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Charlie Lee reviews “Litecoin 2.0”

June 16, 2020

Charlie Lee, the inventor of Litecoin, spoke about the upcoming update with MimbleWimble, whose main goal is to improve the scalability and data protection in Litecoin.

Lee noted that the upcoming Litecoin implementation This allows you to scale much better than other data protection-oriented protocols such as Monero or Z-Cash.

“Provides privacy and scares how well it works compared to other implementations.”said.

Charlie Lee reviews “Litecoin 2.0”Charlie Lee reviews “Litecoin 2.0”

Talk about the risks involved Lee highlighted “hidden inflation”, a mistake that often affects coin privacy and allows hackers to counterfeit an infinite number of coins at will.

However, “This risk is manageable,” Lee added, noting that the privacy feature is only implemented in the MimbleWimble expansion block, which means that it would not affect the main layer of Litecoin.

Lee also noted that Litecoin is considered A “boring” coin is actually a bonus because “building quickly and breaking things” is not a good approach for money in your opinion:

“They want the money to be stable and work. Litecoin has been running smoothly for 9 years.”

Lee also notes that due to his role as a “benevolent dictator”, the Litecoin protocol can update the cryptocurrency more efficiently than Bitcoin.

“It takes forever for something to be implemented in Bitcoin because the consensus is slow […] If we want to do something with Litecoin, we can progress fairly quickly to achieve it. “

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