Litecoin Launches The Mimblewimble Upgrade

January 31, 2022 5:47 pm Comments

Litecoin has finally launched the long anticipated Mimblewimble upgrade after working on it for the past two years which will essentially allow users to do more privacy oriented transactions on the blockchain network.

This new upgrade was pushed through even though recent regulations have been cracking down on protocols that promote anonymity.

The Mimblewimble upgrade comes using the Mimblewimble Extension Block (MWEB) which will allow users the new option to opt-in to doing confidential transactions.

As a result, this makes Litecoin a much more attractive alternative to be used to doing everyday transactions such as paying employee salaries, purchase real estate, payment transactions, and any other use case that deals with sensitive information.

CoinTelegraph reports:

Mimblewimble is a privacy-focused decentralized protocol that derives its name from a tongue-tying spell that was first made famous in the Harry Potter book series.

The protocol has a confidentiality feature that allows users to conceal transaction information. It also provides a framework for other blockchains to enhance the usability of their cryptocurrency.

Litecoin first embarked on Mimblewimble integration in a pair of Litecoin Improvement Proposals dating back to October 2019.

The network launched its first Mimblewimble testnet in October 2020 following initial delays due to low community participation.

The testnet was also launched around the time that regulators in Europe — chiefly, Europol — were sounding the alarm over privacy coins.

Privacy coins are usually not embraced by many regulatory agencies around the world and many major exchanges in the past have decided to delist privacy coins due to pressure from regulators.

Examples of other privacy coins that were removed from some exchanges include Monero (XMR), Dash (DASH), and Zcash (ZEC).

In addition to making transactions anonymous and private, the other key part of the upgrade is its focus on scaling and fungibility which are features that are currently lacking on many other blockchain networks.

As a result, the Litecoin Foundation is hoping that this will help expand usage of the crypto and solidify it’s reputation as a secure way to do transactions for companies and individuals.

CryptoSlate shares:

With MWEB, Litecoin will become the most fungible, cash-like, cryptocurrency in the space – warranting its position as one of the most used digital payments instruments.

First of all, it is anonymous.

Unlike the majority of other blockchain systems which are mainly pseudonymous, as they have traceable public addresses that determine the sender and receiver of any given transaction, transaction history on Mimblewimble can’t be tracked.

Thanks to the protocol design, it becomes extremely difficult to bypass the anonymity of a user. In the battle for sound money, Litecoin is positioning itself as a leader in the areas of privacy, fungibility and scalability.

The Litecoin network continues to grow at an impressive rate adding over 1,000,000 addresses in the last week.

Litecoin has been considered as one of the oldest cryptocurrencies and has been around since the very early stages of the industry.

That being said, it has been struggling to remain relevant as new emerging blockchains have grown exponentially over the past few years.

Currently, it is still ranked 21st when measured by total market cap with a total value of $7.5 billion.

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