Litecoin creator Charlie Lee discussed the upcoming MimbleWimble update with a view to improving the scalability and privacy of Litecoin.

Lee pointed out that the upcoming Litecoin app will be able to scale much better than other privacy-focused protocols such as Monero or Z-Cash.

“It provides privacy and is very scary compared to other apps,” he said.

When we talked about the risk, Lee mentioned “hidden inflation”, a flaw that usually affects privacy coins, which allows hackers to counterfeit an infinite number of coins.

However, Lee indicated that “the risk is manageable”, indicating that the privacy feature will only be implemented in the MimbleWimble expansion unit, meaning that it will not affect the underlying Litecoin level.

Lee also noted that Litecoin’s reputation as a “boring” currency is actually an advantage given that, in his opinion, “build and break fast” is not the best economic approach:

“You want the money to be stable and you want it to work. Litecoin has worked flawlessly for the past nine years. ”

Lee also notes that due to its role as a “good dictator” in the Litecoin protocol, cryptocurrencies can be updated more efficiently than Bitcoin.

“It takes forever to implement something on Bitcoin because consensus is slow […] With Litecoin, if we want to do something, we can move very quickly on it.”

Source: CoinTelegraph

LEAVE A REPLY