Scaling Solutions like Mimblewimble and Confidential Transactions likely from Litecoin

By Maheen Hernandez February 8, 2019 Off

The value of Litecoin went up by 10% in just 3 hours from $33 to $38.   

EOS was holding the 4th position in the line from Bitcoin, Ripple, and Ethereum ever since 2018.  This Litecoin has surpassed EOS.

The open source developer community of Litecoin has come at a point in time when the developer community is progressing towards its goal of implementing scaling and privacy solutions like Mimblewimble and Confidential Transactions.  Of note, both of these scaling solutions were initially developed for the Bitcoin Blockchain Network in the July 2016.

Since Bitcoin and Litecoin are similar to each other, it was possible for Litecoin developers to experiment on the scaling solutions in just a short period of time.  The Confidential Transactions is expected to be implemented by the end of 2019.

Charlie Lee stated in the past month that the Litecoin Community is dedicated in order to complete the Confidential Transactions.

The major property that is missing from Bitcoin and Litecoin is Fungibility.  By adding Confidential Transactions, Charlie Lee believes that Litecoin will be more fungible. He further tweeted that with the scaling debate being on, further battles will be related to fungibility and privacy.

The development team of Litecoin discussed for several hours about how to add confidential transactions.  The method of a Softfork is a lot similar to extension block, and extension blk, which can be more straightforward and a lot more can be done with it.

Mimblewimble and confidential transactions are mostly focused on privacy, and thus they make it possible for users to send and receive payments without having to reveal their identities.  The transactions are processed with very little data to protect the identities of the users and their identities.

The plans of finalizing Confidential Transactions and its implementation by the end of this year has been announced, and the community is already beginning to work on the Mimblewimble.

Litecoin expressed their current stand in the Column by stating, “We have started our 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.”  The column further added, “It is our joint intention to publish any, and all work was done as part of the project under permissive open source license to let the community benefit from it.”