Litecoin Relaunches Its MimbleWimble Testnet Protocol.
Regulation

Litecoin Relaunches Its MimbleWimble Testnet Protocol.

Litecoin [LTC] relaunches its MimbleWimble testnet – a protocol that was designed to reinforce privacy and obfuscate the traceability of distributed ledger transactions.

The newly launched MimbleWimble protocol is modified implementation of the PoW algorithm underpinning Bitcoin [BTC] within which blocks appear as one large transaction, preventing the individual inputs and outputs concerning the transactions from being identified.

The lead developer of the MimbleWimble protocol for Litecoin, named David Burkett, is now focusing on making it easier for “non-technical Litecoin users” to start testing to functionality, additionally to ironing out aspects of the code that are “fragile.”

Burkett is targeting full activation of the protocol sometimes by upcoming next year, revealed within an official Telegram channel that it’ll be right down to Litecoin’s miners and node operators to make a decision “when or maybe if they need to activate.”

LTC’s MimbleWimble testnet was launched earlier on 30th September, but was postponed later due to low community participation.

Litecoin’s MimbleWimble progress comes as regulators are increasingly looking forward to clamping down on privacy-enhancing cryptocurrency asset technologies, with Europol calling out privacy coins and naming decentralized marketplaces, cryptocurrency mixers, and anonymizing wallets among the highest online gangland threats.

In its ‘Internet Organised Crime Threat Assessment’ for 2020, Europol asserts that “privacy-enhanced wallet services using coinjoin [..] have emerged as a top threat,” citing Wasabi and Samurai’s respective wallets as examples. Wallets that employ Coinjoin mix the coins of multiple users engaging in separate transactions, effectively providing a decentralized mixing service.

Europol asserts that the operators of darknet marketplaces are largely modifying to integrate coinjoin wallets onto their platforms.

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