Charlie Lee, founder, and creator behind Litecoin (LTC) has recently discussed with his team and community on the possibility of increasing its privacy with the help of MimbleWimble.
During the previous week, Charlie Lee shared his idea of fungibility and Confidential Transactions being made possible for Litecoin. The Litecoin team discussed the possibility of using MimbleWimble protocol in order to achieve these results due to the features the protocol offers. On the prospect of MimbleWimble, Lee has commented that “Too hard to do MW. It changes the blockchain to much and has to be a hard fork.”
Although, recently Lee and the Litecoin team have decided to work on MimbleWimble, which he revealed through a Tweet:
Litecoin dev team spent hours discussing how to add Confidential Transactions. The way to do a softfork CT is very similar to doing extension blocks and extension blk may be simpler and can do a lot more. We are now also exploring doing bulletproof MimbleWimble w/ extension blks. pic.twitter.com/ePBh8PKNu8— Charlie Lee [LTC⚡] (@SatoshiLite) February 3, 2019
At the current moment, nothing is really cemented as Lee stated that it’s not an announcement rather simply sharing information with the community in order to gauge their reaction to this prospect.
We haven't announced anything. Just letting the community know what we are exploring and seeing what people think about MimbleWimble and extension blocks.— Charlie Lee [LTC⚡] (@SatoshiLite) February 3, 2019
The difference between Bitcoin and MimbleWible is the way it allows for Confidential Transactions. Mimblewimble leverages CoinJoin which is a mechanism that combines payments from multiple spenders into a single transaction, making it difficult for third-parties to determine which payment was intended for which recipient. At the moment, it can be integrated into the Bitcoin network as a side chain.
MimbleWible offers a powerful scaling solution by utilizing confidential transactions and CoinJoin while increasing privacy for Bitcoin protocol.