David Burkett, the Grin Developer, took to the micro-blogging site Twitter on December 1, 2019, to share progress updates on MimbleWimble. Burkett said that he would keep posting updates on a monthly basis from now on to keep the Litecoin and MimbleWimble community in loop on the endeavor. Litecoin, developed by Charlie Lee, is the 6th biggest digital currency across the world as per the CoinMarketCap data.
I'll be posting monthly status updates detailing progress on the LTC MW EB (YAY acronyms). This is geared toward those interested in LTC development, but will also talk a lot about Grin++ changes, so it may be interesting to Grinners as well. https://t.co/hTpUbWSPI6
— David Burkett ツ (@DavidBurkett38) December 1, 2019
Burkett’s announcement also revealed that the Litecoin Foundation would fund his efforts on the MW (MimbleWimble) extension block implementation. Burkett has also performed the very first (AFAICT) pre-broadcast MimbleWimble CoinJoin. He also said that they’ve stressed on designing the MimbleWimble extension block in such a way that it lets LTC users have more fungible money and confidential transactions.
For those who came in late, MimbleWimble is a solution that is designed to offer privacy as well as boost the scalability of the BTC (Bitcoin) network. The protocol of MimbleWimble provides a means of transaction that doesn’t require the usage of private keys. Moreover, it also makes it possible to conceal the amount being transferred through cryptographic encryption. That means one can anonymize crypto sending and reduce the quantity of blockchain data, increasing the network’s scalability as a result.
As far as Litecoin and MimbleWimble’s integration is concerned, it would enable LTC users to transact privately.
It is vital to note that the team had published two proposals, namely LIP-0002 and LIP-0003, on October 22, 2019, to enhance the network of Litecoin. While the LIP-0002 explained extension blocks and their activation and implementation in LTC, the latter detailed MimbleWimble on LTC, both of these solutions are considered as the upcoming step in MimbleWimble’s integration into the Litecoin network, ensuring transaction privacy.
The update is expected to get activation a year post the date of release. However, the activation can also take place earlier if the decision acquires favorable votes from 75% of the miners.