Litecoin has finally released its Mimblewimble upgrade after two years of development. The launch of Mimblewimble brings to the Litecoin network more privacy-oriented transactions at a time when regulators have increased scrutiny of protocols that promote anonymity.
A Significant Upgrade
Mimblewimble was integrated into Litecoin through the Mimblewimble Extension Block, also known as MWEB. The MWEB allows users on the network to opt-in to confidential transactions. According to lead developer David Burkett, the Mimblewimble upgrade significantly improves Litecoin and its uses as a fungible currency.
According to Burkett, the upgrade would allow LTC to be used as a currency that can be used for everyday transactions, pay salaries, or even carry out expensive transactions such as purchasing real estate.
With MWEB now available to the Litecoin community, the Litecoin community will begin signaling for the MWEB activation. Once the required threshold is met, the activation date will be locked, and MWEB will go live. For Litecoin, the threshold is at 6048 blocks.
Burkett has stated that the Mimblewimble upgrade will result in making Litecoin one of the most sound currencies in the world, commenting,
“MWEB is a crucial next step in Litecoin’s evolution. The optional confidentiality MWEB provides the user notable and needed protections for small everyday items, to salaries, or even buying a home.”
The creator of Litecoin, Charlie Lee, added,
“The planning, development and now activation of MWEB has been a true community effort, beginning with multiple years of donations from Litecoin supporters all over the world, and culminating with the dedication and attention to detail of David Burkett; who led the project. It also involved key contributors like Andrew Yang, who helped with the original Litecoin Improvement Proposal, Hector Chu’s essential code reviews, and the countless others who audited, advised, and ran testnet nodes. This project is a true testimony to the resiliency and continued growth of the Litecoin community.”
Focus On Confidentiality, Scalability, And Fungibility
Mimblewimble’s confidentiality feature enables users to hide information regarding transactions, with Litecoin first working on the integration way back in 2019 during a Litecoin improvement proposal. Mimblewimble’s first testnet was launched in October 2020 after significant delays, thanks to a lack of participation from the broader community.
Mimblewimble focuses on scalability and fungibility, apart from anonymity and private transactions. According to the team at Litecoin, scalability and fungibility are critical features that are absent across blockchains. The team at Litecoin also believes that Mimblewimble will significantly enhance LTC’s status as “sound money.” Sound money is a concept referring to currencies that are less susceptible to external influences from monetary policies and from other factors such as depreciation.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.