Even while regulators continue to examine anonymity-boosting tools, privacy opt-ins are on their way to Litecoin.
After two years of development, Litecoin (LTC) has finally unveiled its long-awaited Mimblewimble upgrade, which allows for more privacy-oriented transactions on the network.
Litecoin’s Mimblewimble integration was achieved via the Mimblewimble Extension Block, also known as MWEB, which allows users to opt-in to confidential transactions. David Burkett, the lead developer of the MWEB extension, said that incorporating it improves Litecoin’s fungibility and makes it more viable as a liquidity currency
Mimblewimble is a privacy-focused decentralized protocol that was inspired by the Harry Potter book series and is named for a tongue-tying magic spell. Users can conceal transaction details using the protocol’s confidentiality feature. It also provides a framework for other blockchains to improve the usefulness of their cryptocurrency.
Litecoin first began working on Mimblewimble integration in a pair of Litecoin Improvement Proposals dating back to October 2019. Following delays caused by low community involvement, the network debuted its Mimblewimble testnet in October 2020. The testnet was also unveiled around the same time that authorities in Europe — particularly Europol — were warning
Around the world, privacy coins that promote anonymity and seek to hide digital ledger transactions have come under fire. Several exchanges dropped their support for Monero (XMR), Zcash (ZEC), and Dash (DASH) in early 2021 due to regulatory pressure, according to Cointelegraph.
Mimblewimble’s blockchain technology offers numerous advantages, including enhanced privacy and private transactions, as well as a technical emphasis on fungibility and scalability—both of which are currently lacking across many blockchains. The Litecoin Foundation regards Mimblewimble integration to LTC’s status as “sound money,” which is a broad term that refers to
Despite being one of the first cryptocurrencies to hit the market, Litecoin has had difficulties remaining relevant throughout time. LTC is currently ranked 21st in terms of market capitalization with a total value of $7.5 billion.
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