Litecoin Will Fund Dev To Introduce New Harry Potter-Named Protocol

The head of the Litecoin Foundation, Charlie Lee, is apparently planning to use the MimbleWimble system as well as extra blocks on the Litecoin (LTC) network in order to make LTC more fungible – the latest Litecoin news show. Litecoin will fund its developers to create and implement MW soon.

Contrary to the reports that showed the Litecoin chain has given up developing which emerged earlier this year, on October 30 Charlie Lee posted on Twitter, stating that the Foundation is going to hire a Grin++ developer named David Burkett who will lead a team to implement the MimbleWimble protocol and extension blocks.

Litecoin will fund the developers led by David Burkett who first proposed the implementation of the MW protocol (title comes from the world popular fantasy books Harry Potter) and make LTC more fungible by means of Extension Blocks.

[Update on MimbleWimble & Litecoin]: @ecurrencyhodler, @DavidBurkett38, & @satoshilite have proposed a draft of two Litecoin Improvement Proposals to implement MimbleWimble through Extension Blocks.

LIP-0002 EB:https://t.co/u2ORFy6yfD

LIP-0003 MW:https://t.co/u2ORFy6yfD

— Litecoin Foundation (@LTCFoundation) October 22, 2019

The latest tweet by the head of Litecoin, Charlie Lee, shows that David Burkett is going to be funded and lead the dev team on adding the MimbleWimble (MW) protocol through extra running blocks onto the Litecoin chain.

Thanks @DavidBurkett38! Your presentation on MimbleWimble and Extension Blocks was awesome. 👏

Good news! @LTCFoundation will fund David to lead the team on implementing MimbleWimble and Extension Blocks on Litecoin and also for continuing his work on Grin++. 🚀 https://t.co/wyEID7aQuo

— Charlie Lee [LTC⚡] (@SatoshiLite) October 30, 2019

As it stands, Litecoin will fund the developers to work on MW which offers a new format of Confidential Transactions working through what is known as extension blocks. These will work alongside the main blockchain and the interval will be the same at around 2.5 minutes.

“An auxiliary block is created for each main block. Auxiliary block looks like a traditional block without the header,” is what the statement in the blockchain news shows.

Meanwhile, we can see that MW was first suggested by a BTC developer named Johnson Lau on Github where it was described as a way to “efficiently increase the size of blocks without rules on the network to be changed.”

With this, Charlie Lee is showing his confidence and determination to make LTC more private. In late January this year, he addressed the issue of Litecoin fungibility and noted that due to blockchain operations on Litecoin being transparent, risks are high that transaction details can be made available to governmental agencies.

Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy.

I am now focused on making Litecoin more fungible by adding Confidential Transactions. 🚀

— Charlie Lee [LTC⚡] (@SatoshiLite) January 28, 2019

The latest tweet by Charlie Lee, alongside with the statement that Litecoin will fund devs, shows that fungibility is the only thing that both BTC and LTC do not have at the moment.