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MimbleWimble introduces new Litecoin capabilities | Coin Gabbar News

10-Jun-2022 By: Shikha Jha
MimbleWimble introdu

MimbleWimble introduces new Litecoin capabilities, 

yet some exchanges reject it.

Although Litecoin's long-awaited privacy-based upgrade was finally implemented, it did so without causing some regulatory compliance difficulties.

After Bitcoin, Litecoin was one of the first alternative coins (altcoins) to emerge. It was created in October 2011 and is presently the 20th most valuable cryptocurrency, with a market capitalization of nearly $4 billion.

The MimbleWimble update was first proposed as part of the Litecoin Improvement Proposal more than two years ago. That was in November of this year, when the network announced plans to improve anonymity between senders and receivers of transactions on its platform.

After receiving permission from the majority of nodes, the MWEB is now available. The upgrade took place at Litecoin's block height of 2,256,920 and included substantial modifications to the Litecoin network's privacy features.

Regulations in South Korea have been compromised.

Despite the hoopla surrounding Litecoin's new transactional confidentiality, there appear to be regulatory difficulties, particularly with relation to Anti-Money Laundering (AML) and Know Your Customer (KYC) legislation. Leading South Korean exchanges, in fact, removed the coin from their platforms because of this.

Upbit, along with four other major crypto exchanges in South Korea, dropped support for Litecoin on June 8, 2022. Bithumb, Coinone, Korbit, and Gopax are among the other exchanges. The MWEB upgrade, however, does not comply with the provisions of the Act on the Reporting and Use of Specific Financial Transaction Information, according to each of the exchanges. All Korean cryptocurrency exchanges must comply with KYC and AML regulations, according to the law.

After regulators imposed rigorous and specifically barred darkcoins in 2020, South Korean exchanges shunned privacy-related cryptocurrencies.

Mimblewimble is becoming more popular.

Without a question, the launch of Mimblewimble was a significant milestone in the blockchain sector. Especially with the upgrade's cut-through feature and other advantages.

As a result, a few other blockchain projects, such as Beam and Grin, may be looking at the possibility of implementing the MimbleWimble concept, albeit in slightly different ways. While Beam employs the Mimblewimble protocol to decrease blockchain bloating and boost scalability, Grin uses it to delete old transaction data that could slow down its platform if it were maintained on the blockchain.

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