Litecoin activates Mimblewimble Expansion Block after more than two years of Introduction
After more than two years since its first introduction, Litecoin has officially announced the activation of Mimblewimble Extension Blocks (MWEB). After months of discussions with network miners, Litecoin reached the 75% network consensus barrier required for activation on May 2nd. Following this, MWEB officially locked in block height 2257920 for activation.
MimbleWimble is a privacy-focused decentralized protocol that takes its name from a tongue-tying spell made famous in the Harry Potter book series. Its confidentiality feature allows users to conceal transaction data while also providing a foundation for other blockchains to improve the usability of their tokens.
Users of the network can opt-in to confidential transactions using the Mimblewimble Extension Block. The ultimate goal is to improve Litecoin’s viability as a fungible currency that can be used for real-world transactions by lowering costs and increasing privacy, throughput, and scalability. David Burkett, a Mimblewimble expert and Grin ++ developer, was charged with heading the development of the Litecoin MimbleWimble protocol.
Charlie Lee, the creator of Litecoin, stated:
“In terms of fungibility and privacy, I believe MWEB gets you 90% there. For most people, that’s good enough. It’s the difference between living in a glass house vs living in a house with windows. For people who need 100% privacy, they can live in a house with no windows.”
Litecoin has served as a testnet for Bitcoin (BTC), particularly in the instance of Segregated Witness (SegWit), as Lee had highlighted. Litecoin’s upgrade was implemented in April 2017. Bitcoin followed a few months later with the activation of SegWit.
Regarding MWEB, Vlad Costea, founder of Bitcoin Takeover, stated that he supports its inclusion in the world’s largest cryptocurrency. MWEB, on the other hand, did not impress the OG cypherpunk Adam Back. In response to a tweet speculating that many Bitcoiners anticipate the protocol will be activated soon, Back stated that MWEB does not improve privacy significantly.
Surprisingly, the design of the MW protocol supports and expands the concept of Confidential Transactions (CT), which was presented about a decade ago by the Blockstream CEO. Greg Maxwell and Pieter Wuille later put it into action. It remains to be seen whether a BIP focusing on MWEB will be released anytime soon.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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Blockchain
Litecoin activates Mimblewimble Expansion Block after more than two years of Introduction
After more than two years since its first introduction, Litecoin has officially announced the activation of Mimblewimble Extension Blocks (MWEB). After months of discussions with network miners, Litecoin reached the 75% network consensus barrier required for activation on May 2nd. Following this, MWEB officially locked in block height 2257920 for activation.
MimbleWimble is a privacy-focused decentralized protocol that takes its name from a tongue-tying spell made famous in the Harry Potter book series. Its confidentiality feature allows users to conceal transaction data while also providing a foundation for other blockchains to improve the usability of their tokens.
Users of the network can opt-in to confidential transactions using the Mimblewimble Extension Block. The ultimate goal is to improve Litecoin’s viability as a fungible currency that can be used for real-world transactions by lowering costs and increasing privacy, throughput, and scalability. David Burkett, a Mimblewimble expert and Grin ++ developer, was charged with heading the development of the Litecoin MimbleWimble protocol.
Charlie Lee, the creator of Litecoin, stated:
“In terms of fungibility and privacy, I believe MWEB gets you 90% there. For most people, that’s good enough. It’s the difference between living in a glass house vs living in a house with windows. For people who need 100% privacy, they can live in a house with no windows.”
Litecoin has served as a testnet for Bitcoin (BTC), particularly in the instance of Segregated Witness (SegWit), as Lee had highlighted. Litecoin’s upgrade was implemented in April 2017. Bitcoin followed a few months later with the activation of SegWit.
Regarding MWEB, Vlad Costea, founder of Bitcoin Takeover, stated that he supports its inclusion in the world’s largest cryptocurrency. MWEB, on the other hand, did not impress the OG cypherpunk Adam Back. In response to a tweet speculating that many Bitcoiners anticipate the protocol will be activated soon, Back stated that MWEB does not improve privacy significantly.
Surprisingly, the design of the MW protocol supports and expands the concept of Confidential Transactions (CT), which was presented about a decade ago by the Blockstream CEO. Greg Maxwell and Pieter Wuille later put it into action. It remains to be seen whether a BIP focusing on MWEB will be released anytime soon.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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