Litecoin finally released the Mimblewimble upgrade following 24 months of development. The update makes the Litecoin ecosystem ensure privacy-focused transactions. That comes when lawmakers increased scrutiny on anonymous protocols.
A Vital Upgrade
Litecoin integrated Mimblewimble via MWEB (Mimblewimble Extension Block). MWEB ensures platform users access confidential transactions. David Burkett, the lead developer, stated that the Mimblewimble update would improve Litecoin and the token’s usage as a fungible coin.
Burkett believes the upgrade would make LTC a currency that individuals can utilize for their day-to-day transactions, paying salaries, and completing massive transactions like buying real estate.
For now, the Litecoin community will start signaling MWEB activation. The platform will lock the activation date after meeting the required verge, and the MWEB upgrade will go live. Litecoin’s threshold stands at 6,048 blocks.
Burkett said Litecoin would be an attractive currency globally with the Mimblewimble update, noting that MWEB is vital in LTC’s evolution. He added that optional confidentiality by MWEB guarantees users the needed protection in daily undertakings, from salaries to purchasing a home.
Litecoin creator Charlie Lee commented on the move, saying that the community has been vital from planning, development, and MWEB activation. He highlighted the multiple donations by LTC supporters across the globe and the attention plus dedication by the project leader, David Burkett. It also included vital individuals such as Andrew Yang, who worked on the original Improvement Proposal, and several others that audited and operated testnet nodes.
Focus on Fungibility, Scalability, and Confidentiality.
Confidentiality functionalities by Mimblewimble allow users to hide transaction information. Litecoin started working on this integration in 2019 amid the LTC improvement proposal. Meanwhile, Litecoin introduced Mimblewimble’s initial testnet in 2020 October, following significant delays amid inadequate broad community participation.
Besides private transactions and anonymity, Mimblewimble focuses on fungibility and scalability. Litecoin’s team believes fungibility and scalability are vital features absent on blockchains. They also trust Mimblewimble will enhance Litecoin as a ‘sound cash.’ Sound money refers to currencies less prone to external influence from fiscal policies and factors like depreciation.
While publishing this content, LTC trades at $109.84, ranking 22 on coinmarketcap.