Litecoin proposes MimbleWimble transactions to update privacy features – Litecoin News

Litecoin has proposed changes to the network. In its first published draft, it has proposed two improvement proposals, LIP 2 and LIP 3. LIP 2, introduces extension blocks (EB) to Litecoin, allowing it to implement new protocols such as MimbleWimble without changing consensus rules.

Litecoin is among the top cryptocurrencies with the market cap of well over $3 billion. Earlier this year, Charlie Lee had talked about Litecoin testing new privacy features. But now Litecoin has published first draft plans to make changes t the network.

Litecoin founder yesterday announced on Reddit that they have proposed to improvement proposals, LIP 2 and LIP 3. The proposed changes would allow them to implement MimbleWimble through Extension blocks without altering consensus rules. Extension blocks create a side-chain like layer alongside canonical Litecoin blocks in which a miner will commit to the merkle root of an additional block of transactions.

MimbleWimble was first proposed by the Bitcoin community back in 2013 since then it has not been adopted by many. MimbleWimble would help make transactions on the network more secure. LIP 3 has proposed a switch commitment to Elgamal in case if Quantum Computers become a threat, it can be activated. These changes would for sure make litecoin more private, but currently, all privacy-centric coins are under scrutiny as exchanges are constantly delisting them.

Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave a reply

Please enter your comment!
Please enter your name here