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Litecoin [LTC]: Charlie Lee announces exploration of MimbleWimble to implement Confidential Transactions

Jibin M George

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Litecoin [LTC]: Charlie Lee announces exploration of MimbleWimble to implement Confidential Transactions
Source: Pixabay

A few days after Litecoin Foundation’s Community manager Ilir Gashi asked everyone to keep their expectations in check with respect to the Foundation’s work on Litecoin’s fungibility and privacy features, it would seem that the Foundation is nonetheless surging ahead. This was communicated by Charlie Lee on Twitter.

Lee, the creator of Litecoin, the silver to Bitcoin’s gold, had keenly announced last week that he will be pursuing fungibility and privacy solutions for the cryptocurrency. This announcement was met by a lot of fanfare, especially by the many who welcomed Charlie Lee’s promise to add Confidential transaction features to Litecoin. However, this enthusiasm had mellowed somewhat when Gashi has clarified that nothing was set in stone and that all possible solutions for fungibility were still being investigated.

However, Charlie Lee’s latest tweet suggests that the Litecoin Foundation is moving ahead with the Confidential Transactions feature that he had initially advertised. Furthermore, Lee also tweeted that his development team was exploring bulletproof MimbleWimble with extension blocks to resolve the fungibility issue, a solution that could be implemented via a soft fork.

Source: Twitter

The MimbleWimble protocol, with its name inspired by the Harry Potter universe, is essentially a privacy protocol devised by Tom Elvis Jedusor. Privacy coins such as Grin and Beam have already been built on this protocol while Monero, the other major privacy coin had been implementing it through a sidechain, Tari. This protocol allows the user to encrypt all data associated with any transaction of cryptocurrency using blinding factors, thereby adding an extra layer of security to all transactions.

Additionally, the MimbleWimble protocol uses an innovation called CoinJoin, a mechanism that combines multiple payment info to form a single chain of the transaction, making it very difficult for any outside party to find out which payment came from which user and was meant for whom.



Charlie Lee has, in fact, commented on MimbleWimble technology previously where he found it interesting how the technology makes a system private when data is removed by extension, making the coin in question more scalable than Bitcoin.

In response to the queries of his tweet, Lee also clarified that there was no question of ever implementing Confidential Transactions without them being bulletproof. In fact, he suggests that the core development team had decided on bulletproofs over Elgamal commitments and switch commitments. Charlie Lee also clarified that adding CT features would not adversely affect the ability to mine coins.





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Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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