A while ago, Litecoin (LTC), one of the oldest cryptocurrencies currently available on the market, issued its long-awaited network update known as MimbleWimble through Extension Block (MWEB). After the activation of Segregated Witness (SegWit) a few years ago, the most significant change in the Litecoin ecosystem to date is considered to be the latest development.
The Litecoin Foundation stated in a notice that was published on the 31st of January that MWEB will be included in the Litecoin Core 0.21.2 release candidate, which comes with improved network privacy and security. It is anticipated that the significant update would enhance the scalability of the network.
So, if you’re interested to read more about the MimbleWimble update on LTC or want to learn if there are going to be any changes to the price thanks to this advancement if you want to buy LTC, let’s take a look at all of the important key points of LTC’s latest development.
What Exactly is MimbleWimble?
MW is a feature that arranges and saves transactions on a blockchain in such a way as to enable improved network scalability and a degree of privacy. MW also adds an element of anonymity to the transaction history. This is made possible by utilizing a way of recording transactions that takes up less space. As a result, the data stored on a blockchain is more compact, which makes it easier to download, synchronize, and verify.
Regular procedures are followed in order to verify and validate the block. However, each block is made up of numerous transactions, and the contents of the individual transactions that make up a block are kept private. In a nutshell, there is no clear path that can be followed to link the various inputs with the outputs that correspond to them. As a result, users enjoy a high level of privacy.
MimbleWimble Extension Block (MWEB): What Does It Mean For Litecoin?
A blockchain called MimbleWimble (MW) is being developed to employ an entirely novel method of arranging and storing transaction data. It’s a kind of implementation of a proof-of-work (PoW) consensus method in a new way to enable improved network privacy and scalability.
MW is a protocol that was developed by a mysterious figure named Tom Elvis Judesor. Along this mysterious figure, Gregory Maxwell, Adam Back, and Andrew Poelstra are just a few of the seasoned Bitcoiners that were responsible for the development and conceptualization of this idea.
On the other hand, “EB” in “MWEB” stands for extension blocks, which is a proposal that was made by Bitcoin developer Johnson Lau in 2013.
What Does It Mean For The Litecoin Network?
According to the Litecoin Foundation, the MWEB upgrade is a feature that users may choose to enable, and it is this feature that makes Litecoin the most fungible cryptocurrency in the crypto realm. It has the potential to assist Litecoin in becoming one of the most widely used digital payment instruments available on the market.
Taproot is intended to enhance both the privacy and security of the network, as was indicated previously, and it has been incorporated in the most recent upgrade. David Burkett, in response to the recent development, stated that MWEB is an essential next step in the progression of Litecoin’s ecosystem. The user is afforded significant and necessary safeguards by MWEB’s optional provision of secrecy, whether they are transacting in mundane, everyday things, wages, or even purchasing a property.
The success of the implementation was also attributed by Charlie Lee, the creator of Litecoin, to a genuine community effort that was funded by donations from Litecoin supporters located all over the world.
The Cost Of Litecoin Has Not Changed (So Far)
MimbleWimble is the improvement that has been looked forward to the most since the cryptocurrency’s birth since it would give Litecoin users improved performance and increased privacy options. Because of this, there is a possibility that there may be an increase in demand for the underlying cryptocurrency, which trades in conjunction with larger cryptocurrencies at the moment.
At the time of this writing, the price of Litecoin (LTC) is $52.67, representing a loss of 44% over the last month and a loss of 66.9% over the past year. In addition, there does not appear to be any reaction from market players over the launch of MimbleWimble, at least not right now. However, keep in mind that the bearish market is in full swing, and once it’s over, LTC’s value will surely increase.
Final Thoughts
The past year has been huge for crypto with massive interest on the part of investors and developers alike. With several major currencies having undergone severe improvements, it is expected that LTC will continue to attract new users from all parts of the world and will also be added to more exchanges as time goes on. Litecoin has been improving over time, and many believe that its upgraded technology will move it to be high up in the ranks of the crypto once again.
How Is Metaverse Different From Second Life?