Litecoin relaunched the mimblewimble protocol as the news emerged that Europol sees privacy and coin mixing technologies as threats as we are reading more in our litecoin news.
Litecoin relaunched its Mimblewimble testnet which is a protocol designed to enhance privacy and obfuscate the traceability of the distributed ledger transactions. The protocol is a modified implementation of the proof of work algorithm which underpins Bitcoin in the blocks appearing as a single large transaction that prevents the individual inputs and outputs relating to the transactions from getting identified.
David Burkett, the lead developer of the protocol for Litecoin, will focus on making it easy for the Litecoin users that don’t have the advanced technical knowledge to start testing the functionality in addition to ironing out the aspects of the codes which are quite fragile. Burkett targeted full activation of the protocol next year noting in a Telegram channel that it will be down to the LTC miners and node operators to decide when or if they are willing to activate. LTC’s mimblewimble testnet was launched previously in September but it was postponed due to low community participation. The progress came as regulators increasingly took to crack down on the privacy-enhancing crypto assets technologies with Europol calling out the coins and naming decentralized marketplaces and anonymizing wallets among the top online organized crime risks.
MimbleWimble which is a Harry Potter reference was proposed in 2016 to fill in the privacy lapses in the Bitcoin protocol. The latter gives away transactional information which allows companies like Chainalysis to tie the transactions to one individual. Last year, the Litecoin Founder Charlie Lee said that more confidential and better transactions are soon coming to Litecoin. With that said, privacy is not the only benefit that the network will get from the MimbleWimble. The project lead David Burkett stated that the team was building a new syncing process that will bring faster transactions on the Litecoin network which is considered courtesy of an innovative block processing model.
In the report by Europol of “Internet Organised Crime Threat Assessment”, the agency asserted that privacy-enhanced wallet services using coinjoin, emerged as a top threat, citing Wasabi and Samurai’s wallets as examples. The wallets that use Coinjoin mix the coins of users that engage in separate transactions thus providing a decentralized mixing service. Europol asserted that the operators of darknet marketplaces are moving to integrate these types of wallets onto their platforms.
Europol also noted that bitcoin is still dominant in the darknet marketplace but Monero and other privacy coins are emerging as well like Zcash and Dash. The report identified Litecoin and Ethereum as to the most popular altcoins on the darknet marketplaces.
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