Europol has been putting a lot of pressure on privacy tokens and decentralized networks claiming that this technology has been behind the surge in organized crimes over the last few years.
In their Internet Organised Crime Threat Assessment for 2020, Europol claims that “privacy-enhanced wallet services using coinjoin .. have emerged as a top threat.” They referred to cryptocurrency platforms that provide decentralized mixing services stating that the dark web is full of people who integrate this service.
With the fully operational MimbleWimble, Litecoin is going to join the likes of Monero, Dash, and Zcash. This is the goal Burkett intends to achieve before the end of next year. Hopefully, MimbleWimble will make Litecoin LTC more attractive to users. This will promote the adoption of the token and maybe the price will rise as well.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Litecoin Has Relaunched the MimbleWimble Testnet While Europol Goes After Privacy Coins
- The Litecoin LTC Token is Still Struggling to Rise Above the $46 Level in Bearish Wave
Litecoin has been working on MimbleWimble for a long time and it has just relaunched the protocols testnet. The MimbleWimble testnet was designed specifically to promote privacy on the network. It also helps to obfuscate the traceability of DLT transactions on the Litecoin blockchain.
The MimbleWimble protocol is a modified version of Bitcoin’s proof-of-work algorithm. Unlike the proof-of-stake protocol, blocks in proof-of-work appear as individual large transactions. This way, it prevents the individual inputs and outputs from being identified.
Litecoin News Today – Litecoin LTC is Still Bearish Despite the Release of the MimbleWimble Protocol
At the time of writing, the price of the Litecoin LTC token was $46.33. This means that it is up by 0.10% against the USD and down by 0.47% against Bitcoin BTC. The trading volume over a 24 hour period was $2,583,392,302 and the market capitalization was $3,039,279,156. The token has been bearish for the last few months underperforming Bitcoin and other top tokens. The token has failed to make any significant progress over the last few weeks and has failed to move above the $50 level on several occasions.
Regarding the MimbleWimble protocol, David Burkett, the lead developer said that they are now focused on making Litecoin easier for people to use and understand even if they don’t know anything about blockchain technology.
They are also going to work on parts of the Cardano code that are currently fragile. Burkett and his team are working on fully activating the MimbleWimble protocol next year.
He said that they have opened a Telegram channel. Litecoin LTC note operators and miners will be left to decide whether or not they want to activate MimbleWimble. The MimbleWimble testnet was scheduled to be launched on the 30th of September. However, the Litecoin Foundation shifted the date forward because of the low community participation.