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Litecoin has activated the MimbleWimble Extension Blocks (MWEB) to bring in privacy opt-ins. The launch has come over two years since the extension block was first introduced, and it could boost the adoption of the Litecoin network.
The activation of MWEB comes after the network reaches a 75% consensus threshold. The activation comes after several months of negotiation with different miners on the Litecoin network. MWEB was activated at the 2257920 block height.
Litecoin integrates MimbleWimble
Litecoin is looking at a transformation that could change how the project works and boost the adoption of the project from users seeking growth. The MimbleWimble integration is strategic for the Litecoin network. MWEB is a privacy-focused decentralized protocol that derives its name from a spell detailed in the Harry Potter series.
MimbleWimble offers a high sense of security and privacy by allowing users to hide the transaction data alongside a confidentiality feature. This works while offering a foundation that the other blockchains can use to boost the usability of the underlying token.
With MWEB coming into Litecoin, it will now be easy for network users to choose to transact confidentially. The objective is to boost the viability of the Litecoin network and its token by promoting it as a fungible currency used to settle real-world transactions.
Litecoin is among the oldest networks in the market, but it also yearns for features to boost its scalability and adoption. Through MWEB, it will be possible for the network to achieve unique features like low fees and high transaction throughput. It will also boost the privacy and scalability of the network.
The team developing the MWEB extension for the Litecoin network was led by David Burkett, an expert in MimbleWimble. Burkett is also the developer of Grin ++ and has notable experience in creating solutions that will assist networks in achieving the desired results.
The founder of Litecoin, Charlie Lee, commented on the development saying,
In terms of fungibility and privacy, I believe MWEB gets you b90% 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.
Implementation of MimbleWimble on Bitcoin
The Litecoin network has mainly been used as a testnet for the Bitcoin blockchain. Features rolled out on the Litecoin network are first tested on the Bitcoin network, including the SegWit feature. SegWit was activated on Litecoin in April 2017, and the feature was activated on Bitcoin a few months later.
Vlad Costea, the founder of Bitcoin Takeover, added that he favoured the integration of MWEB on Bitcoin. However, the feature has not impressed everyone, including Adam Back, who said he was unsure if MWEB added an extra layer of privacy to the network.
While responding to a tweet by Bitcoiners talking about the upgrade, Back said, “IMO Mimble Wimble is not much of a privacy improvement as the transaction history will be recorded even if later elided, and the scaling gains only start to win at large size as transactions are bigger. Also, receiver online is inconvenient. Confidential Transactions I like ofc.”
Around ten years ago, the CEO of Blockstream proposed the design of the MimbleWimble protocol. The design offers support and adopts the concept of Confidential Transactions (CT). The proposal was later implemented by Pieter Wuille and Greg Maxwell. However, there is still no definite date when a BIP focused on MimbleWimble will be launched. However, the launch could be a major benefit to the blockchain ecosystem.
To learn more visit our How to Buy Litecoin guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.