Litecoin is finally launching its major Mimblewimble upgrade
After two years of development, Litecoin (LTC) has finally launched its highly anticipated Mimblewimble upgrade, opening the door to more privacy-oriented transactions on the network.
Mimblewimble’s integration into Litecoin came by way of the Mimblewimble Extension Block, also known as MWEB, which allows the network’s users to opt-in to confidential transactions. MWEB lead developer David Burkett, who has been sponsored by the Litecoin Foundation, said the upgrade improves Litecoin’s viability as a fungible currency that can be used for everyday transactions, pay employee salaries and even purchase real estate.
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.
"You're a wizard, Harry."Mimblewimble is not just a tongue-tying spell used in the magical series, but it's also a privacy-oriented decentralized protocol that structures and stores transactions on the blockchain. https://t.co/XCpNlb5AiD
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.
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