What is MimbleWimble via Extension Blocks (MWEB)? MWEB will complete the Sparkles code in a week
After a while of research, the Litecoin Improvement Proposal (LIP) was established in 2019. Through this LIP, it was decided that the best way towards increased replacement is through a new technological advancement, called MWEB (MimbleWimble via Extension Blocks). And at present, it is estimated that in a week, MWEB will complete the Sparkles code.
✨In 1 week MWEB (MimbleWimble via Extension Blocks), will be code complete ✨
Don’t know what this means? Read up on the latest update to Litecoin on our blog: https://t.co/kG8PeQUNQU
— litecoin (@litecoin) March 9, 2021
What is MimbleWimble via Extension Blocks (MWEB)?
Mimblewimble (MW) is a blockchain design that uses a completely new way of structuring and storing transactions. It’s a form of implementation of a Proof of Work (PoW) blockchain in a new way to enable better network privacy and scalability.
This is a protocol created by the anonymous character Tom Elvis Judesor. This concept was developed and conceptualized by veteran Bitcoiners such as Gregory Maxwell, Adam Back, and Andrew Poelstra.
On the other hand, the “EB” in “MWEB” stands for Extension Blocks, which is a proposal launched by Bitcoin developer Johnson Lau in 2013. Expansion blocks can be seen as an “adjacent chain”. connected, running side by side with Litecoin’s main chain. Traffic on both highways circulates at the exact speed, and if someone wants, they can continue to trade on the Litecoin main chain without having to switch to the MWEB side. Conversely, if someone wants, they can side with MWEB. MWEB is an optional version and therefore its use is completely dependent on user needs.
Why should we use MWEB?
Due to its built-in features, using the MW chain users will get the benefits of improved privacy and fungibility.
Which brings us to the question, why do we need MWEB? Why did Litecoin break this barrier and deviate from Bitcoin to accomplish this task? To put it simply, the purpose of MWEB is to achieve greater fungibility and improve privacy as a fundamental human right.
If a company wants to pay employees with cryptocurrency, those transaction amounts must be private – otherwise, “employee A” will be able to analyze the amount that “employee B “is getting. Clerks from department 1 can very easily realize that she is paid less than a secretary for department 2. One can quickly realize that scenarios like this can get tricky. how from an ethical and legal point of view.
Today, many third-party organizations track transactions on the blockchain. For example, a famous Twitter account called Whale_Alert publishes the amount of cryptocurrency being transferred from one wallet to another. They are literally warning us of high net worth individuals moving their money and how much they are moving. The thing is, this may not be beneficial for whales, especially if one of those wallets is associated with the name or company. There are lots of people watching the transactions going on on each network at all times and unfortunately, they all have different motivations.
For one reason or another, increasing privacy has been a very sensitive subject. And only cash payment ensures human privacy. In 2018, the Federal Reserve conducted a study and concluded that about 26% of all transactions in the US are paid for in cash. Yes, in the digital age in which we live, a quarter of all transactions are made in paper money. Cash is also the second most used means of payment, according to research.
In our current data-driven world, cash continues to be one of the most private forms of payment and, with MWEB’s additional features, Litecoin will become a cash-like cryptocurrency. most in the top 10 due to the added incognito features.
It is estimated that in a week, MWEB will complete the Sparkles code
Currently, MWEB’s testnet has been in operation for about 3 months and is quite smooth. They also recently released a new update, which included a visual representation of how a wallet with Litecoin’s MWEB in / out could look like.
It is estimated that MWEB will be completed around Q1 – Q2 2021. In a recent series of progress updates, developer David Burkett stated that MWEB will complete the Sparkles code on March 15th. This means that the ode will be ready for final review and official testing. Once the process is complete, miners will then have to announce their support for the update.
As Litecoin continues to make progress in its endless fight for increased fungibility and privacy, it will also leap at being one of the best, most comprehensive forms of monetization available exist.
You can see the LTC price here.
- David Burkett: The Litecoin MimbleWimble Will Ready On March 15 To The Community For Review
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