New LTC Update shows MimbleWimble Is On Track

The new LTC update shows that the MimbleWimble scalability implementation protocol is on track and continues to run smoothly facing no potential delays ahead of the testnet launch later this month. The Litecoin Foundation confirmed in its latest press release so let’s read more in today’s Litecoin news.

The. Litecoin MimbleWimble August update is here!https://t.co/zHY6O1TFAG

— Litecoin.com (@LitecoinDotCom) September 3, 2020

MimbleWimble which is a Harry Potter reference was proposed in 2016 to fill in the privacy lapses in the Bitcoin protocol. The latter gives away transactional information which allows companies like Chainalysis to tie the transactions to one individual. Last year, the Litecoin Founder Charlie Lee said that more confidential and better transactions are soon coming to Litecoin. With that said, privacy is not the only benefit that the network will get from the MimbleWimble. The project lead David Burkett stated that the team was building a new syncing process that will bring faster transactions on the Litecoin network which is considered courtesy of an innovative block processing model.

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

Burkett gave the community a new LTC update showing that the development is on track:

 “I was able to wrap up the Initial State Download, in particular the validation of the MWSTATE messages. There are still a number of ways where malicious peers can use these new messages to DoS nodes. I’m not yet guarding against all of those attacks, but there will be plenty of time to focus on that after the testnet is released.”

He also noted that making changes to the code to make it clean and even more strong before the launch. The latter was around the management of the UTXO set as Burkett added:

 “Everything is on track for a testnet release at the end of this month. I’m still figuring out a few final details, but I’ll share more information later this month about what the testnet will look like, and how everyone can get involved.”

Grayscale’s litecoin fund was briefly trading at a premium of over 1,200% on the underlying litecoin price, data produced by analysts at @ArcaneResearch showed. It's now down to a mere 600% premium https://t.co/8rfQ1P92oH via @ForbesCrypto

— Billy Bambrough (@BillyBambrough) August 30, 2020

It’s not the Litecoin community only that took notice of the potential benefits of the MimbleWimble. Investors are also happy what it will bring to the Litecoin network as the long-term cryptocurrency investment if the recent institutional transactional data is considered. The data from Arcane Research analytics firm showed that LTC briefly traded at 1,200% premium on Grayscale’s newly launched LTC trust. The occurrence led some market observers to question if the cryptocurrency has indeed matured since the 2017 ICO mania.