MimbleWimble code for long-awaited Litecoin upgrade finally completed, LTC price up 60% in 2021
The Litecoin Foundation has completed the code for its MimbleWimble Extension Block (MWEB) which will enhance scaling and privacy for the cryptocurrency.
— Litecoin Foundation (@LTCFoundation) March 16, 2021
MimbleWimble code for long-awaited Litecoin upgrade finally completed
According to lead Litecoin developer David Burkett, after over a year of ongoing development, MWEB is now coded completely. He added that the code is now ready for formal auditing by fellow developers. However, this process could take anything from a few weeks to a couple of months depending on corrections.
Once finalized, the code will be incorporated into Litecoin’s main codebase. After this, it will be ready for node operators and miners to signal support for. It will be up to the community to decide how quickly MWEB will activate, the announcement added.
The MimbleWimble Extension Block upgrade will improve key features that Litecoin lacks – fungibility and privacy. The MimbleWimble testnet was launched in October 2020 and the code has been battle-tested over the past five months.
The protocol, named after a fictional Harry Potter spell, uses confidential transactions. It allows senders to encrypt the number of coins to be sent using “blinding factors” while obfuscating the addresses. This vastly improves the privacy of the blockchain while also enhancing its scalability.
Litecoin founder Charlie Lee has focused on fungibility, scalability, and privacy for the past couple of years. He views this as a key stage in the evolution of LTC.
Fungibility introduces the concept that certain items could be mutually interchangeable. The same does not apply to cryptocurrencies, as historical transactions are all recorded on the blockchain. So, funds used for nefarious activities may be tarnished in some way.
MimbleWimble solves this by using extension blocks. These are essentially interconnected adjacent chains running next to Litecoin’s main chain. It’s an optional feature for users that want additional privacy and fungibility for their LTC transactions.
Litecoin may not get as much acclaim as other altcoins, but it’s a crypto stalwart. It’s been in or around the top-ten since 2011 when it was launched as a “silver” alternative to Bitcoin’s gold. Historically, when BTC has a bullish period, LTC follows. At the time of press, LTC was trading at a touch below $200 — down 7% on the week.
LTC still has yet to reach its December 2017 all-time high of over $350. However, it celebrated a three-year high of $238 on Feb. 20. Litecoin has gained 60% since the beginning of 2021.
You can see the LTC price here.
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