Litecoin Team Exploring MimbleWimble Protocols

Following the announcement of the Litecoin Core team integrating Confidential Transactions last week, they have now shown their interest in another privacy and scalability solution known as MimbleWimble. The blockchain project has recently gained some traction in the market and has been pushed to the front with its first real-world implementation in Beam and Grin.

In case you don’t know, MimbleWimble, is a work on the Confidential Transactions where the value is sent over the network and even though it can be confusing, it can be verifiable as the inputs and outputs retain addition as a property. “Those outside aren't able to seem the amounts involved but can be sure the transaction is valid and that the participant are not attempting to spend coins which are not available.” So, in a similar sense, MimbleWimble uses blinding where the receiver of the transactions selects a random blinding factor from the sender.

With this, they can be used as proof of ownership allowing them to spend the coins.

In addition to this, the title of the project was named after a curse from the Happy Potter franchise, was created by an individual using a spell from the same series.

The creator of Litecoin, Charlie Lee, had previously mentioned in a number of conversations that has an interest and hesitation with MimbleWimble but had hoped that the community would adopt the change if it proved to be a worthwhile update to the network. After the release of the initial batch of MimbleWimble coins, Grin and Beam have a working version on which to further the technology.

The Core Development team lead by Adrian Gallagher has started talks with Guy Corem and the team at Beam in regards to the blockchain project.

“We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality. It is our joint intention to publish any and all the work done as part of the project under a permissive open source license to let the community benefit from it.”

In terms of price, Litecoin is performing well on the day with a 12.36 percent increase over the past 24 hours which has left with a price of $37.61 at the current time of writing.