Litecoin and MimbleWimble challenges

As Charlie Lee, Litecoin developer, has recently stated in an interview, there are some issues about the integration of MimbleWimble (MW) protocol time into the blockchain. Furthermore, Lee has explained how this may affect users.

The developer’s commentary on Litecoin usage. Various issues touched in the interview described the ways the new protocol could be used and whether the transactions would be protected by default. Answering this question, Charlie Lee explained that user would be able to decide whether to implement the new security system to transactions or not. This model was first found in Zcash where holders can adjust the additional security for more confidentiality. Another topic touched upon the discussion was related to the acceptance of new Litecoin version by exchanges. Thus, Lee confirms it will be challenging at first and not all the wallets will be compatible with the function. Exchanges will also have to accept the updates and let users to get all the benefits of the new protocol.

“The initial usage of Litecoin post-MimbleWimble will be impeded. This would be like beta testings. Not every wallet will support it at first. Still the ecosystem does not have to care for this unless it becomes necessary”, underlined Lee. Then he answered the question on so-called hidden inflation as large confidentiality would mean having no control over the volumes of LTC and how it circles, and this may pose additional inflation risks. Lee further reassured that blocks with protected transactions will be added to the blockchain, and even if someone tries to hack these blocks bug will not extended to the whole chain.

“The good thing about our ecosystem is the extension block for Litecoin. So if someone attacks it, this will not affect the main chain as it will not be able to withdraw more coins”.

What made BTC fell lower than $ 7000? - image

What made BTC fell lower than $ 7000?

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