Charlie Lee Exploring MimbleWimble To Implement Confidential Transactions


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:

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.

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.

 


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Keith Wang

Keith Wang is a writer and programmer specializing in bitcoin and blockchain technology. Keith has been a long time believer of bitcoin and blockchain technology and spends his free time following up with blockchain news. You can contact Keith at keith@cryptomenow.com

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