Litecoin adopts MimbleWimble: Here’s ChatGPT’s privacy concerns and price predictions

ambcrypto.com:

Litecoin [LTC], a seasoned player in the crypto world, has gained a reputation as “digital silver” due to its early establishment and strong position in the industry. Nonetheless, its recent incorporation of MimbleWimble, a privacy-enhancing protocol (not to be mistaken for Harry Potter’s tongue-tying curse), has ignited controversy and divided opinions regarding privacy on its network. This action has also resulted in specific crypto exchanges deciding to delist Litecoin, citing privacy concerns.

During a lively discussion with ChatGPT, I asked for its perspective on Litecoin’s adoption of MimbleWimble and how it could potentially impact the price of LTC. ChatGPT shared its wealth of knowledge on the subject and provided valuable insights.

Read Litecoin’s [LTC] Price Prediction 2023-24

Back in November 2019, Litecoin introduced the Mimblewimble Extension Blocks, or MWEB, as a proposal to improve the fungibility of the cryptocurrency. With this technology, the privacy of transactions between senders and receivers is greatly enhanced, allowing for confidential transfers of Litecoin.

To visualize it, MWEB is like an extension of Litecoin’s main chain, a parallel highway where users can send coins to the extension block and back to the main chain. Users can opt for greater privacy by sending their Litecoin through the extension block. The amount being sent is known only to the sender and receiver, greatly improving confidentiality.

When users move their funds into the extension block, it’s called “pegging-in”; when they remove their funds back to the main transparent chain, it’s called “pegging-out.” This way, users can keep their transactions confidential without sacrificing the transparency and security of the Litecoin