Litecoin
Litecoin is a peer-to-peer cryptocurrency and open-source software project
released under the MIT/X11 license. Litecoin was an early bitcoin spinoff or
altcoin, starting in October 2011. In technical details, Litecoin is nearly
identical to Bitcoin.
Litecoin
is finally launching its major Mimblewimble upgrade
After two years of development, Litecoin (LTC) has finally launched its
highly anticipated Mimblewimble upgrade, opening the door to more
privacy-oriented transactions on the network.
Mimblewimble’s integration into Litecoin came by way of the Mimblewimble
Extension Block, also known as MWEB, which allows the network’s users to opt-in
to confidential transactions. MWEB lead developer David Burkett, who has been
sponsored by the Litecoin Foundation, said the upgrade improves Litecoin’s
viability as a fungible currency that can be used for everyday transactions,
pay employee salaries, and even purchase real estate.
Mimblewimble is a privacy-focused decentralized protocol that derives its
name from a tongue-tying spell that was first made famous in the Harry Potter
book series. The protocol has a confidentiality feature that allows users to
conceal transaction information. It also provides a framework for other
blockchains to enhance the usability of their cryptocurrency.
Litecoin first embarked on Mimblewimble integration in a pair of Litecoin
Improvement Proposals dating back to October 2019. The network launched its
first Mimblewimble test net in October 2020 following initial delays due to low
community participation. The test net was also launched around the time that
regulators in Europe — chiefly, Europol — were sounding the alarm over privacy
coins.
Privacy coins that promote anonymity and attempt to obfuscate digital ledger transactions have come under scrutiny around the world. As Cointelegraph reported, several exchanges ditched their support of leading privacy coins Monero (XMR), Zcash (ZEC) and Dash (DASH) in early 2021 amid regulatory heat.
In addition to anonymity and private transactions, Mimblewimble’s
technology places heavy emphasis on fungibility and scalability — key features
that are currently lacking across many blockchains. The Litecoin Foundation
believes the Mimblewimble integration will contribute to LTC’s status as “sound
money,” which is a broad concept that refers to stable monies that are less
susceptible to depreciation and influence from monetary policy.
Despite being one of the earliest cryptocurrencies to hit the market,
Litecoin has struggled to stay relevant over the years. LTC is currently ranked
21st in the market cap rankings with a total value of $7.5 billion.
