Litecoin can become anonymous in the course of the year

The team of Litecoin revealed details of the plan to enhance the privacy of cryptocurrency. Soon it can be integrated functions that were originally intended for the Protocol of Bitcoin. After the upgrade users will be able to make transactions on the Protocol MimbleWimble the sidechained cryptocurrencies.

How does it work?

We will remind, earlier this year the Creator of LTC announced the upgrade, which could increase the level of privacy of transactions on the blockchain of Litecoin. Anonymous transactions in LTC were going to implement with the Protocol MimbleWimble.

Withpaper Protocol MimbleWimble (MW) was published in July 2016 by an anonymous developer under the name of Tom Elvis Jedusor. MW "confusing" transaction, using a wide range of factors. For example, it uses a random value to encrypt the amount of coins. Since the first publication of Wallpaper MimbleWimble appeared in the cryptocurrency Grin and Beam.

A second important component of the new upgrade Litecoin — a sidechained on the basis of the extension blocks (Extension Blocks or EB). This concept was first proposed by Johnson Lau in 2013 as a solution to the scalability issues of Bitcoin, that is, the author wanted to make the network suitable for carrying out a large number of transactions. In the end, the initiative Lau was not adopted because of the upgrade SegWit.

Details improve the privacy of Litecoin is given in the publication Litecoin Improvement Proposal (LIP). While developers want to wait for the reaction from the community before proceeding to the next stage of the integration code.

An important feature MimbleWimble — the ability to get rid of most of the data about old transactions. Due to this, the project will not collapse under its own weight after a couple of years. And users don't have to spend a lot of time to download the blockchain. We discussed this feature in the article about the mining Grin.

So, consider the principle of operation of update. Third-party chain of expansion units will exist in parallel with the main bloccano LTC and replenish them every 2.5 minutes as main blockchain of Litecoin. Private transactions will be concluded within EB-the sidechained where users will be able to move your coins. In General, we get a separate chain for a private transaction over the main network. It’s like Lightning Network in Bitcoin.

Source: 2Биткоина

Sounds a little complicated to understand, here the main message is that the upgrade privacy you can spend a “little blood” — without hardface or softforce. In other words, there is no threat of a potential split of the blockchain of Litecoin due to possible differences in the community.

Recall saidonly a separate block chain that is attached to the parent chain using two-way binding. The mechanism allows for safe use tokens, and other digital assets on third-party blockchain, and then return them all back to the original chain.

In the Litecoin Foundation has offered to implement an update within one year after the release of the code. It can implement before, if the miners c 75 percent of the computing power of the network will support innovation. Since the details of the new Litecoin Improvement Proposal was published quite recently, to rely on the appearance of a private transaction in LTC is that unless in the next year.

Developers have a lot of difficulties. Expansion units never integrated into existing blackany. Besides, it is not clear what will be the reaction of financial regulators and exchanges the emergence of private transactions in Lidoine. Perhaps the project Charlie Lee will have to wait the same problems faced Libra?

Source: Bitcoinist

One thing is clear: the developers of Litecoin are moving the project forward, and people are waiting for something new. I want to believe that the idea of appreciate, and innovation impact on the popularity of cryptocurrency. Now she is not in a better position after yesterday's fall of Bitcoin rate LTC dipped below $ 50. Three months ago he was over a hundred dollars.

And while the word community. The news around the project stay in our cryptodata millionaires.


Leave a Reply

Your email address will not be published. Required fields are marked *