After years of development and community anticipation, Litecoin finally launched its new upgrade, MimbleWimble (MWEB), on May 19th. The update was performed, among other reasons, to significantly improve transaction privacy on the Litecoin Network.
MimbleWimble Activation Brings Changes to Litecoin
The much-anticipated MimbleWimble (MWEB) upgrade was deployed at the Litecoin block height of 2,257,920 and brings significant changes to the Litecoin network.
With the MimbleWimble protocol now active on the network, users have gained the ability to conceal their transaction data with the new confidentiality feature. The function can be toggled on/off for transactions using the Mimblewimble Extension Block.
Other benefits to the upgrade are the lower transaction fees, while the throughput and scalability of the Litecoin network have simultaneously been increased.
The upgrade also provides a foundation for other blockchains as a means to improve the usability of the LTC token.
Upgrade Spurs Recovery for Litecoin (LTC)
Although news of the upgrade did not have an immediate impact on the price of Litecoin (LTC)–owing to the crypto bloodbath instigated by the Terra crash, the price of LTC has experienced significant recovery.
Since May 19th, when LITE traded at as low as $65.18, the coin has gained by more than 10% to reach its current price of $72.70 at the time of writing. LITE has therefore managed to retain gains of 1.3% over the last 24 hours.
The 24 hour price chart for Litecoin (LTC). Source: CoinMarketCap
On the Flipside
- While the upgrade brings improved transaction privacy, it does not promise 100% privacy. Litecoin Founder Charlie Lee says people looking for such benefits “can live in a house with no windows.”
Why You Should Care
The upgrade is geared towards improving the viability of Litecoin as a fungible currency for use in real-world transactions.