Litecoin 2.0 Expectations for its MimbleWimble Upgrade
The upcoming MimbleWimble upgrade of Litecoin (LTC) will improve the token’s scalability and privacy. As stated by LTC creator Charlie Lee, MimbleWimble will let LTC scale much better compared to Monero or Z-cash – two of the most famous privacy coins.
In addition to that, MimbleWimble is a type of blockchain protocol. And it aims to enhance blockchain stability, fungibility, and privacy.
A fun fact for this is that they named it after the tongue-tying curse in the Harry Potter series that stops a person from talking about a specific topic. Also, MimbleWimble imposes a blinding factor that encrypts the transaction with both the sender and the receiver’s public and private keys.
The said blinding factor replaces the addresses, and only the sender and the receiver see the parties in the transaction.
Then, thy could only implement the MimbleWimble on Litecoin in its extension block, not affecting the cryptocurrency’s main layer. With that, Lee explained that the hidden inflation bug that affects other privacy coins would be a manageable risk in the LTC network. The hidden inflation bug enables hackers to counterfeit coins in the unsecured blockchain.
For the Users
Besides that, Lee reached out to the sentiment of several users. They feel that Litecoin is a boring coin than Bitcoin (BTC) and others. Last year, LTC went through its 2nd halving. And it disappointed a lot of people because it failed to move a lot or it experienced volatility similar to that of Bitcoin.
Still, Lee sees this as an advantage. He believes ‘build fast and break things’ is not good for the money. He said, “You want money to be stable, and you want it to work.
Also, Lee said that Litecoin worked successfully for the past nine years. He argued that being boring does not indicate that there is no active development in LTC. And since Lee, the creator, is still around, LTC upgrades happen faster.
After that, the LTC creator revealed that he plans to eventually step down and step away from the blockchain and coin he made. As time goes by, Litecoin becomes more used. And there is less reason for Lee to stick around.
At that point, Lee still lingering around might do more damage than good. But he noted that he would continue working on cryptocurrency even after Litecoin.
Binance in India
Meanwhile, leading the cryptocurrency trading platform Binance has joined the digital asset exchange committee of the Internet and Mobile Association of India (IAMAI).
The said association is the top trade body representing digital firms in India. It was also a key voice petitioning lawmakers about the Reserve Bank India’s (RBI) ban on financial institutions giving banking services to firms running with crypto. The Supreme Court overturned the ban earlier this year.
Furthermore, the membership of Binance arrived at a convenient time. And this is because the Ministry of Finance in India is moving forward with a proposal for a blanket ban on cryptocurrencies approximately just a week ago.
On June 18, Binance announced its IAMAI membership. Here, it states that it would work to impose global best practices in an effort to push the development of the crypto and blockchain industries in India.
