Litecoin relaunches MimbleWimble testnet as Europol targets privacy protocols
Litecoin's privacy feature testnet returns as news emerges that Europol sees privacy and coin mixing technologies as major digital threats Litecoin (LTC) has relaunched its MimbleWimble testnet — a protocol designed to enhance privacy and obfuscate the traceability of distributed ledger transactions.MimbleWimble is a modified implementation of the proof-of-work algorithm underpinning Bitcoin (BTC) in which blocks appear as a single large transaction, preventing the individual inputs and outputs relating to the transactions from being identified. David Burkett, the lead developer of the....
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Privacy opt-ins are coming to Litecoin even as regulators continue to scrutinize anonymity-boosting protocols. After two years of development, Litecoin (LTC) has finally launched its highly anticipated Mimblewimble upgrade, opening the door to more privacy-oriented transactions on the network. Mimblewimble’s integration into Litecoin came by way of the Mimblewimble Extension Block, also known as MWEB, which allows the network’s users to opt-in to confidential transactions. MWEB lead developer David Burkett, who has been sponsored by the Litecoin Foundation, said the upgrade improves....
Rootstock (RSK) developer and Coinspect security consultant Sergio Lerner praised the development of privacy-focused proposal Mimblewimble after revealing his plans to integrate it into Rootstock 2.0. At the Scaling Bitcoin conference in Milan, Italy, a variety of scaling and privacy-related solutions were introduced with a common theme to “make Bitcoin great again.” What is Mimblewimble? On the first day of the event, Blockstream and Bitcoin Core developer Gregory Maxwell’s Confidential Transaction-based and CoinJoin-inspired Mimblewimble was introduced as a solution for the enhancement....
The two exchanges cited Korea's Act on the Reporting and Use of Specific Financial Transaction Information, a law that requires crypto exchanges to put in place KYC and AML systems. The recent privacy-focused MimbleWimble upgrade on the Litecoin (LTC) blockchain has prompted two of Korea's largest crypto exchanges to issue investment warnings about the fifth-largest cryptocurrency.Bithumb and Upbit, which together account for the majority of trading volume in South Korea, released statements on Monday, advising investors about the risks associated with the privacy-enhancing upgrade.....
A slimming down of the bitcoin protocol called Mimblewimble generates a blinding factor that can prove ownership of bitcoins, making private keys unnecessary, and offering a solution to the need to balance bitcoin privacy against fungibility while also improving scalability, according to a white paper that appeared mysteriously on a bitcoin research site authored by a person using a pseudonym, according to Nasdaq. Privacy and fungibility are at odds in bitcoin because anyone can trace transactions over the blockchain, and as the number of transactions increases, the verification cost can....
Litecoin may have recently activated its long-awaited privacy-based upgrade, but not without creating some regulatory compliance issues. Litecoin is one of the earliest alternative coins (altcoins) that came to light after Bitcoin (BTC). Created in October 2011, it is now the 20th most valuable cryptocurrency, boasting a market capitalization of over $4 billion, according to CoinMarketCap data.The MimbleWimble upgrade was first conceived more than two years ago as part of the Litecoin Improvement Proposal. That was in November 2019, as the network started planning on enhancing anonymity....