Litecoin to Test Mimblewimble Around Summer
Litecoin is one of the most established cryptos in the market. It was founded by a former CoinBase employee. Coinbase is a regulated exchange in America. The foundation that is still lead by the founder has done some extreme marketing.
One of their most notable ones was the sponsorship of a UFC fight. The Litecoin logo was not at the center of the octagon.
The only bad thing is that it was not as awesome as it should had been. The Litecoin logo was very small and hard to spot.
They likely need more funding which is why the Litecoin Foundation is attempting to get Litecoin miners to voluntarily donate like I believe 1% of their mining rewards to the Foundation.
I believe that if the Litecoin Foundation could sponsor these matches in the same way Monster does that they would not only do so but go above and beyond.
The marketing department has had good ideas but they are not at the scale needed to actually turn heads. Those that saw the match from a television or a computer screen likely could hardly see the Litecoin Logo in the octagon. This is a lot more effort than all other projects in the market.
While other projects have a larger market share their marketing to every day peopele that are not familiar with these advances in cryptography is nonexistence.
The Litecoin Foundation seems to want to market Litecoin well. The Litecoin Foundation has also started to place importance on privacy for those transacting on the network.
The goal is to make transactions, balances, and addresses invisible to those that are not involved in the transaction. There are currently other privacy coins out in the market with more battle tested code such as Zcash.
What will set Litecoin apart from established privacy coins will be their marketing department. The foundations goal is to implement mimblewimble.
The goal is to bring Litecoin closer to being true digital cash. The Litecoin Foundation would likely follow regulatory framework making the currency ideal for corporate entities. Currently the problem for corporations is that there are only two options of blockchain tech.
The company can be fully transparent and do their business on the Ethereum Network but this would expose a lot of data to competitors. The other option is to use a blockchain that is highly secure, but very controversial.
These two options are not really options for corporations which is why none have implemented them. A decentralized blockchain is far more cheaper than what then the way they currently operate.
A privacy coin that fits the regulatory framework of the corporations government is the ideal crypto. This kind of crypto would give companies the privacy they need while still operating with regulations.
Mimblewimble still needs some improvement since it was hacked by a Dragonfly researcher.
The researcher was able to see the transactions just before the moment the coin join took place. A coin join is when multiple transactions are joined.
After the transactions are joined the coins exchange places to put it simply. This is the general mechanics of mimblewimble. Research is currently taking place in order to find a fix to the bug.
The Litecoin Foundation has invested in research into not just the implementation of mimblewimble on the Litecoin network but the improvement of the protocol itself in order to fix the bug.
Once the bug in mimblewimble is fixed it will give Litecoin an edge against its competition. The Litecoin Foundation understands that marketing is key to the success of Litecoin.