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 group relating to 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, apart 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 clear up this subject, Lee mentioned,
“When after I ship Litecoin to you, you possibly can see the change tackle, you possibly can see the historical past, you possibly can form of virtually 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 needed to handle with Litecoin, commenting that Bitcoin finally 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 turn into a menace to privateness cash can’t be ignored. For example, though there is likely to be a delay within the implementation of growth protocols equivalent 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 doubtlessly reduce the utilization of privateness cash, their group help, 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,
“Privacy coins like Monero, Zcash, and Dash have a great privacy, but they don’t scale like at all, right? The block size just becomes huge. Transactions are huge.”
Then again, privateness cash are not 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 bettering the privateness options within the first place? These are among the questions that should be addressed within the close to future.