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The MimbleWimble implementation on Litecoin has been a piece in progress for over a yr now, with a number of updates being shared by the crew concerning its growth. Throughout a current podcast, the creator of Litecoin Charlie Lee shared his ideas on the MimbleWimble protocol, whereas increasing on the explanation why he determined to work on the privateness improve of the coin within the first place.
Lee asserted that Bitcoin and Litecoin are sound cash, aside from one factor – each of them missed ‘true fungibility.’ Noting that privateness and fungibility go hand in hand and that MimbleWimble implementation will assist Litecoin resolve this subject, Lee mentioned,
“When once I ship Litecoin to you, you may see the change deal with, you may see the historical past, you may type of nearly determine how a lot cash I’ve, proper? You need to watch out about not exposing your funds to another person and this makes it actually onerous to make use of.
He added that this was one factor he wished to handle with Litecoin, commenting that Bitcoin ultimately will want one thing like that, to make it extra fungible.
That mentioned, the notion that these upgrades in cash like Bitcoin, Litecoin, and Ethereum would possibly develop into a risk to privacy coins can’t be ignored. As an illustration, though there may be a delay within the implementation of growth protocols corresponding to privacy-enhancing applied sciences like Taproot/Schnorr on Bitcoin, Ethereum’s improve to PoS, and Litecoin’s MimbleWimble, all look very promising.
These developments might probably reduce the utilization of privateness cash, their neighborhood assist, and general hinder their development sooner or later. Moreover, scalability is one other problem that privateness cash face, one thing that isn’t a lot of an issue with different crypto cash. Commenting on the identical, Lee added,
“Privateness cash like Monero, Zcash, and Sprint have an incredible privateness, however they don’t scale like in any respect, proper? The block measurement simply turns into large. Transactions are large.”
Then again, privateness cash aren’t any stranger to rules. Privateness cash’ transactions have lengthy annoyed monetary authorities, all of whom have been ready to tighten rules round them. Now, the query right here is that if the king coin and different altcoins improve their privateness options and find yourself outperforming privateness cash, will they be topic to those rules? If they are going to be, what’s the usage of enhancing the privateness options within the first place? These are a few of the questions that should be addressed within the close to future.
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