After years of development and community anticipation, Litecoin finally launched its new MimbleWimble (MWEB) upgrade on May 19. The upgrade promises, amongst others, to significantly improve transaction privacy on the Litecoin Network.
MimbleWimble Activation Brings Changes to Litecoin
The much-anticipated upgrade MimbleWimble (MWEB) was deployed at the Litecoin block height of 2,257,920. The network upgrade brings significant changes to the Litecoin network.
With the MimbleWimble protocol now activated on the network, users can now conceal transaction data with its confidentiality feature. This feature can be toggled on/off for transactions with the Mimblewimble Extension Block.
In addition, the upgrade lowers transaction fees while increasing the throughput and scalability of the Litecoin network.
The upgrade also provides a foundation for other blockchains to improve the usability of their token, LTC.
Upgrade Spurs Recovery for Litecoin (LTC)
Although the news of the upgrade did not immediately impact 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 19, when LITE traded as low as $65.18, the coin has gained more than 10% to reach its current price of $72.70. LITE retains a 1.3% gain over the last 24 hours.
The 24 hours price chart of Litecoin (LTC). Source: CoinMarketCap
On The Flipside
- While the upgrade brings improved privacy, it does not promise 100% privacy. Litecoin founder Charlie Lee says people looking for sunch “can live in a house with no windows.”
Why You Should Care
The upgrade is geared at increasing the viability of Litecoin as a fungible currency that can be used for real-world transactions.
