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Charlie Lee Quotes: About MWEB, Litecoin and Privacy

"I think financial privacy is a human right. You should be able to spend your money without everyone knowing how much you have or who you're sending money to.”

“Putting everything on the base layer is not the most efficient solution. It doesn't scale. It scales linearly. And you want something that scales exponentially.”

“[MWEB] is at least doubling the block size. But Litecoin blocks aren't full, so it's not something that's needed, but it's something that is ready to be used if people start using more of it.”

"Confidential transactions are a way where transaction amounts are blinded, so they're hidden from everyone else other than the recipient and the sender.”

"MWEB gets you most of the way there, 90% of the way there, and that's good enough for the majority of users.”

"The most important thing is just enough financial privacy where people you interact with can't easily tell how much money you have.”

“The other thing that MimbleWimble does is something called cut-through. Every transaction, with all the inputs and outputs of a transaction in a specific block, gets added together into one large transaction with hundreds of inputs and hundreds of outputs. And if anything cancels out, they're just dropped from the blockchain altogether without even saving it to the blockchain. Specifically, what that means is if, for example, I sent you one litecoin and then you immediately sent that one litecoin to someone else, then all that matters is that the final recipient received one litecoin. So the transaction to send one litecoin to you and for you to send one to the final recipient can totally be dropped from the blockchain. That's one of the unique features of MimbleWimble: it’s the ability to collect all the inputs and outputs and drop whatever it cancels out. That adds a bit of privacy to the blockchain because transactions that are cancelled out are just totally gone and never recorded. And the other thing about MimbleWimble is that it makes it very easy to do something like a CoinJoin because the amounts are not public. They’re blinded, so it's easier to do CoinJoin where you just combine all the inputs and outputs into one huge transaction and submit that to the network.”

”The thing with MWEB is it matters how much usage there is, right? Right now there aren't a lot of peg-ins and peg-outs. So when you move coins from the mainchain to MWEB, it's easy to see that you move the coins — because on one side it's totally transparent. So if I sent five litecoins to MWEB, you can kind of track that, right? So, like most privacy technology, more people using it improves the effectiveness of having this financial privacy.”

”Our developer, David Burkett, worked on Grin++ and he was able to come up with a solution so that there are addresses and there are ways to send coins to an address as opposed to needing both parties to be online to negotiate the transaction. So I think that's something that's very important. One of the features of Bitcoin is that you can send coins without the recipient being online and without needing to communicate with the recipient… unlike Lightning Network, where you need to do something like that. So having that feature on Litecoin with MWEB, I think it's a huge breakthrough. And it's huge! Thanks to David Burkett for coming up with a way to do that for our implementation.”

“I don't see Bitcoin adopting MWEB anytime soon. Bitcoin is probably a little bit too conservative to do something so drastic. But suddenly you have something like this work on Litecoin, and you show that it is possible to improve fungibility and privacy on a coin similar to Bitcoin by basically taking a different kind of tradeoff than what Bitcoin is doing. And it's a good, good place to experiment.”

“To be honest, I haven't really looked into it [BIP300] that much. We've been currently focused on MWEB. But it's something that people have proposed to test on Litecoin, and I'm perfectly fine if they want to do that. And I'll work with them to see how we can support and help test Drivechain on Litecoin.” (

“I didn't expect people to use litecoin more than bitcoin on BitPay. Yeah, I actually never expected that to ever happen. but it just proves to people that LTC is a very useful currency for payments.”

WRITTEN BY:
Vlad
Costea
PUBLISHED ON:
August 1, 2024
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