Litecoin Users Can Choose to Use the Privacy Tech or Not After Mimblewimble Integration

  • Charlie Lee speaks on LTC’s Mimblewimble integration.
  • The hidden inflation on privacy chains.

In a recent interview, Charlie Lee, the Founder of Litecoin (LTC), talked about the current plans to integrate the Mimblewimble privacy mechanism on the blockchain. Lee answered several questions from LTC users including the several developmental concerns that may arise on the blockchain once implementation is complete.

Furthermore, Lee explained the concept of ‘hidden inflation’ that is common on privacy-based blockchain stating users wanting privacy will not care much about it.

Charlie Lee Speaks on LTC’s Mimblewimble Integration

Some of the questions focused on the future of LTC transactions and how to integrate the privacy features of Mimblewimble on the blockchain.

Users were curious about whether the normal blockchain will take precedence or the Mimblewimble-enabled chain. According to the planned privacy enhancements, users will be able to select on exchanges whether to carry out a privacy enhanced transaction or a public one.

Responding to the confusion building up, Lee said he has talked to several exchanges on the regulatory issues that surround the privacy enhanced transactions with most agreeing to go along with it. He further said,

“Initially the use of Litecoin post-MimbleWimble implementation will be difficult; it’s going to be a learning curve. Not all wallets will support it from the start[…] Since it is a soft fork, the whole ecosystem won’t need to care about it until they want to.”

Lee, however, believes the current upgrades will benefit Litecoin’s privacy as a coin stating the privacy features may draw more users to LTC.

The Hidden Inflation on Privacy Chains

In what has become a raging topic across the privacy coins communities, Charlie said “hidden inflation” on privacy coins may not affect users willing to own privacy enhanced crypto.

In March, crypto analyst and developer, Tim Ruffing, exposed that there may be a bug on all privacy blockchains cryptography that makes “inflation undetectable” on the blockchain.

While this makes the blockchain more susceptible to attacks from hackers who may inflate the cash in the system, Lee believes this is a risk privacy-focused users are willing to take. On how Litecoin aims to prevent such an attack Lee said:

“The good thing about our ecosystem is the extension block for Litecoin; it would be kind of isolated by itself. So even if something happens to that, it won’t infiltrate the main chain because one won’t be able to withdraw more coins.”

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Author: Lujan Odera

Hackers Insert Monero (XMR) Mining Script in Late Basketball Great Kobe Bryant’s Wallpaper

A hidden cryptocurrency mining malware was found in a wallpaper of late basketball player Kobe Bryant, reported the security intelligence unit of technology giant Microsoft on Jan. 31st.

Microsoft Security Intelligence tweeted that cybercriminals are taking advantage of the tragedy of Bryant’s tragic death “as expected” by running a malicious HTML file in the late basketball player’s wallpaper containing a coin mining script.

In the follow up tweet, it confirmed Microsoft Defender ATP detected the malicious HTML file as Trojan:HTML/Brocoiner.N!lib and its SmartScreen has now blocked the website hosting the coin miner.

The script mentions CoinHive, an in-browser crypto mining service for privacy coin Monero (XMR). Earlier last year, CoinHive shut down all its operations after the downturn of 2018 and over the upgrades made by the Monero network. After it went down, cryptojacking attacks also dropped considerably.

This, however, wasn’t the first time that cybercriminals used the photos of celebrities to spread cryptocurrency mining malware. Last month, a crypto-mining botnet infected computers with an image of Taylor Swift to diffuse the malware. Before that back in 2018, Scarlett Johansson’s picture was also targeted by these cybercriminals.

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Author: AnTy