Litecoin Foundation To Launch Privacy Protocol By End Of Summer
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Litecoin Foundation To Launch Privacy Protocol By End Of Summer

March 2, 2020      Jyoti Singh

The creator of Litecoin, Charlie Lee, and the lead developer of Extended Block (EB) and MimbleWimble (MW) protocols, have mentioned to launch it (protocol) by the end of summer. The lead developer has decided to add fungibility and privacy in the protocol via soft-fork.

David Burkett Working On Protocols

Earlier, the Litecoin Foundation announced to hire David Burkett, so that he could lead the developing team of the EB/MW protocol. Later, by December 2019, Burkett started working with the foundation. Presently, the creator of Grin++ cryptocurrency has been working on both the protocols.

Recently, Burkett has released an update for one-sided transactions through the Litecoin Improvement Protocol (LIP). The report mentioned that with the help of LIP’s update, the MimbleWimble would be able to work with the senders only when they will be online and provide on-chain payment proofs. 

Foundation Plans To Roll-Out Project For Public By End Of 2020

Presently, the foundation has not decided the date for rolling-out the testnet for the public.

Burkett, while talking about protocols has stated,

“This will include all block & tx validation rules, basic p2p messaging, transaction pool, syncing, and the ability to mine blocks.”

Burkett further stated that casual users could not test the protocol because it would not include a usable GUI wallet. Burkett added that for making the transactions, firstly the users would either have to take a manual path or use an automated tool.

According to a report, the EB/WB protocol has been a community funded project therefore, in the future it might face a shortfall. In January 2020, the project received a funding of 2.683887 LTC. The total donation received by the project is about $37,500, out of which $18,000 has been a negative payout for three months.

The report further mentioned that the foundation has planned to launch the testnet by August. It has also been thinking to launch the project for the public by the end of the year.

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#David Burkett #End Of Summer #Extended Block (EB) and MimbleWimble (MW) protocols #GUI wallet #Litecoin Foundation #Litecoin Improvement Protocol (LIP) #Privacy Testnet
Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.