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Litecoin update: How Mimble Wimble works

 


Litecoin is now introducing a new option that is intended to provide significantly more privacy. Specifically, it is about an additional protocol of Mimble Wimble, which is activated by Extension Blocks. But what exactly is this upgrade all about? What does the introduced innovation bring to the user?


Like a secure building for all users involved

Ultimately, the Mimble Wimble protocol is about expanding or improving the privacy of the individual user. Anyone who now trades in cryptocurrencies under the protection of this protocol is less transparent from now on.

How does this protocol work?

The structure is actually quite complex. There are two important components that have been sensibly combined here. The first thing to do is deal with the area of ​​transaction cut-through and then with confidential transactions.


With the transaction cut-through, a transaction is broken down into individual components and also mixed in a meaningful way. A kind of total mega-transaction then arises, in which input and output can no longer be clearly differentiated.


In the area of ​​confidential transactions, however, individual transactions are to a certain extent obscured, i.e. made unrecognizable. Ultimately, this can be implemented using cryptographic methods.


Why the use is therefore clearly advantageous

Mimble Wimble mixes transactions and also manages to obscure them and can therefore also replace sensitive data that is otherwise created and stored in the background with blind data. This creates a particularly high degree of anonymity and this is what the user often wants when dealing with cryptocurrencies such as Bitcoin. Individual actions can also be scaled better.


So far, this innovation has been well received by users. But can too much privacy also be harmful?

Ultimately, there can never be enough privacy for the user when it comes to trading cryptocurrencies. The exchange also supports extension blocks in large parts to give the investor a more pleasant experience in terms of his privacy. Only politics or parts of politics view such developments rather critically. So there is the fear that a kind of legal vacuum could arise here. Nevertheless, Mimble Wimble will probably continue to establish itself and gain the necessary acceptance.

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