Litecoin has a plan for the future

By Zoharks | ChangedWorld | 1 Feb 2022


Litecoins Mimble wimble extension block or MWeb upgrade has confirmed it is now officially being released as an RC following a long multi-year process of developing, testing, rewinding. Auditing the web will be included as part of the Litecoin core 0.21 release, including the security and privacy-enhancing taproot upgrade. This news is off the back of the recent light development with markets in a depressive state. It's interesting to see this coin pushing ahead with the development skeptics out there who might be saying this is the worst time for an upgrade to come out.

But I'd argue otherwise. Typically we see coins release these upgrades at the peak of market cycles; this fills the market with fear. With Litecoin trading at a 1800 Day low against bitcoin, even I believe this is a great time. The protocol provides valuable new security enhancements about the privacy of transactions on the blockchain. However, MWeb is not yet activated as a typical proof of work consensus model. All changes to the code must be signaled by miners as miners adopt the update; they essentially vote with their hash power. Miners can already begin signaling to the Litecoin chain a consensus or majority. So once 75% of miners signal the upgrade will be live once David Burkett, the lead developer, thinks the upgrade will make Litecoin one of the most sound currencies in the world.

To quote David on MWeb is a crucial next step in Litecoins evolution; the optional confidentiality and web protect small everyday items to salaries or even buying. Litecoin creator Charlie Lee added planning, development, and activation. M Web has been a genuine community effort, beginning with multiple years of donations from Litecoin supporters worldwide and cumulating with the dedication and attention to detail of David Burkett, who led the project. It is also involved key contributors like Andrew Yang. Andrew Yang helped with the original Litecoin improvement proposal, essential code reviews, and countless others who audited, advised, and ran test net nodes. The project is a true testimony to the resiliency and continued growth of the Litecoin community in general on blockchains. When transactions are sent and received, everyone can look and verify these transactions on a block explorer.

This allows anyone to see how much is being sent, received, or held by any wallet, making the user's privacy almost impossible to protect and deemed a pseudo-anonymous chain by Satoshi himself. The developers at the Litecoin foundation and David Burkett. Proposed that this is a significant problem, especially for a currency, particularly when confidentiality is required. Imagine a company paying employees from a wallet each month; this would be a visible public transaction on the blockchain when employees receive their payment. This proposes ethical and privacy issues for both the employee and the company. Everyday uses of currency need some level of confidentiality, and MWeb is bringing that to Litecoin. In general, privacy is an essential aspect of cryptocurrency. We see this in Fiat cash transactions are favored over credit or debit; not all users will require this level of privacy. On Mimble Wimble. This privacy feature will be opt-in, not all transactions have to be private, so it makes sense to keep some on a visible blockchain. Fun fact Mimble Wimble is a protocol created by the anonymous Thomas Elvis.

Mimble Wimble is a combination of confidential transactions and a coin join or a coin mixer. Contributors such as Gregory Maxwell and Adam developed and invented these concepts. Beck, and Andrew palaestra. Now that the understanding of what Mimble Wimble is. I want to talk about the extension block, the proposal by developer Johnson Wow In 2013. This concept has been on the minds of crypto enthusiasts everywhere for about a decade now. Bitcoin being pseudo-Anonymous was not a bug. It was the pioneering first cryptocurrency; transactions needed to be clearly visible on a blockchain. It would have been complicated to convince people to trust a blockchain without seeing each and every transaction add up with no errors. Extension blocks are essentially adjacent chains, Picture a two-way street or parallel highway running next to Litecoins main chain. Private payments in crypto have represented a minimal set of the total transaction volume over the last decade, this is where Mimble Wimble extension block comes into play. With this upgrade, the developers aim to create more accessible access to private transactions into protecting user data from the illicit reach of those looking to tamper.


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Zoharks
Zoharks

I am a Crypto-Asset advocate and Writer


ChangedWorld
ChangedWorld

going digital for the people

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