The MimbleWimble implementation on Litecoin has been a chunk in progress for over a yr now, with a lot of updates being shared by the group regarding its progress. All through a present podcast, the creator of Litecoin Charlie Lee shared his concepts on the MimbleWimble protocol, whereas rising on the reason why he decided to work on the privateness enhance of the coin throughout the first place.
Lee asserted that Bitcoin and Litecoin are sound money, other than one issue – every of them missed ‘true fungibility.’ Noting that privateness and fungibility go hand in hand and that MimbleWimble implementation will help Litecoin clear up this topic, Lee talked about,
“When after I ship Litecoin to you, you presumably can see the change deal with, you presumably can see the historic previous, you presumably can type of just about decide how quite a bit money I’ve, correct? You should be careful about not exposing your funds to a different particular person and this makes it truly onerous to utilize.
He added that this was one issue he wanted to deal with with Litecoin, commenting that Bitcoin lastly will need one factor like that, to make it further fungible.
That talked about, the notion that these upgrades in money like Bitcoin, Litecoin, and Ethereum might flip right into a menace to privateness money can’t be ignored. For instance, although there may be more likely to be a delay throughout the implementation of progress protocols equal to privacy-enhancing utilized sciences like Taproot/Schnorr on Bitcoin, Ethereum’s enhance to PoS, and Litecoin’s MimbleWimble, all look very promising.
These developments may doubtlessly scale back the utilization of privateness money, their group assist, and common hinder their improvement in the end. Furthermore, scalability is one different drawback that privateness money face, one factor that isn’t loads of a problem with completely different crypto money. Commenting on the equivalent, Lee added,
“Privateness cash like Monero, Zcash, and Sprint have a terrific privateness, however they don’t scale like in any respect, proper? The block measurement simply turns into big. Transactions are big.”
Then once more, privateness money aren’t any stranger to guidelines. Privateness money’ transactions have prolonged irritated financial authorities, all of whom have been able to tighten guidelines spherical them. Now, the question proper right here is that if the king coin and completely different altcoins enhance their privateness choices and end up outperforming privateness money, will they be subject to these guidelines? If they’ll be, what’s the utilization of bettering the privateness choices throughout the first place? These are among the many questions that needs to be addressed throughout the near future.
