Altcoin News: Litecoin Developers Have Published a Draft Proposal for the Integration of MimbleWimble

October 23, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Litecoin developers on Tuesday published on GitHub a draft version of a proposal to improve cryptocurrency (LIP), aimed at integrating MimbleWimble privacy technology.

According to the description, if approved, LIP will allow adding selective support of MimbleWimble to Litecoin as a new transaction format through the technology of expanding blocks. To use MimbleWimble, users will be prompted to transfer funds to expansion units, which can be produced in parallel with the main chain.

The update will be implemented by software fork. At the same time, outdated clients will retain access to the network, but will not be able to interact with transactions in extension blocks.

Network participants will need to vote for the introduction of technology. According to the terms of the proposal, the fork will be implemented one year after its approval or after receiving the support of 75% of miners.

In their proposal, the developers also provide an emergency plan in case of hacking the MimbleWimble privacy scheme by quantum computers. According to them, in this scenario, the network will be able to switch to a more secure solution and abandon hidden transaction values, which will eliminate fears about the possibility of secret cryptocurrency mining.

In August, the creator of Litecoin, Charlie Lee, announced that he, along with other developers, is working on the issue of integrating MimbleWimble through expansion blocks.

Author: Marko Vidrih