Recently Litecoin developers proposed a new privacy upgrade that can be used in bitcoin blockchain too.
Litecoin had disclosed its plans for privacy upgrade, using the bitcoin blockchain techniques. The proposed plan would allow all Litecoin blockchain users to access opt-privacy as in option by conducting Mimble Wimble (MW) transactions in an extension block’s.
Litecoin founder Charlie Lee already announced his plans to in-depth explore the technologies earlier this year.
now that the scaling debate is behind us [for Bitcoin and Litecoin], the next battleground will be on fungibility and privacy
Now when the drafted proposal has been published, the Litecoin community is looking forward to write, test & audit the code.
Litecoin proposed draft introduced an opt-in Mimble Wimble as a very new transaction format via extensive block. According to the Litecoin team – “Extensive blocks can run alongside the main chain with the same interval of 2.5 minutes”. On the actual functionality of the proposal, the users can use MW to make in and out of the coin through EB transactions. This sounds a bit complicated, but by making the transaction private part offloading to the EB side – which means the up-gradation can be carried out backwards too. Which means there is no risk of hard-fork update.
Activation time-frame for the code is one year, but it could be earliest possible if the mining hash rate supports the change. Fact is that all the changes have just been announced which means it won’t implement until next year.
Risk of Proposal –
There was a very high risk, no proposal cant be published without any extreme challenges. One of the very high risks is that EB hasn’t been implemented on a live blockchain yet – which means it will take a lot of time, serious coding, & auditing in order to a successful implementation over the live blockchain. If not happened seriously it can make all coins lost or inflation in the total supply.
Despite all extreme challenges this new proposal have the capability to thrust the Libecoin blockchain ahead.