The Litecoin Core team appears to be taking privacy very seriously.
Last week, they announced they would be implementing confidential transactions on their network, and now they are showing interest in MimbleWimble (MW) as reported by Litcoin.com.
MimbleWimble, the privacy and scalability solution has been gaining popularity recently after being implemented in Grin and Beam.
The Harry Potter Connection
MW is named after a curse from the Harry Potter universe.
Interestingly, it was created by an individual who used a pseudonym adopted from the same series- Tom Elvis Jedusor (Tom Riddle’s name in French).
The proposal was originally published on July 19, 2016.
Charlie Lee, the Litecoin creator, had previously talked about his interest as well as hesitation with the proposal.
Team has been chatting with the @vcorem and @beamprivacy team about MimbleWimble on Litecoin with Extension Blks. Pleasantly surprised that Beam has already implemented switch-commitments w/ ElGamal. It’s a safety switch to protect against quantum computing breaking CT soundness.
— Charlie Lee [LTC] (@SatoshiLite) February 6, 2019
He also hoped that if it proved to be a valuable addition to the network that the Litecoin community would adopt it.
The first two coins on MW have already been released, Grin and Beam, which Litecoin say provide a working version “in the wild” to help assess the usefulness of the technology.
The Litecoin core team led by Adrian Gallagher has already started talks with Beam’s Guy Corem about the MW proposal, extension blocks and their possible integration with LTC.
The team wrote:
“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.”
The team will publish the work done on MW under an open source license.
What Does Mimblewimble Offer?
MW is a partial variant on Confidential Transactions.
Confidential Transactions don’t reveal the amount sent but are still verifiable.
MW allows the receiver to choose a random blinding factor from its sender, which provides proof of ownership and allows them to spend the tokens.
MW also uses the CoinJoin idea, where multiple users combine their coins in a single transaction which makes it difficult to identify the inputs and their corresponding outputs.
MW could face threats from quantum computing and is still a very new technology which means there could be other unforeseen issues.
Litecoin is also interested in Extension Blocks which allows an increase in block size on the network through soft forking.
EB is also optional, meaning that users are not forced to use it if they don’t want.
Mimblewimble Catches the Attention of Litecoin Core Developers was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.