The Litecoin Foundation funded a GRIN crypto developer to find a solution to improve the Mimblewimble’s privacy.
A developer at Mimblewimble’s Grin crypto coin, David Burkett, had a thread with details on the cryptocurrency’s advancement as well as the privacy technology that was getting integrated in Litecoin. The news was announced by Burkett on Twitter this week. In his tweet he stated that he is planning to post monthly updates regarding the company’s progress. He added that these updates are mainly for people who have interest in Litecoin development, but he will also discuss the Grin coin as well as changes regarding it.
When discussing Grin, Burkett mentioned a technology that will help make GRIN transfers more private. He stated that the most significant issue for Mimblewimble privacy is that, at first, transactions are broadcasted, which means that the inputs and outputs of the transfer can be clearly seen by the main nodes. He believes that a way to overcome this is sending the transaction to a server before the broadcasting is done.
Despite this claim, according to a recent report by researchers, the technology is substantially flawed and the issue can not be solved. This was stated after a developer succeeded in tracking over 90 percent of the transfers that took place on this network before everything was sent to the program that collects all the transactions that took place.
The researcher that conducted this experiment stated in his conclusion that the network is flawed, can not be fixed and shouldn’t be considered an alternative to similar projects, mainly Monero and ZCash, anymore.
Burkett’s efforts to improve the system will be funded by the Litecoin Foundation as he also will work on their other project with Litecoin. This was announced by Charlie Lee, creator of Litecoin, in October of this year.
The Litecoin Foundation is working to improve the crypto space. To find out more information about Litecoin and stay up-to-date, check out Litecoin Price updates.