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    Home » Crypto News » Litecoin Launches MimbleWimble Testnet Advancing Scaling and Privacy

    Litecoin Launches MimbleWimble Testnet Advancing Scaling and Privacy

    Author: Martin Young

    Last Updated Oct 6, 2020 @ 07:16

    Litecoin’s scaling and privacy protocol, MimbleWimble, has recently been launched to testnet as the team moves closer to their ambition of creating a scalable but private blockchain.

    Litecoin development news has been lacking recently, with all of the attention focused on Ethereum’s ongoing testing of Beacon Chain. That has changed with the recent launch of the MimbleWimble (MW) testnet.

    As it has only just gone live, there are a few nodes connected and mining, the official blog post stated. The MW protocol will be activated when there are enough participants on the testnet which the team hopes will be in a couple of days.

    Litecoin MimbleWimble September Update: Testnet Launches! $ltchttps://t.co/k5aZgOGdUR

    — Litecoin.com (@LitecoinDotCom) October 5, 2020

    What it Means for Litecoin

    Mimblewimble, named after a fictional Harry Potter spell, uses ‘confidential transactions’ which allows senders to encrypt the number of coins to be sent using ‘blinding factors’ while obfuscating the addresses. This vastly improves the privacy of the blockchain while also enhancing its scalability.

    The testnet has been called MWEB, which is the new official acronym for ‘MimbleWimble Extension Block.’ Lead developer David Burkett, who penned the announcement, added that he wants to make it easy for non-technical Litecoin users to join in the testing.

    The code will be ‘hardened’ in the next month, he added, to fix any issues and ensure consensus rules are infallible. Then comes a period of stress testing where coders attempt to ‘break’ the testnet to make sure they find and resolve any security or stability weaknesses.

    Fungibility, scalability, and privacy have been the key issues that founder Charlie Lee has been focused on for the past 18 months or so. As reported by CryptoPotato back in July, the development of this testnet has been ongoing for most of this year.

    Lee posted the new MWEB logo a few days ago to mark the long-awaited launch.

    #MWEB pic.twitter.com/qWiVFkhMKK

    — Charlie Lee [LTC⚡] (@SatoshiLite) September 30, 2020

    In a related development, LTC Foundation project director, David Schwartz, polled the crypto community regarding a potential ‘velvet fork’ to enable smart contract capability and interoperability with other blockchains such as Cardano. Almost 43% of respondents were in agreement if it benefitted Litecoin.

    LTC Price Reaction

    Litecoin prices have been pretty lackluster recently, and it is just clinging on to its top ten position in terms of market capitalization, which is $3 billion. LTC is trading flat on the day at around $46.50 at the time of writing but has gained 3% since the same time last week.

    The silver to Bitcoin’s gold hit a 2020 high of just under $70 in mid-August but has fallen back substantially since then, and has moved very little over the past month, hovering around long-term price levels in the mid-$40 zone.

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    About The Author

    Martin J. Young View more posts by this author

    Martin has been writing on cybersecurity and infotech for over two decades. He has previous trading experience and has been covering developments in the blockchain and cryptocurrency industry since 2017. Contact Martin: LinkedIn

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