Litecoin Activates MimbleWimble Extension Blocks (MWEB)

Litecoin activates Mimblewimble Expansion Block after more than two years  of Introduction - CoinCu News

Litecoin has lastly revealed the activation of Mimblewimble Extension Blocks (MWEB) more than 2 years after it was initially presented.

On May 2nd, Litecoin attained the 75% network agreement limit needed for activation after months of discussion with various miners of the network. Following this, MWEB was formally secured for activation at block height 2257920.

Mimblewimble’s Integration Into Litecoin

A privacy-focused decentralized procedure that gets its name from a tongue-tying spell made popular in the Harry Potter book series, MimbleWimble makes it possible for users to hide deal information with its privacy function while supplying a structure for other blockchains to enhance the functionality of their token.

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With Mimblewimble Extension Block, users of the network can opt-in to private deals. The completion objective is to boost the practicality of Litecoin as a fungible currency that can be utilized for real-world deals by reducing costs and including personal privacy, throughput, and scalability. David Burkett, a Mimblewimble professional, and designer of Grin ++ was entrusted with leading the advancement of the MimbleWimble procedure for Litecoin.

Litecoin creator Charlie Lee commented:

” In regards to fungibility and personal privacy, I think MWEB gets you 90% there. For many people, that’s excellent enough. It’s the distinction between living in a glass home vs living in a home with windows. For individuals who require 100% personal privacy, they can reside in a home without any windows.”

MWEB Implementation on Bitcoin?

Litecoin had acted as a testnet for Bitcoin, particularly in the case of the Segregated Witness (SegWit), something that was observed by Lee. The upgrade was triggered on Litecoin in April 2017 A couple of months later on, Bitcoin followed with its activation of SegWit.

As for MWEB, Vlad Costea, creator of Bitcoin Takeover, stated that he favors bringing it into the world’s biggest cryptocurrency. The OG cypherpunk Adam Back was, nevertheless, not impressed by MWEB. While reacting to a tweet that hypothesized numerous Bitcoiners think that Bitcoin might quickly trigger the procedure, Back stated that he does not believe MWEB improves much personal privacy.

” IMO Nimble Wimble is very little of a personal privacy enhancement as the deal history will be tape-recorded even if later on elided, and the scaling gains just begin to win at big size as deals are larger. Receiving online is bothersome. Confidential Transactions I like ofc.”

Interestingly, the style of the MW procedure supports and extends the concept of Confidential Transactions (CT), which was proposed by the Blockstream CEO almost a year back. It was later on carried out by Greg Maxwell and Pieter Wuille. Now, It stays to be seen if a BIP concentrated on MWEB will be out anytime quickly.

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