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Litecoin [LTC]’s Charlie Lee: MimbleWimble is a good way to get privacy and scaling

Litecoin [LTC]’s Charlie Lee: MimbleWimble is a good way to get privacy and scaling

Recently, a cryptocurrency known as Grin was launched in the cryptocurrency space. The coin grew to be one of the most controversial cryptocurrencies in the space within hours of its launch. The credit directly goes to the protocol the coin is based on, MimbleWimble.

The protocol was initially introduced to solve the scaling and privacy problems in bitcoin, by an anonymous developer Tom Elvis Jedusor. Interestingly, both the pen name and the name of the technology are an inspiration from Harry Potter. The developer ensured that privacy would be the core of this technology.

More so, the protocol makes sure that apart from the information that is absolutely required to confirm a transaction, no other information is revealed, including the addresses involved in the transaction and the amount of cryptocurrency involved in the transaction.

During the sixteenth episode of Magical Crypto Friends, Charlie Lee, the creator of Litecoin, Riccardo Spagni, the lead developer of Monero, Samson Mow, the CSO of Blockstream, and Whale Panda, discussed the new privacy-oriented coin. Here, Lee opined about the technology that made the coin one of the most controversial ones in the space. He said:

“I think MimbleWimble technology is actually pretty cool. So when I first learned about it, seems like a good way to get both privacy and scaling and privacy that doesn’t make scaling hard or much worse which is very cool. So I’m yeah happy to see where where this technology goes”

This was followed by Riccardo Spagni aka FluffyPony speaking about Grin’s mining, which drew the attention of even the VCs. Spagni said:

“If you look at at Grin’s economic design it’s clearly designed to be currency. It’s designed to have this crushing inflation so that you’re forced to spend it so hodling is not really part of the economic design. So, they’re throwing money at it because they know that there’s be hype and that, you know, the moms and the pops would eventually go in to buy it.

The post Litecoin [LTC]’s Charlie Lee: MimbleWimble is a good way to get privacy and scaling appeared first on AMBCrypto.

Published at Thu, 14 Feb 2019 23:03:48 +0000

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Ethereum Price Tops $900 on CEX, Possible Haven for Investors

Almost every single crypto-currency has seen massive gains in the past few months, Ethereum included. But with the recent news about bitcoin Cash being listed on Coinbase, much uncertainty has been thrown into the market.

The Biggest Smart Contract Platform

Ethereum has more than tripled in the past three months, with the market price at $255 just three months ago to over $800 today. The rally appears to not be stopping, however, as some exchanges are posting numbers well above market price. On one exchange, CEX.io, the price broke through the $900 barrier. While it has dropped since, it’s clear that as people start researching bitcoin and digital currencies in general, altcoins are valid options for those looking to diversify.

Ethereum has been around since 2014 and its native currency is the “Ether.” It touts itself as a “Smart Contract Platform,” as opposed to bitcoin being a payment platform. A smart contract is simply a piece of software that executes an action, and once executed cannot be stopped/altered. Since it is all code, the contract can be audited and verified that it will do exactly what the developer says it will do.

Sample smart contract code

An example smart contract on Ethereum. Source: https://www.ethereum.org/token.

Here is a very simple example of a smart contract. Let’s say I’m a YouTuber, and you’re a company looking to advertise on my videos. I put a short ten-second ad at the beginning of each of my videos, and in return, you’ll pay me $1 for every 1000 views. Now I could trust you so that when I reach a view threshold, you’ll pay me. Or we could get a third party involved to ensure I get paid. But with a smart contract, it could automatically pay me. It could check the YouTube video statistics for views every so often, and pay me accordingly. All in a completely trustless way.

Ethereum and The Coinbase Effect

There is also something to be said about access to different coins for new investors. Ethereum might be experiencing what I’m going to call the “Coinbase Effect,” which is the fact that the currencies that are currently listed on Coinbase are pretty much the only ones the average-Joe investor knows about. Since these are the only ones available on Coinbase, which is a major on-ramp for non-technical users, they’ll tend to invest in these currencies over others.

The Coinbase Effect

With bitcoin and bitcoin Cash going head to head, and accusations of conspiracy flying every which way, many may be looking at ETH as a haven for their newly found gains from bitcoin. Because it’s listed on Coinbase, investors can easily convert their current holdings to Ethereum. Ethereum is not without problems of their own, however.

Earlier this month, CryptoKitties pressed the network against its limits. As a result, Ethereum users saw fees approaching $1 or higher, which is completely unheard of for most cryptos, especially Ethereum. We’ll see in the coming weeks whether this rally has any substance behind it, or if it is just a pump and dump.

Are you invested in Ethereum? How do you think the market will react to the Coinbase announcement long term? Let us know in the comments below!

Images courtesy of AdobeStock, Coinbase, Ethereum

The post Ethereum Price Tops $900 on CEX, Possible Haven for Investors appeared first on Bitcoinist.com.

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