After two years of development, Litecoin (LTC) has finally launched the long-awaited Mimblewimble update, which opens the door to privacy-oriented transactions.
What the Mimblewimble update will bring
The integration of Mimblewimble into Litecoin took place through the Mimblewimble extension block, also known as MWEB, which allows network users to agree to confidential transactions. MWEB lead developer David Burkett, sponsored by the Litecoin Foundation, said the update enhances Litecoin’s ability as a substitutable currency that can be used for day-to-day transactions, employee salaries and even property purchases.
Mimblewimble is a decentralized privacy protocol whose name is derived from the language-binding spell that first became famous in the Harru Potter series.
Litecoin began integrating Mimblewimble following an improvement proposal in October 2019. The network launched the first Mimblewimble testnet with a delay in October 2020 due to low community involvement. The testnet was launched at a time when European regulators and Europol were sounding the alarm about privacy coins.
Coin, who promote anonymity and attempt to obscure transactions in a distributed ledger, have come under scrutiny around the world. At the beginning of 2021, due to pressure from regulators, several exchanges stopped supporting the best known – Monero (XMR), Zcash (ZEC) and Dash (DASH).
In addition to anonymity and private transactions, Mimblewimble technology places great emphasis on substitutability and scalability, which are key features that are currently lacking in many blockchains. The Litecoin Foundation believes that the integration of Mimblewimble will contribute to the LTC’s status as safe money, free from devaluation and the influence of monetary policy.