Litecoin is one of the leading cryptocurrencies in the market. Its blockchain has been working consistently with 0-downtime since its inception back in 2011. In order to continue to grow Litecoin globally, we need to sol…
If we add Schnorr, it'll not only help the privacy and size of multisig txns, it could be huge for the Lightning Network. Nadav describes below how we could adapt it to replace HTLC's through something called Payment Points which would make LN routing more private.
One potential ramification of this is that it could make MimbleWimble compatible with the current existing Lightning Network ecosystem as MW is also Schnorr based. This could provide incredible privacy. MW to hide the amounts. LN to break transaction linkability.
Thanks man. Any bit really helps.
At the moment MW is not compatible with Lightning but I believe there are people working on it as we speak. I am not sure if that will be one of David's goals at the moment, since he will mostly be working on creating the code for EB and MW. Maybe that might be the next goal if we continue sponsoring him.
MW wont impact the actual main chain compatibility with Lightning, that will still be working fine. But it will be cool if MW can also be compatible as well. MW scales much better than main chain so it doesnt urgently need Lightning.
The Litecoin Foundation is setting up a dedicated escrow to sponsor David Burkett for a year to work on creating the EB/MW code.
The code once completed will undergo rigorous scrutiny and testing, so don't worry. It's going to be a long process and there's no rush to implement it. We will continue to liaise with exchanges to ensure Litecoin is not delisted as a result. So far, feedback has been positive.
David Burkett is a Grin++ developer, you can watch his talk here. He is very skilled and knowledgeable on MimbleWimble.
He will spend half his time on Grin++ and the other half on Litecoin development. Since Litecoin is based on the same code language as Grin++, he will fork his developments onto Litecoin. So Litecoin benefits from his work on Grin++.
The aim is to not make any major changes to Litecoin code base, so we can continue forking from Bitcoin core for future releases.
David Burkett will provide monthly reports to keep the community in the loop with how things are going.
The goal is to reach $72,000 ($6,000 per month for 12 months).