkett and Charlie Lee. The project is aimed at making LTC more fungible utilizing Extension Blocks. Speaking in the development, @LTCFoundation on Twitter said: “Update on MimbleWimble & Litecoin]: @ecurrencyhodler, @DavidBurkett38, & @satoshilite have proposed a draft of two Litecoin Improvement Proposals to implement MimbleWimble through Extension Blocks. LIP-0002 EB:https://t.co/u2ORFy6yfD, LIP-0003 MW:https://t.co/u2ORFy6yfD.”

Charlie Lee Aims at Making LTC More Confidential for its Users

Sometime in January this year, Charlie Lee addressed the issue of Litecoin fungibility, he stated then that due to the transparency of blockchain operations on Litecoin, transaction information are at risk of exposure to Government agencies. In his tweet then, he started that fungibility is the only thing missing from Litecoin and Bitcoin. Lee tweeted: “Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy. I am now focused on making Litecoin more fungible by adding Confidential Transactions.”

Charlie Lee has taken to his twitter page to announce that Famous Grin++ Network developer David Burkett will be funded to lead a development team to work on adding the MimbleWimble protocol through additional extension blocks onto the Litecoin chain. Lee tweeted: Thanks @DavidBurkett38! Your presentation on MimbleWimble and Extension Blocks was awesome. Good news! @LTCFoundation will fund David to lead the team on implementing MimbleWimble and Extension Blocks on Litecoin and also for continuing his work on Grin++. https://t.co/wyEID7aQuo.”

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$54.90-1.43%

The MimbleWimble protocol provides a new technique of confidential transactions working through extension blocks. Those work alongside the major blockchain and the transaction interval is the same. “An auxiliary block is created for each main block. The auxiliary block looks like a traditional block without the header.”

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.

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.