Litecoin and Cardano Gear up for a Cross Chain Communication
David Burkett, Litecoin’s core developer, has confirmed that the MimbleWimble test network is scheduled for September. It was in July itself that David chalked out all the priorities and progress of the project. For those who do not know, MimbleWimble is a Litecoin protocol that assigns more privacy to the network. The project is expected to improve the Litecoin network’s scalability, and the initial block download will enable verification of transactions by checking the state of the chain. So it implies that MimbleWimble will follow a different verification method compared to Bitcoin as any miner does not have to download all blocks on Litecoin to verify the transactions. In his report, David Burkett explained the new verification system in full detail in place with MimbleWimble. The verification mechanism in Litecoin is more accurate compared to Bitcoin’s, which requires all blocks to be downloaded from the blockchain.
IOHK is a technology company committed to using peer-to-peer innovations and provides financial services to almost three billion people. Charles Hoskinson, the CEO of IOHK and creator of Cardano, has revealed that he has plans to establish cooperation with Charlie Lee, the creator of Litecoin. Hoskinson is very upbeat about this cooperation, and he is in love with the idea of cross-chain communication between Litecoin & Cardano. It remains to be seen whether there is any development of cross-chain communication between the cryptocurrencies in the future or an agreement comes into effect.
Hoskinson shot into fame when he founded Cardano (ADA), which occupies the 7th position among a list of crypto assets as per market cap size. On the same list, Litecoin occupies the 8th position. Hoskinson has said that he has a lot of ideas up his sleeve, and he expects that same degree of cooperation and enthusiasm from Litecoin. It must be mentioned that both Hoskinson and Lee occupy a vital position in the blockchain and crypto space. Lee is said to be the 13th most influential person in the crypto industry, and Hoskin occupies the 39th spot.