IOHK CEO Reveals Possible Collaboration With Litecoin

Charles Hoskinson, the IOHK CEO reveals a possible collaboration with Litecoin to develop the inter-chain communication while the developer David Burkett confirms that a new test network for MimbleWimble is scheduled for September. In our latest Litecoin news today, we take a closer look at the possible partnership.

Litecoin’s core developer David Burkett updated on the progress of the MimbleWimble implementation and the developer confirmed that the deployment of the first test network is still scheduled for September. Burkett explained the progress that the project made while saying that the foundation is missing funds to continue working on the project. MimbleWimble is a protocol for Litecoin that will give more privacy and fungibility to the network as the project started developing in 2019. Charlie Lee, the project’s founder proposed a funding initiative that involved crowdfunding.

The main focus was the initial block download aiming to improve the scalability of the network as the initial block download will allow transactions to get verified easily by checking the “state of the chain.” MimbleWimble will have a different verification mechanism than BTC as miners will not have to download all blocks on LTC to verify transactions as Burkett noted:

“ (…) we use a different structure to commit to the transactions. Each mimblewimble header commits to the root of 2 different Merkle Mountain Ranges(MMRs). One represents all historical kernels up to that block, and the other represents all historical outputs/coins. Merkle Mountain Ranges are a different sort of tree that supports “pruning”, which means we can verify the root of the structure without knowing all of its members (called leaves).”

Litecoin’s developer also reiterated that the initial download state is a more accurate verification mechanism in terms of the syncing process compared to BTC’s verification mechanism that requires old blocks to be downloaded from the blockchain. Also, the IOHK CEO reveals that there’s an intention to establish cooperation with the LTC creator Charlie Lee.

@SatoshiLite it would be great to do something together. I love the idea of testing cross chain communication between Litecoin and Cardano. We got a lot of ideas and I'm sure you guys do too

— Charles Hoskinson (@IOHK_Charles) July 7, 2020

Charles Hoskinson stated that he loves the idea of a cross-chain communication between Cardano and Litecoin as he said that there are a lot of ideas to be discussed and his message was approved by Lee. It remains to be seen If there will be an agreement and if the development of a cross-chain communication between both cryptocurrencies will happen soon.