After two years of Litecoin Mimblewimble progress, finally, there was the launch of the Litecoin Mimblewimble upgrade. This was one of the highly anticipated upgrades from Litecoin, that opened the avenues for more transactions on the network that is oriented towards privacy.
The integration of Mimblewimble into Litecoin arrived by way of the Mimblewimble Extension Block that is also known as MWEB, which enables the users of the network to opt into private transactions. Developer David Burkett, who has been financed by the Litecoin Foundation, stated that the Litecoin Mimblewimble upgrade enhances the viability of LTC as a fungible currency that can be availed for daily transactions, pay salaries of the employees, and even buy real estate.
What Is Mimblewimble?
Mimblewimble is a decentralized protocol that is focused on privacy that obtains its name from a tongue-tying spell that was initially made popular in the Harry Potter book series. The upgrade offers a confidentiality feature that enables users to conceal transaction data. It also offers a structure for other blockchains to improve the usability of their digital currency.
It attains its functionality by having a more compact procedure of keeping a record of the transaction. In turn, information in blockchain is smaller, enabling it faster for downloads, verification, and synchronization. The block is verified and is then confirmed in the normal way. But every block comprises various transactions that do not reveal details of every transaction that creates it. In a gist, there is no easily detectable trail to connect the individual inputs with the relevant outputs.
Via this obscuring method, the users will have a high level of privacy. Added to that is the fungibility this offers, where every LTC is indistinguishable from the next, and $LTC will have the characteristics of sound money once the Litecoin Mimblewimble upgrade is released.
Could This Litecoin Mimblewimble Upgrade Wake LTC From Its Slump?
Litecoin has been developing MW since September 2019. While the initial interest was strong, the game shifted drastically since then, for instance, in the fame of DeFi, which began to take off around summer in 2020.
The initial Mimblewimble testnet took place 16 months ago, but constant delays have plunged this release. However, with the Mimblewimble finally rolled out, the supporters of Litecoin are excited. Despite this, because this descending triangle portrays gradual lower highs, implying bears are constantly winning, the descending triangle at times breaks supports and prevails to fall.
As the miners start to get the Litecoin Mimblewimble upgrade 2022 code, they will soon begin the process of signaling with MWEB activation. Miners will avail a “version filed” among every block to vote for “soft” forks. They will also benefit from a small part of this “version filed” to signal the activation of the MWEB.
Lead developer Burkett also stated that this Litecoin upgrade will make LTC one of the most profound digital currencies across the globe. He stated,
“MWEB is a crucial next step in Litecoin’s evolution. The optional confidentiality MWEB provides gives the user notable and needed protections for small everyday items, to salaries, or even buying a home.”
The activation of MWEB will bring the much anticipated privacy quotient to the consumers of Litecoin. However, the Litecoin Foundation said that the activation of MWEB shall be optional. Implying it will enable users to choose whether they require this type of ‘privacy’ or not via an ‘opt-in’ feature.
The Litecoin (LTC) value has bounced by over 5% following this news. As of press time, LTC was trading at $111 with a market capitalization of $7.7 billion.
After years of development, the Litecoin Mimblewimble upgrade is finally rolled out. This time, in the previous year, Litecoin was ranked 5th with a market capitalization of $11.3 billion. But after one year it has been ranked at 24th position based on the market capital. But this latest upgrade from Litecoin is already privacy oriented and is said to offer more privacy oriented services to its users. The Litecoin Mimblewimble date of launch was on 2 February 2022.