Litecoin: Mimblewimble Update Just Launched

By Cryptopeach | Public Thoughts | 31 Jan 2022

Litecoin is one of the oldest altcoins in the space and it has been one of the most used coins through the years. Back in the day it gave speed and low transactions fees for its users.

Today Litecoin is still highly used to make tranfers between exchanges and to pay for things in cryptocurrency. Also today is the first day of a major upgrade, Mimblewimble.

What's Mimblewinble?

Mimblewinble refers to the Harry Potter movies saga, in the movie the Mimblewinble spell was used to tie someones's tongue to keep them from talking about a specific subject.

This upgrade is exactly what happened when the spell was used in the movie, Mimblewinble is a privacy upgrade. It makes the whole blockchain even faster and while it does that, it also puts multiple transactions on a block (this happens on every blockchain) that don't reveal any information about any of the transactions on there. You can't correlate inputs with outputs after this upgrade, making transactions anonymous.

While Mimblewinble isn't as tested as Monero's privacy features, it is a good upgrade because it goes accordingly with blockchain fundamentals, privacy was a must in the beggining and while Bitcoin got a little far from privacy, Litecoin is trying to embrace it.

Privacy is a controversial term because it can enable bad actors to perform bad actions but don't forget that it also gives power to people who live in oppressive countries. It also enables financial freedom, a topic that is talked a lot in the cryptocurrencies space.

There are some coins that already implemented Mimblewinble like Grin and Beam, making it already a tested technology.

Litecoin has everything to gain from this, this can be the trigger that puts Litecoin back on the map.

Do you think this is a good upgrade to the network?

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