- MimbleWimble is a blockchain protocol created to improve privacy, fungibility, and scalability of blockchains.
- The protocol of MimbleWimble, in fact, powers many other cryptocurrencies and their privacy.
- Litecoin, also known as the silver to Bitcoin, was the first one to deploy the technology at layer 2 scalability solution.
Mimble-wimble! Ah ah.. You do not have to be afraid, I’m not casting a spell on you. If you are a Potterhead, you already know how this spell is used to restrain a person from casting a spell, but did you know that this is also a Blockchain technology?
Well, MimbleWimble is a blockchain protocol created to improve privacy, fungibility, and scalability of blockchains. The protocol it uses has blinding factors of balancing inputs and outputs in a commitment scheme as private keys. Both Sender and Receiver must interact to construct a joint signature to sanction a transfer of funds. It’s proven security analysis is provided by Georg Fuchsbauer et al. The protocol of MimbleWimble, in fact, powers many other cryptocurrencies and their privacy.
Another technology the Lightning Network is a “Layer 2” payment protocol that operates on top of a blockchain-based cryptocurrency. Litecoin, also known as the silver to Bitcoin, was the first one to deploy the technology at layer 2 scalability solution.
The LN allows for a quick, cheap, and secure payments off-chain transaction. As an extension, the community manager, also did state that in the near future, there would be a huge revolution in the litecoins(which uses the technology of Lightning Network) and separate chains for public and private chains would be made for the transactions, thus enhancing their usage.
Now, imagine these technologies working together. Yes, that is what has happened most recently. Both these Giants have come together to provide both fungibility and privacy, by using each other’s technology. Litecoin creator, Charlie Lee, answers about the compatibility by saying,
“MimbleWimble is currently not lightning compatible, Charlie mentioned that he thinks that the Developers of MW are working on possible ways to make it compatible with lightning. I don’t know how compatible it will be in the future but you can always use the Litecoin main chain for Lightning.”
Furthermore, when the Litecoin community laid the proposal for itself and MW working together, there were many concerns for the same which were raised. There were questions about the usability and the possibility of being delisted from the exchanges when Coincheck and Upbit had disabled many other cryptocurrencies that did not fulfill the criteria of being a privacy coin.
To this, the creator said,
“We’re obviously concerned about exchanges delisting privacy coins, so He further added that they are choosing the opt-in route where one can still use the main, so most exchanges wouldn’t care about MW extension blocks, instead focus on the main chain.”