Mimble Wimble is the protocol for Litecoin, started development during the second half of 2019, which is under development and focuses on providing more privacy and fungibility to the network. The main focus of the project was an initial block download.
The initial block download project is featured to improve the scalability of the Litecoin Network. The transactions will be verified only by checking the “state of the chain.” Thus, different verification mechanisms are set to be in place. The good thing is that the miner will not have to download all the blocks on to Litecoin to verify the transactions.
Unlike the Bitcoin Verification Mechanism, the Litecoin developer end has to reinstate that the initial state download is a very accurate verification mechanism concerning the sync process.
The focus of the month of July reportedly was around, “GETMWSTATE, MWSTATE, kernels, utxos, unspent_bitmap, parent_hashes.”
By August, it is expected that the MWSTATE message processor and cleaning up the code will be completed.
David Burkett stated that they were expecting to focus on reorg logic in August, but decided to delay that until September.
David Schwartz tweeted: Once #Litecoin adds MimbleWimble it will be the only #Cryptocurrency in the market cap’s Top 10 currently with fungibility. Let that sink in a minute.”
When one Erik asked, “So am I understanding this correctly. Amounts will be hidden but not addresses? Could you maybe define fungibility in the case of crypto?”
David Schwartz replied, “Correct. It will be opt-in. Like choosing to use cash vs. your debit card.” Further stated, testnet still slated to go live in September 2020.
One of the commentator expressed, the fundamental to why the whole cryptocurrency space came in to existence is to replace cash and give the power back to people. And some of them are getting distracted with getting 10 to 30x day trading coins without fundamentals.
Sydney Ifergan, the crypto expert tweeted: “Litecoin (LTC) is progressing and we need to watch what the exclusive announcement from Charlie Lee for August 11, 2020 is set to be.”
Litecoin (LTC) Litening Agenda
David Schwartz tweeted about the Litening Series, which he states is the first of the hopefully many virtual events.
The event is set to be moderated by Brian Haggerty. The Welcome Introduction is from Jay Milla, Director Marketing: The Litecoin Foundation; Exclusive Announcement from Charlie Lee, Creator of Litecoin and the Managing Director of Litecoin Foundation; and Litening Round #1 – David Burkett, Developer on Mimble Wimble & Charlie Lee for 20 mins. There are Litening Round #2 and Litening Round #3 and an AMA too.
If you like the article, feel free to send a tip to our writers in Litecoin to: LW4GeGdapUXcHyG9ByPWugQQ6madRyXSSv or any other Cryptos via this link.
The TCAT team.
Credit: Source link