New Mimblewimble Code & Community-wide Testnet Launch Might Come in Q1 2021

Implementation of privacy features on Litecoin while other privacy coins getting delisted have people bullish on LTC.

“The first implementation of non-interactive txs is finally ready for testing!” said David Burkett while sharing the update on implementing Mimblewimble to bring privacy to the network.

In the month of December, the first-ever implementation of one-sided txs on Mimblewimble is completed and ready for testing and review and MWEB components have also been added to the GUI.

Going forward, one more week would take to prep Grin++for the final planned hard fork of Grin. And once the new version is released, Burkett will get the new MWEB code ready and launch the new community-wide testnet. This will allow everyone, regardless of technical abilities, to test out the MWEB and provide feedback.

However, there is still no exact date ready for when the code will be finished, but Burkett did ensure that he is “getting very close” but with a lot of automated tests to backfill still, a few outstanding questions about max weight for the EBs & peg-in/peg-out maturity, and lots of small cleanup tasks remaining. He said,

“I’m still expecting to have the code finished sometime this quarter (Q1 2021) though, so it won’t be long.”

Making it a Reality

As per the original plan, the MWEB was to be completed in a year but the team is already two months behind. Burkett said,

“While we didn’t quite meet our original timeline, it wasn’t for a lack of trying. I’ve put in countless late-night hours working to make MWEB a reality.”

“But there’s simply too much at stake to release anything less than perfection. LTC deserves it, and we’re all doing everything we can to deliver on that.”

The delay has been because of completely rewriting the code from scratch, while initially it was thought that Grin++’s code would be reused but it didn’t mesh well with the LTC codebase.

Additionally, the original plan included only interactive transactions but that meant users had to be online to receive funds, which would’ve been a whole lot worse for usability, noted the developer who further shared that “at the time, non-interactive txs were not even considered possible in MW, but we figured out a way to do it.”

Enjoying the Greens

During the update, Burkett also urged the community to continue with more donations as he said, “despite huge LTC gains, only 0.25 LTC were donated this month.” Every donation would be matched to litoshi-for-litoshi by Bitcoin creator Charlie Lee.

The price of LTC has been enjoying a rally since 4Q20, moving in tandem with Bitcoin. While Bitcoin went crazy with its over 315% gains in 2020, Litecoin surged just over 220%.

The fourth-largest cryptocurrency with a market cap of $10.21 billion is currently trading above $153, up 190% since Oct.

Amidst the ongoing delisting of privacy featured coins, like Zcash (ZEC), Monero (XMR), and DASH from crypto exchanges, some speculate it could make LTC more valuable. Crypto analyst Alex Saunders said,

“More privacy coin delisting news today. My thesis & narrative around Litecoin’s 2nd coming strengthens. With XRP out of the picture & LTC’s regulatory certainty (age, distribution, decentralization, Grayscale Trust) it could regain #3 as it implements privacy features.

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Author: AnTy

Liquid Exchange Set To Delist Zcash (ZEC) And 28 Other Privacy Enabled Cryptocurrencies

Japan’s crypto exchange, Liquid, has delisted the privacy-enabled Zcash (ZEC), along with 28 other coins in order to comply with Singapore’s regulations. The exchange plans to get an operating license in Singapore, hence with the swift changes made.

The Electric Coin Company (ECC), a non-profit organization overlooking the development of the Zcash public blockchain, however, dismissed the delisting: claiming ZEC is compliant with regulatory authorities.

Liquid Delists ZEC to Comply with Singapore Laws

In a tweet sent out on Friday, July 24, 2020, ECC said Liquid had notified them of their plans to shut down buying, selling, and trading of ZEC on the platform in compliance with Singapore’s laws. This follows a frenzy across Korean and Singapore based crypto exchanges delisting privacy coins due to the FAFT Travel rule notice issued at the tail end of 2019.

However, there is no official communication from Liquid exchange yet. We will follow up with the full list of delisted cryptocurrencies on the exchange.

Also Read: Coinbase Delists Privacy-Focused Cryptocurrency, Zcash (ZEC), In The U.K.

A Rash Decision to Delist?

According to the statement put out by the ECC, Liquid has made a rash decision to quickly gain the Singaporean license.

The argument revolves around whether privacy-focused cryptocurrencies such as Zcash (ZEC) and Monero (XMR) are regulatory compliant. ECC believes so. Jack Gavigan, the products and regulations head at the ECC, wrote a blog post in March 2019 explaining how ZEC can be AML/CFT compliant.

He explains that personal finance privacy is essential in the growing digital world, hence the need for privacy enabled currencies. On being compliant, Jack states that ZEC can be as quickly regulated as cash is regulated today. He wrote:

“The techniques and processes that have been honed and perfected over decades to detect and discourage the use of cash for money laundering and terrorist financing can be applied to Zcash, including customer due-diligence checks, record-keeping, and making Suspicious Activity Reports (SARs) when appropriate.”

No other exchanges in the 28 have been revealed yet. The ECC is willing to help exchanges understand how to become compliant with AML/CFT rules while trading ZEC in the future.

See More: BitOasis Removes Privacy Coins Zcash & Monero Without Notice to Users

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Author: Lujan Odera

Acquisition of Circle Leads Poloniex Wallet Users to Yank Out Funds

  • Poloniex has delisted many coins through the last few years of decreasing liquidity, leaving the platform with just 98 trading pairs.
  • One of the most controversial coins to be delisted was DigiByte, which may have led to the gutting of the exchange.

Circle, Inc. recently made a game-changing decision for their customers, abandoning the US market entirely as they moved away from Poloniex. However, the decision has led many consumers to a drastic decrease in deposits for wallets on the Poloniex exchange. According to a recent article by Bitcoinist, the Bitcoin and Ethereum wallet users moved their coins to other markets instead, citing the decision to leave behind the US market as the main reason.

By the time Circle original acquired Poloniex, the supply of coins was already starting to dwindle. The exchange was dealing with technical and regulatory issues, and their traders were slowly decreasing. Tweets by CoinMetrics revealed that the supply that Poloniex held of BTC and ETH dropped dramatically during the Circle acquisition. As it stands, the exchange has not seen levels this low since 2016.

While the cryptocurrency market wasn’t regulated, Poloniex stood strong as one of the first exchanges to actually survive the years. However, the exchange also recorded many outages and disruptions in trading during that time, leaving it with a reputation for being unreliable. As recently as this year, Poloniex was forced to liquidate BTC collateral, leaving them with losses over the volatile CLAMS coin.

The socialized loss of about 1,800 BTC greatly angered traders, and the funds have still yet to be paid, which Bitcoinist suggests is one of the reasons that some traders have walked away from the exchange. While many analysts and experts would advise consumers not the store their funds on the exchange, the socialization of losses was definitely unexpected.

With the low liquidity, Poloniex also had to delist some of the coins that it previously had touted, which has mostly been unproblematic. However, when the exchange pulled DigiByte from their listing, the community became enraged, potentially becoming one of the reasons for the substantial outflow from Poloniex.

Considering the recent path that this platform has taken, Bitcoinist suggests that the focus of Poloniex is on the Tron ecosystem. As one of the larger carriers for the TRON-based Tether token (USDT), their listings have recently been opened up to other TRC-20 tokens. In fact, the TRX crypto asset is even an integral part of the earnings program for Poloniex, according to recent tweets from the latter.

Following this trend, the PoloniexDEX, which only recently launched, has already rebranded as the TRXMarket, now being used as a way for traders to access related coins and tokens.

Presently, daily trading accounts for $44 million on the Poloniex exchange, though these numbers are relatively low for an international exchange. Even with the many delisted tokens, the exchange still has 98 trading pairs, giving them a little standing against the competition of the market.

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Author: Krystle M

Dash Explorer To Get Fresh ‘Insight’ Update On Jan 7th; API Users Will Have 3 Months To Changeover

  • Users of the interface will need to upgrade to the Insight API to prevent incompatibility.
  • Dash has been delisted from OKEx Korea and UpBit, due to compliance concerns.

The current Dash Explorer program is already based on the Abe API, but marketing manager of Dash Michael Seitz believes that this interface is “outdated” and that it offers “limited functionality.” To improve the system, Seitz published a blog post on December 4th to explain the “new and improved API” that the Dash Explorer will upgrade into – Insight.

The open-source Dash blockchain explorer will be ideal for apps that require more advanced blockchain queries, like web wallets, according to an article by CoinTelegraph. Users will easily be able to build their own services from the Dash network, due to the newly convenient way of reading data on it.

Furthermore, every user will be impacted by the upcoming update, since there will be differences between the current software and Insight. To prevent incompatibility issues, users need upgrade to the Insight API when the time comes.

At the end of October 2019, Dash Latam announced the end of their operation in eight countries, as well as 20 cities. The organization, which previously pushed for Dash adoption in Latin America, had formerly been available in Tobago, Colombia, Trinidad, Venezuela, Peru, Spain, Ecuador, Brazil, and Guatemala.

George Donnelly, the executive director of the organization, had previously stated that Dash Latam was left without funding, forcing the layoff of about 80 employees as operations shut down.

In the same month, OKEx Korea announced that they would no longer support Dash trading on their cryptocurrency exchange, along with other assets, due to regulatory issues.

The exchange had received recommendations from the Financial Action Task Force, pushing OKEx Korea to stop and review the “Travel Rules” and Dash’s compliance with them.

Dash was already delisted by UpBit, the largest cryptocurrency exchange by volume to operate in South Korea. The delisting, which happened in September, cited money laundering concerns as the reason for withdrawing support for Dash, as well as the possibility of “inflow from external networks.”

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Author: Krystle M

Poloniex Removes Six Altcoins; STEEM, GAME, LBRY, NAV, PASC and CLAM

The cryptocurrency exchange Poloniex has delisted six altcoins from its platform. The tokens that were delisted are GameCredits (GAME), LBRY Credits (LBC), Steem (STEEM), Clams (CLAM), Pascal (PASC) and Navcoin (NAV).

Poloniex announced that it would delist these assets via an email that was sent to all the users who hold at least one of these assets. According to the official announcement, the six tokens are set to be disabled by October 15. After that, no trading will be allowed and all remaining orders will be canceled.

Withdrawals can be done until October 28 for LBC and until November 15 for the other five assets. It is important that all users withdraw their assets before the deadlines, the company urged. To do it, someone needs to have a balance greater than the minimum required fees for moving the assets. All assets that were left with the company will be lost.

In order to withdraw the cryptos, the client has to log in, visit the Balances page, choose the right asset and then provide a crypto address to move the currency there. The address obviously needs to be of an outside wallet.

Delisting assets is far from uncommon and it happens frequently, as many altcoins have lost a lot of their value and never regained it again. The greater dominance of Bitcoin recently is proof that many assets have still not recovered.

Binance, for instance, removed 30 trading pairs from its list. Some of the pairs were launched via the Binance Launchpad, curiously, meaning that they did not fare so well after the launch.

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Author: Gabriel Machado