Mimblewimble Protocol Launch For Litecoin May Delay Due to Lack of Proper Funding
The developers of the Mimblewimble protocol for Litecoin have challenged the Bitcoin network and promise to change the crypto community’s perception of the possibilities of the blockchain. But why has the launch date of Mimblewimble been postponed again? What difficulties did the developers face?
How are things going with the development of Mimblewimble?
The development of the Mimblewimble blockchain protocol for the Litecoin network has advanced several steps and is approaching its logical conclusion. It was announced by one of the developers of the project, David Burkett.
Mimblewimble is a promising project with the idea of creating a protocol model with increased scalability and security of user data. To achieve the highest possible confidentiality, Mimblewimble will support the function of multi-signature keys, encrypting user data during transactions.
David Burkett said that he has already started implementing block bootstrapping, which is designed to optimize the throughput of transactions within the Litecoin network by reducing the number of nodes required. The developer convinces that Mimblewimble, thanks to its technical functionality, the ability to reduce old blocks in the blockchain, can overtake the Bitcoin network in the future. Burkett noted:
“The functionality of Mimblewimble provides for reducing the size of blocks, combining many transactions into one chain of nodes. The data of the participants in the transaction is subject to deep encryption to protect it from third parties. “
Why is the Mimblewimble release deadline delayed?
The launch of the Litecoin testnet with the Mimblewimble protocol was originally supposed to take place in mid-September 2020, but the project’s release date has been pushed back indefinitely. David Burkett gave several reasons why there was a delay in launching the protocol.
Firstly, this is due to the additional workload in the form of work on another project of the Grin ++ decentralized coin. Burkett clarified that “the development of Grin ++ has taken a lot of time and effort lately,” so Mimblewimble has taken a back seat. The developer noted:
“Mimblewimble is a big project, and every detail is important here. The release of such large-scale solutions often delays in time, and this is normal. “
The second reason for the failure of the deadline for the project, Burkett called insufficient funding from the representatives of Litecoin. About $48,000 were received for the project, but according to the developer, this amount must be doubled to launch Mimblewimble.
“The current project budget is $3,000. It is not enough to implement the planned functionality. Since Mimblewimble in the future can transform the structure of the blockchain and make it more secure for users, we expect financial assistance for the development of the project. “