Activating an important upgrade of the Litecoin blockchain that helps add more privacy
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Answer Activating an important upgrade of the Litecoin blockchain that helps add more privacy
The Litecoin team has finally announced the activation of the “Mimblewimble” upgrade (MWEB) more than two years after it was first proposed.
On May 2, Litecoin achieved the network consensus threshold of 75% required for activation after months of dialogue with various miners in the network.
After that, MWEB is officially locked to activation at block 2,257,920.
Integrating “Mimblewimble” into Litecoin:
“Mimblewimble” is a privacy-focused decentralized protocol named after a spell made famous in the “Harry Potter” book series.
MimbleWimble allows users to hide transaction data with its confidentiality feature while providing a foundation for other blockchain networks to improve the usability of their digital tokens.
Read:Bitcoin Isn’t the Future of Finance According to Ciphrex CEO
With Mimblewimble, network users can engage in confidential transactions.
The ultimate goal is to enhance Litecoin’s viability as a fungible currency that can be used for real-world transactions by lowering fees and adding privacy, productivity, and scalability.
Charlie Lee, founder of Litecoin commented on the new upgrade by saying:
In terms of interchangeability and privacy, I think MWEB gives you 90% of both.
For most people, that’s good enough.
It’s the difference between living in a glass house versus living in a house with windows.
For people who need 100% privacy, they can live in a windowless house.
Will the MWEB upgrade go to Bitcoin?
Earlier Litecoin acted as a tester for the Bitcoin network, especially in the case of the Segregated Witness (SegWit) upgrade, something that the Litecoin founder also noted.
SegWit upgrade activated on Litecoin in April 2017.
A few months later, I followed Litecoin and did the SegWit upgrade.
As for the MWEB upgrade, Vlad Kostya, founder of Bitcoin Takeover, stated that he supports introducing it to the world’s largest cryptocurrency.
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While Adam Buck sees that the MWEB upgrade does not enhance much privacy, he stated:
MimbleWimble is not a huge privacy improvement where transaction history is logged even if it is later discarded, and scaling gains only start to win at large volume where transactions are larger.
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