It has been a long journey, but we’re getting close to the finish line. 2021 is shaping up to be a great year for LTC. The testnet is running smoothly, with only a few bugs remaining to track down.
I’ve updated the one-sided txs proposal to guard against Wagner’s attacks, use stealth addresses, include payment proofs, and guard against replay attacks. It’s still in desperate need of reviewers, but the current form of the proposal is likely to be in the final form (barring no new attacks are found).
After finishing the proposal, I got started on the implementation of one-sided transactions. …
The testnet has been running for a month now and has highlighted the areas where more work is needed. Several bugs were found as a result, which means the early testnet launch was highly valuable.
After sorting out the most critical bugs (thanks to the help of a couple of awesome contributors), I switched to adding full wallet support. I was able to finish this up a few days ago, and I’m planning to roll those changes out to all the testers tomorrow evening.
I’ve also changed how MW blocks are built to avoid a lot of downfalls in the existing approach. …
Ever since the initial murmurings and quietly published patents from back in 2014/15, many had been wondering when paypal would finally take the dive into the emerging world of cryptocurrencies. Well that time has come with the company announcing that it is launching a new service enabling users to buy, hold and sell cryptocurrency.
The migration toward digital payments and digital representations of value continues to accelerate, driven by the COVID-19 pandemic and the increased interest in digital currencies from central banks and consumers.
According to Onchain bitcoin analyst, Willy Woo and data complied by Glassnode there are ~187M+ Bitcoin users. Comparatively Paypal has a reported user base of 346M+users as of Q2 2020, this represents a sizeable increase in awareness and people from within the retail sector, with quick and easy access to purchase Bitcoin and Litecoin. …
On the 27th September 2020 at 06:01 UTC Block 1,920,000 created the 66 millionth Litecoin, marking another milestone on the network. There are now less than 18 million Litecoin to be mined. The last Litecoin is estimated to be mined around 2142 due to the deflationary nature of the network.
According to data from blockchair the 46.44 KB block was mined by litecoinpool.org and contained 45 transactions (43 of which were segwit type transactions) with 284 inputs and 91 outputs moving Ł990.321271384** **($45,930) (with an average coin age of 19.51 days) over the network.
The current network inflation rate according to litecoinblockhalf.com is 4.13% which equates to ~7,200 new Litecoin mined each day and the current network hashrate is 275TH/s up 51% since the 65 millionth Litecoin.
Testnet is here. So far, there are only a few nodes connected and mining, and there haven’t been enough blocks to activate mimblewimble yet (we’re using BIP9-style activation). As more peers connect and start to mine, I’m hoping we can get the chain moving fast enough to activate in a day or so, but time will tell.
I’m still roughing in very minimal cli wallet support, but hopefully we’ll have a simple way to create mimblewimble transactions by the time it activates. For technical users who aren’t afraid of CLIs, and are willing to build the code themselves, I encourage you to join in on the fun by going to https://t.me/MWEB_Testnet …
The August MimbleWimble update from David Burkett has just been published, covering the latest work done on the project in the last month, along with discussing future plans and the testnet release at the end of September. So without further ado, over to David:
I apologize in advance for the much-briefer-than-usual update. I’ve been busy with tying up loose ends, which are important & necessary, but not very exciting to write about.
As planned, I was able to wrap up the Initial State Download, in particular the validation of the MWSTATE messages. There are still a number of ways where malicious peers can use these new messages to DoS nodes. …
It’s been just over 3 months since I last talked markets, at the time a single Litecoin was valued at $46. Back then I made a prediction based on on-chain trend analysis comparing transactions and market price in an attempt to find a fundamental stable value. In my previous writings I stated:
“This ratio is roughly 600 Txs : 1 USD with an acceptable error drop off of around +-30%. Yes, that is a significant value but in relation to volatility this would put the current Litecoin upper and lower bounds at $61 and $33 respectively.
If we continue to see this steady increase in transaction usage on the network we should likewise expect to see price follow.” …
With the crypto markets finally breaking out above the 3 year downtrend, confidence is returning to the space and to cryptocurrency as a technology. With that said, we have also taken another leap towards the launch of MimbleWimble on the Litecoin Network, so let’s jump into what’s new and without further ado let David Burkett, the projects lead developer share his progress:
The focus this month was on the Initial Block Download. Before I can detail the progress made, I need to give some background info for those not intimately familiar with mimblewimble.
The biggest innovation behind mimblewimble is that, in order to verify the chain, you just need to know all of the unspent coins/outputs, and a small part of each transaction called the “Kernel.” These 2 things together are called the “chain state.” …
Good / Bad news everyone! We are officially half way through 2020 and with June now behind us, David Burkett, the project leader for the Litecoin MimbleWimble implementation has published another development update so let’s jump right into it.
Starting with mempool logic. Upon further exploration Burkett states this area has proven to be ‘quite a bit more complex’ than anticipated, as such it will need to be revisited after the test-net launches this September.
“For now though, a very minimal implementation supporting MW transactions has been written.”
Additionally, code has been written to support the mining of extension blocks which will store MimbleWimble transactions. Burkett reports ‘there are a few edge cases left to handle, and much more testing is needed’. There have been a few concerns raised in this update however as Burkett…
Loshan, a Core developer on the Litecoin Project today announced a new update to the Litecoin Lightning Network Daemon (lndltc) with v0.10.1 beta. This release is the most feature complete and stable version of lnd for Litecoin users yet. lnd is an open source implementation of the Lighting Network developed by the team at ‘Lightning Labs’ a company backed by Twitter CEO Jack Dorsey and lead by Elizabeth Stark.
Notable changes include an update to Multi-Path Payments (MPP) with the sending limit being lifted to allow for larger litecoin payments ‘as well as potentially more efficient payment routing’.
Support for Partially Signed Transactions (PST) has also made its way in this release allowing users to fund and open lightning channels directly from 3rd party wallets that also include support for PST. It will also introduce the ability to open multiple channels from a single transaction which can greatly improve efficiency on the network. …