Just a few days ago Charlie Lee, the creator of Litecoin, affirmed that he was very interested in the MimbleWimble protocol. The protocol, which used by companies like Beam, is used to hide transactions in order to turn your token into a privacy coin. This could be a game-changer for LTC, so the community was hyped when he announced the possibility.
Now, Lee has used Twitter to confirm that the Litecoin team has been talking with Beam about MimbleWimble and the idea to use it on Litecoin. This signalizes an effort to put scalability aside for now and to pursue privacy instead.
While the company has affirmed that talks are happening, this is far from a confirmation that LTC will use the privacy technology. Also, it will not use it in the same way as Beam, which implemented Switch and ElGamal commitments, while LTC is thinking about using a bulletproof version of MimbleWimble with extension blocks.
Charlie Lee is not an enthusiast of how Switch Commitments with ElGamal work, so he is opting for a different way instead of this one.
The idea of using the protocol was very well-received among the community, which has been interested in privacy for a long time now. If the idea actually turns into reality, there is a pretty good chance that Litecoin will start to be a more valuable asset on the market.
About The MimbleWimble Protocol
According to the reports, MimbleWimble, whose name is based on Harry Potter, allows the user of the token to encrypt data made about all transactions on the network, which is mostly done by blinding factors.
The technology also uses CoinJoin, which is a kind of a mechanism that was specifically devised in order to combine several payments into one, which hides the transactions even more.
In fact, Beam, which uses MimbleWimble, promises to be even more private and secure than popular options like Zcash and Monero, the two most high-profile privacy coins in the market now. According to its creator, it is the best storage of value in the market now. The CEO considers “sovereignty of one’s own information” to be a “basic human right”, which is why he created the token.
Team has been chatting with the @vcorem and @beamprivacy team about MimbleWimble on Litecoin with Extension Blks. Pleasantly surprised that Beam has already implemented switch-commitments w/ ElGamal. It's a safety switch to protect against quantum computing breaking CT soundness.
— Charlie Lee [LTC⚡] (@SatoshiLite) February 6, 2019