Get to know MimbleWimble Latest Features from Litecoin
Rancakmedia.com – To readers of the Harry Potter books, MimbleWimble's phrase may be recognizable. The phrase MimbleWimble in the film, which is based on the novel by JK Rowling, is one of the most famous spells in Harry Potter.
But apparently, this expression does not only exist in the realm of fiction. However, there is also a crypto version of MimbleWimble. Litecoin MimbleWimble (MWEB) is a new privacy feature incorporated in the Litecoin cryptocurrency.
Overview of Litecoin
Litecoin (LTC) is a cryptocurrency intended to provide fast, secure and low-cost transaction services. This cryptocurrency, often called the “lite version of bitcoin”, was founded by Charlie Lee in 2011.
Litecoin is undoubtedly based on the Bitcoin (BTC) protocol, although Litecoin also has differences from Bitcoin. The difference lies in the hashing technique used, the hard stamp, the transaction time block, and many other things.
At the time of publication of this article, today's Litecoin (LTC) to IDR price was IDR 2.7 million with a 24-hour trading volume of IDR 28.4 trillion. Based on CoinMarketCap data, Litecoin is now ranked 18th with a market value of IDR 188 trillion.
What is MimbleWimble?
MimbleWimble (MWEB) is one of the protocols used in the blockchain. The goals of this protocol are privacy and fungibility, or token equivalence. So that MimbleWimble can enable user access to encrypt all data used when making transactions on the crypto asset market to increase transaction security.
MWEB comes with offering an extra level of protection on every transaction. Every address that is in a transaction will only appear as random data to individuals who are not involved in the transaction. Thus, MWEB is expected to increase the scalability in buying and selling crypto assets.
MWEB also uses CoinJoin. CoinJoin is a mechanism that combines different payment details to produce a single transaction chain. So that later, people who are not involved in the transaction cannot know where the payment came from and who is the recipient of the payment.
Initially, MWEB was proposed since November 2019 but has been postponed several times to ensure the maturity of the protocol before publication.
It is hoped that the main goal of Mimblewimble is to improve user privacy and transaction security, as well as increase the scalability of buying and selling crypto assets.
could materialize later. Thus, the sustainability of crypto asset transactions whether on Litecoin or other blockchain networks using the Mimblewimble protocol increases in all areas.
MimbleWimble's role on Litecoin
Here are two Litecoin advancements using its MimbleWimble feature:
The purpose of Confidential Transactions in the MimbleWimble protocol is to guarantee user privacy in every transaction. In general, the address of the source of sale is usually visible and searchable by the public. With the Secret Transaction feature, all user information can be protected and hidden.
The Cut Through function attempts to condense transaction data for verification reasons. This feature allows the size of each transaction data to be smaller than the data generated by the regular Bitcoin protocol. Thus, the size of the blockchain will grow smaller and lighter and Litecoin activities will also not need to use up as many resources as before.