Home Cryptocurrency Litecoin Developer David Burkett Discovers Solution For Confidential Transactions

Litecoin Developer David Burkett Discovers Solution For Confidential Transactions

  • David Burkett has introduced a new update to the existing MimbleWimble privacy technology integrated with Litecoin transactions.
  • The new update is soon to be started in its testing phase on the Litecoin network.
  • In the Litecoin’s Blockchain network, the transactions are updated in each block.

David Burkett has introduced a new update to the existing MimbleWimble privacy technology integrated with Litecoin transactions. Previously the MimbleWimble privacy in Litecoin transactions had some named hurdles, which was inhibiting confidential transactions. Burkett has now devised a new solution for this technical hindrance.

In the previous version of MimbleWimble privacy in Litecoin, during the transaction, the sender and receiver had to be online, which was the problem for both.

Burkett shared this report saying both the sender and receiver need to be in constant communication for the transaction, and as a privacy expert looking to bring a solution to this hurdle, he released a paper regarding the update which he said that it will soon be released and will eliminate the existing problem.

In this month, Burkett said he would implement the update to the network for secure transactions with updated validations; the new update is soon to be started in its testing phase on the Litecoin network.

Charlie Lee, the founder, and creator of Litecoin, also showed support when he recently said that the project for security update is receiving every fund possible to implement in securing its network. He said that the research and testing have already started and will soon begin the implementation.

In the Litecoin’s Blockchain network, the transactions are updated in each block. Still, the confirmation of the transaction occurs only when both sender and receiver are online due to the existing security measures using MimbleWimble.

The same problem arises with Litecoin miners. They have to be in constant connection with the block for the mining to take place successfully and register. The new update on security this month is expected to overcome this problem and provide a better user experience to its users.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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