Litecoin’s Mimblewimble (MW), a privacy-based protocol that features optional privacy transactions for holders, senders, and recipients of litecoin tokens, is set to launch later this September.
The upgrade also intends to boost the Litecoin network’s transaction processing speed to more than that of Bitcoin, which handles roughly 3.7 transactions every second. It intends to cover all the privacy flaws that exist in the Bitcoin protocol. Moreover, developers are expecting the protocol to further improve storage efficiency.
The MimbleWimble blockchain protocol development idea was revealed in 2016 and officially began in December 2019. With almost a year in running, MW aims to improve the fungibility and privacy in the amounts being transacted over the Litecoin network. This will be done via a soft fork.
Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy.
I am now focused on making Litecoin more fungible by adding Confidential Transactions. 🚀
— Charlie Lee [LTC⚡] (@SatoshiLite) January 28, 2019
Developer David Burkett, well known for his work in privacy coin Grin, was recruited for the project. The foundation has not stated the actual date for the testnet release, though the platform has confirmed that the testnet launch will be done ‘end of summer’ which is in September.
In the same progress update, Burkett noted that,
MimbleWimble test launch will include all block and tax validation rules, basic P2P messaging transaction pool, syncing, and the ability to mine blocks.
The project’s focus on the initial block download is to create a feature that allows transactions to be verified by only checking the state of the chain. Furthermore, the MimbleWimble protocol uses a verification mechanism that enables miners to verify transactions without downloading all the blocks on Litecoin.
Speaking at a LiteCoin Summit in October last year, LiteCoin creator Charlie Lee revealed that Litecoin will “become a privacy coin.” Then they proceeded to partner with Burkett to implement the MimbleWimble protocol and to use extension blocks for privacy and scalability on the network.
In the September update, Burkett also said that he will share information later this month on how the test net will look like and how everyone can be involved.