Litecoin (LTC), one of the oldest cryptocurrencies in the market, finally released its long-awaited network upgrade known as Mimblewimble via Extention Block (MWEB) a few days ago.
The new development is regarded as the most important update in the Litecoin ecosystem after the activation of Segregated Witness (SegWit) some years ago.
In an announcement on 31st January, Litecoin Foundation said MWEB will be included in the Litecoin Core 0.21.2 release candidate, which comes with enhanced security and privacy of the Network. The major update promises to improve the network’s scalability.
Litecoin Foundation announced:
“BREAKING: After years of development, Litecoin’s MWEB – Mimblewimble Extension Block upgrade will be included as part of the Litecoin Core 0.21.2 release candidate, which also includes the security and privacy-enhancing Taproot upgrade.
“MWEB is set to be the largest upgrade to the Litecoin network ever, promising to provide fungibility for all, while improving Litecoin’s scalability.
“With MWEB as an opt-in feature, Litecoin will become the most fungible, cash-like, cryptocurrency in the space – warranting its position as one of the most used digital payments instruments on the planet.”
What Is Litecoin’s Mimblewimble Extension Block (MWEB)?
Mimblewimble (MW) is a blockchain designed to use a completely new way of structuring and storing transactions. It’s a form of implementation of a proof of work (PoW) consensus algorithm in a new way to enable better network privacy and scalability.
MW is a protocol created by the anonymous character Tom Elvis Judesor. This concept was developed and conceptualized by veteran Bitcoiners such as Gregory Maxwell, Adam Back, and Andrew Poelstra.
On the other hand, “EB” in “MWEB” stands for Extension Blocks, which is a proposal launched by Bitcoin developer Johnson Lau in 2013.
What Does MWEB Mean to Litecoin Network?
According to Litecoin Foundation, the MWEB upgrade is an opt-in feature that makes Litecoin the most fungible cryptocurrency in the crypto sphere. It could help Litecoin become one of the most used digital payment instruments in the market.
As earlier mentioned, the new upgrade has also included Taproot, which is meant to improve the security and privacy of the network.
Reacting to the new development, David Burkett said:
“MWEB is a crucial next step in Litecoin’s evolution. The optional confidentiality MWEB provides gives the user notable and needed protections for small everyday items, to salaries or even buying a home.”
Charlie Lee, the founder of Litecoin, also described the success of the implementation as a true community effort via donations from Litecoin supporters across the world.