Last Updated on May 21, 2022 by Bitfinsider
The MimbleWimble (MWEB) implementation for Litecoin (LTC) has been activated after years of development. On May 20th, the Litecoin Foundation announced and published the information on their official website. MimbleWimble allows Litecoin users to send and receive LTC without disclosing personal information to third parties. As a result, Litecoin has become the market’s largest privacy-enhanced virtual currency.
As a soft fork, the Litecoin network has been modified to accommodate the MibleWimble upgrade. This was a project that began in 2019 courtesy to Litecoin’s inventor, Charlie Lee. He asserted at the time that fungibility was the only sound money quality that both Bitcoin (BTC) and Litecoin (LTC) lacked.
As he indicated at the time, the scaling argument had already been settled, and the goal was to concentrate on privacy measures that would improve the fungibility of Bitcoin and Litecoin. He stated that implementing Confidential Transactions will make Litecoin more fungible. The Litecoin Foundation collaborated with Grin developer David Burkett to carry this endeavor ahead after all these years.
It is now possible to transmit cash without sharing information about the amount of LTC sent, thanks to this enhancement. Only the sender and receiver will be aware of the transferred LTC. There will also be a benefit in terms of enhancing Litecoin’s transaction throughput, according to the official release. This is made feasible by the network’s private addresses.
The adoption of MimbleWimble on top of Litecoin is likely to have a significant influence on privacy.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.