Litecoin launches MimbleWimble Testnet – Privacy soon also in Bitcoin?

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Litecoin (LTC) plans to release the MimbleWimble-Mainnet in 2021, and chief developer of the MimbleWimble protocol David Burkett, launched the test net on October 1. 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, which is based on Bitcoin (BTC). Simply put, in this algorithm blocks appear as a single large transaction. The inputs and outputs associated with the transactions are therefore not identifiable and therefore anonymous.

Privacy features soon also available for Bitcoin?

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Because of the similarity, the Litecoin and Bitcoin network, many see Litecoin as a test network for future Bitcoin features. The crypto-community therefore wonders whether privacy functions will soon be added to the Bictoin block chain.

An update by chief developer David Burkett suggests that the implementation on the Litecoin network alone will still take several months.

At the moment there are still a number of problems in our code as well as in consensus building. As soon as I am sure that everything works as planned and there are no security weaknesses, I will start Mainnet.

For this reason, a MimbleWimble introduction on the Bitcoin block chain seems highly unlikely in the near future. For the future, a successful start of MimbleWimble, but certainly positive for the future development of the Bitcoin network, can be a good thing.

Europol expertise: Corona pandemic promotes innovation in cybercrime

In a recent report assessing the threat situation in the area of organized crime on the Internet (IOCTA), Europol states that cybercrime is changing significantly as a result of the Corona pandemic. Especially coin mixers like the Wasabi wallet and Samurai wallet are mentioned and classified as a risk.

These wallets mix coins from several users who carry out separate transactions, thus creating a decentralized coin mixer that disguises the origin of the transactions. Europol explains that operators of Darknet marketplaces are increasingly moving towards integrating coin mixers into their platforms.

Furthermore, Europol notes that Bitcoin is still the dominant currency in Darknet. However, Europol announced that privacy-focused crypto currencies such as Monero (XMR), Zcash (ZEC) and Dash (DASH) are becoming increasingly popular.

There has been an increase in the use of crypto currencies with enhanced privacy features. Monero has become the most established Privacy Coin in darknet, followed by Zcash and Dash. All these privacy coins present major regulatory barriers.

Europol classifies the misuse of Privacy Coins, Privacy Wallets and Coin Mixer as one of the greatest threats posed by organized crime on the Internet.