The Litecoin Foundation has completed the coding for its MimbleWimble Extension Block (MWEB), which will improve the cryptocurrency’s scaling and safety.
According to lead Litecoin creator David Burkett, MWEB is now “code complete” after more than a year of ongoing growth.
He went on to say that the code is now available for systematic auditing by other developers. However, depending on the corrections, this phase may take anything from a few weeks to a couple of months.
If finished, the project will be merged into the main codebase of Litecoin. After that, node operators and miners would be able to signal approval for it. It will be up to the group to determine when MWEB will go live, the announcement added.
— Litecoin Foundation (@LTCFoundation) March 16, 2021
What Does MWEB Bring to the Table?
The MimbleWimble Extension Block update would boost Litecoin’s core functionality, fungibility and anonymity. The MimbleWimble testnet went live in October 2020, and the code has been battle-tested for five months.
The protocol, which derives its name from a fictitious Harry Potter spell, employs sensitive transactions. It helps senders to encrypt the number of coins to be received while obscuring the addresses using “blinding variables.” This greatly increases the blockchain’s anonymity while still increasing its scalability.
For the past few years, Litecoin designer Charlie Lee has prioritised fungibility, scalability, and anonymity. He sees this as a watershed moment in the history of LTC.
Fungibility incorporates the idea of such objects being mutually identical, such as one USD = $1. The same cannot be said about cryptocurrencies, since all past transactions are registered on the blockchain. As a consequence, funds used for nefarious ends could be tainted in any way.
MimbleWimble solves this by using extension bricks. There are basically intertwined adjacent chains that run alongside the main chain of Litecoin. It is an optional feature for consumers who want more anonymity and fungibility of their LTC transactions.
LTC Price Outlook
Litecoin does not get as much coverage as other altcoins, but it is a crypto mainstay. It has been in or above the top ten since 2011, when it was introduced as a “silver” alternative to Bitcoin’s “gold.”
LTC has historically followed BTC through bullish periods. LTC was trading just under $200 at the time of publication, down 7% for the week.
LTC is yet to hit its all-time peak of more than $350 reached in December 2017. On Feb. 20, however, it reached a three-year high of $238. Since the beginning of 2021, Litecoin has increased by 60%.
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