The Litecoin Foundation, core developer of the Litecoin (LTC) crypto asset has announced a major update.
After years of extensive development, testing, reviewing and auditing, the privacy and security-enhancing Mimblewimble Extension Block (MWEB) upgrade is now ready to be released
The MWEB upgrade will be provided in combination with the LTC Taproot upgrade as part of Litecoin Core 0.21.2.
After years of hard work, we are finally ready to release MWEB.
Both MWEB and Taproot are part of Litecoin Core v0.21.2. We will first do a release candidate v0.21.2rc1. Litecoin devs and I are currently building the binaries. We will release them when they are done. https://t.co/mzLewY2BhR pic.twitter.com/Gi6MEGVGmC
— Charlie Lee (@SatoshiLite) January 31, 2022
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Litecoin creator and managing director of the Litecoin Foundation, Charlie Lee, said that the upgrade will go live once the 75% the activation threshold is met.
“Note that although MWEB is released, it won’t be ready to use immediately. We are using Bitcoin Improvement Proposal 8 with 75% activation threshold and one year time limit. So miners need to update to the new release and signal for activation.”
According to the Litecoin Foundation, the upgrade will solve a privacy concern that Litecoin and other blockchains were faced with, where “amounts sent between wallets are publicly displayed, allowing anyone to see how much is being sent, received and held; making the users’ ‘privacy’ impossible to protect.”
MWEB will make use of multiple technologies such as coin-mixing and to conceal the transaction amounts.
Nevertheless, Lee noted that the update remains optional for users:
“Until now, cryptocurrency has been lacking these basic privacy measures offered by traditional banking systems – which, for the most part, afford individuals privacy concerning their finances – but that’s all changes with Litecoin’s MWEB upgrade.
Users may not require this level of ‘privacy’ for all Litecoin transactions, which is why using MWEB is optional, allowing users to ‘opt-in’ at their discretion, based on their needs.”
At the time of writing Litecoin is moving at $107.95 at time of writing, down 5% in the last 24 hours according to CoinMarketCap.
I have reached out to LitecoinPool operator Pooler about MWEB signaling. They have already started testing the release candidate and plan to start signaling soon if there are no issues.
Note that signaling is possible starting at block 221760, which should be on February 25. pic.twitter.com/Fws5pFF0Jb
— Charlie Lee (@SatoshiLite) February 2, 2022
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Source: Igaming
