Litecoin founder Charlie Lee isn’t concerned over MimbleWimble aiding money launderers or a potential regulatory backlash over its new privacy features.
Litecoin isn’t as private as you think
The MimbleWimble protocol brings scaling by compacting history to make data more manageable and quicker to process and verify.
It also uses cryptographic processes to encrypt block inputs and outputs. This means blocks get verified in the usual manner, but an outsider cannot identify which inputs and outputs of a block belong to a particular address.
Lee says this encryption process is necessary to give Litecoin fungibility. In other words, by making every $LTC the same, then every $LTC is treated the same, just like cash.
A potential problem arises in criminals using Litecoin to hide their activities. In addressing that concern, Lee said financial privacy is a human right. And in any case, he’s confident that regulators won’t kick up a fuss as MimbleWimble is an optional feature.
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