The Litecoin Foundation has completed the code for its MimbleWimble Extension Block (MWEB), which enhances scalability and privacy for cryptocurrencies.
After more than a year of non-stop development, MWEB has now “perfected the code,” according to David Burkett, lead developer of Litecoin.
He added that the code is now ready for official testing by fellow developers. However, this process can take anywhere from a few weeks to a few months depending on the adjustment.
Once completed, the code will be incorporated into Litecoin’s main codebase. It will then be ready for node operators and miners to broadcast support signals. The announcement adds that MWEB activation sooner or later depends on the community.
What does MWEB offer?
The MimbleWimble Extension Block upgrade will improve the key features Litecoin is missing: fungibility and privacy. The MimbleWimble testnet launched in October 2020, and the code has been in combat testing for the past five months.
The protocol is named after a fictional Harry Potter spell that uses secret transactions. It allows senders to encrypt the amount of money sent using “blurring factors” while obfuscating the address. This greatly improves the privacy of the blockchain while simultaneously enhancing the scalability.
Litecoin founder Charlie Lee has focused on fungibility, scalability, and privacy over the past few years. He sees this as an important stage in the development of LTC.
Interchangeability is that certain items are interchangeable, for example 1 USD = $ 1. The same doesn’t apply to cryptocurrencies, as historical transactions are recorded on the blockchain. So money used for nefarious activities can be discovered in some way.
MimbleWimble solves this problem by using the expansion block. These are basically adjacent chains that are interconnected that run next to Litecoin’s main chain. This is an optional feature for users who want more privacy and an alternative to their LTC trading.
LTC price outlook
Litecoin may not get as much acclaim as other altcoins, but it is a solid cryptocurrency. LTC has been in or near the top 10 since 2011 when it was launched as an alternative to Bitcoin’s “silver” versus “gold”.
Historically, when BTC had a bull run, LTC followed. At press time, LTC is trading above $ 201 – up almost 2% on the week.
LTC / USD 3 months | Source: Tradingview
LTC is yet to return to its all-time high forming December 2017 – more than $ 350. However, it hit a 3-year high of $ 238 on Feb. 20. The price has risen 60% since the start of 2021.