Litecoin Relaunches MimbleWimble Testnet
Litecoin Relaunches MimbleWimble Testnet
October 8, 2020
Litecoin Relaunches MimbleWimble Testnet
Litecoin Relaunches MimbleWimble Testnet
October 8, 2020

Litecoin (LTC) has relaunched its MimbleWimble testnet, a protocol designed to enhance privacy and confuse the traceability of distributed ledger transactions, as MimbleWimble is a modified implementation of the proof-of-work algorithm underpinning Bitcoin in which blocks appear as a single large transaction, preventing the individual inputs and outputs relating to the transactions from being identified.

It has been reported that David Burkett, the Lead Developer of the MimbleWimble protocol for Litecoin, will now focus on making it easier for “non-technical Litecoin users” to begin testing to functionality, in addition to ironing out aspects of the code that are “fragile.”

However, Burkett is targeting full activation of the protocol next year by noting in a Telegram channel that it will be down to Litecoin’s miners and node operators to decide “when or even if they want to activate.”

According to the report, LTC’s MimbleWimble testnet was previously launched on September 30 but was postponed due to low community participation.

ALSO READ :  Former PayPal and Google Veteran 'Mike Blandina' Appointed As The New CEO Of Bakkt

The report said that MimbleWimble progress comes as regulators increasingly look to crack down on privacy-enhancing crypto-asset technologies, with Europol calling out privacy coins and naming decentralized marketplaces, cryptocurrency mixers, and anonymizing wallets among the top online organized crime threats.

Likewise, in its ‘Internet Organised Crime Threat Assessment’ for 2020, Europol asserts that “privacy-enhanced wallet services using CoinJoin [..] have emerged as a top threat,” citing Wasabi and Samurai’s respective wallets as examples.

Wallets that use CoinJoin mix the coins of multiple users engaging in separate transactions, effectively providing a decentralized mixing service.

Also, Europol asserts that the operators of darknet marketplaces are increasingly moving to integrate CoinJoin wallets onto their platforms. Europol notes that while Bitcoin is still the dominant currency across darknet marketplaces, Monero (XMR) is emerging as the most popular privacy coin, followed by Zcash (ZEC), and Dash (DASH). 

Thus, the report identified Litecoin and Ethereum (ETH) as the two most popular altcoins on darknet marketplaces.

ALSO READ :  Anthony Pompliano Says Bitcoin Hedge Argument Growing Stronger With Time

Source: Cointelegraph


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Bitso Concludes $250 Million Series C Capital Raise

Bitso Concludes $250 Million Series C Capital Raise

Bitso, the Mexico-based cryptocurrency exchange, has concluded a $250 million Series C capital raise, putting it in the upper echelons of Latin America’s fintech industry.  It has been reported that the latest...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.