Litecoin (LTC) plans the release of the MimbleWimble mainnet for the year 2021. Chief developer of the MimbleWimble protocol David Burkett, started the testnet on October 1st. Nevertheless, he wants to leave the complete release of MimbleWimble to the miners and node operators of the Litecoin network.
MimbleWimble is a modified implementation of the Proof-Of-Work algorithm on which Crypto Legacy is based. Simply put, with this algorithm, blocks appear as a single large transaction. The inputs and outputs associated with the transactions are therefore not identifiable and therefore anonymous.
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Due to the similarity of the Litecoin and Bitcoin networks, many see Litecoin as a test network for future Bitcoin functions. The crypto community is therefore wondering whether privacy functions will soon be available on the Bictoin blockchain.
An update by chief developer David Burkett, suggests that the implementation on the Litecoin network alone will take a few more months.
At the moment there are still a number of issues with our code and consensus building. As soon as I am sure that everything is working as planned and that there are no security weaknesses, I will start the mainnet.
For this reason, a MimbleWimble introduction on the Bitcoin blockchain seems extremely unlikely in the near future. For the future, a successful start for MimbleWimble can, however, be positive for the future developments of the Bitcoin network.
Europol report: Corona pandemic promotes innovation in cybercrime
In a recent report on the online organized crime threat assessment (IOCTA), Europol notes that cyber crime is changing significantly as a result of the corona pandemic. In particular, coin mixers such as the Wasabi wallet and Samurai wallet are mentioned and classified as a risk.
These wallets mix coins from multiple users who perform separate transactions, creating a decentralized coin mixer that obscures the origin of the transactions. Europol explains that operators of darknet marketplaces are increasingly turning to integrating coin mixers into their platforms.
In addition, Europol notes that Bitcoin is still the dominant currency on the Darknet. However, Europol announced that privacy-focused cryptocurrencies such as Monero (XMR), Zcash (ZEC) and Dash (DASH) are becoming increasingly popular.
There has been an increase in the use of cryptocurrencies with enhanced privacy functions. Monero has become the most established privacy coin on the darknet, followed by Zcash and Dash. All of these privacy coins represent major regulatory obstacles.
Europol classifies the misuse of privacy coins, privacy wallets and coin mixers as one of the greatest threats posed by organized crime on the Internet.