Litcecoin states that the eagerly awaited Mimblewimble upgrade has launched and now privacy-focused transactions can be made on the network. With the integration of Mimblewimble (MWEB) into Litecoin, users can make more confidential transactions on the network.
David Burkett, chief engineer of the MWEB upgrade supported by the Litecoin Foundation, said that with the upgrade, the LTC cryptocurrency can be used for daily transactions, pay employees' salaries and even be used for real estate purchases.
Litecoin (LTC) is one of the major cryptocurrencies. However, it did not perform as expected. That could all change when the dev team announced that it has launched the network upgrade it has been working on for two years. Litecoin recently announced the completion and launch of the Mimblewim network upgrade.
Mimblewible takes its name from the tongue-binding magic of the famous book series Harry Potter and is a privacy-focused decentralized protocol. The protocol is said to have a feature that allows users to hide their actions.
Litecoin decided to launch its network upgrade in October 2019. However, the network upgrade, which was put to vote by community members, was not accepted and had to be postponed. However, work started again in October 2020 and the first test was started.
Privacy-oriented cryptocurrencies are known to be blacklisted around the world. Therefore, several cryptocurrency exchanges have decided to delist the leading privacy cryptocurrencies Monero (XMR), Zcash (ZEC and Dash (DASH) due to government regulations.
Alongside privacy and private transactions, the Mimblewimble protocol places emphasis on immutable tokens (NFTs) and scalability. Because of these features that are missing from many crypto currency protocols, the Litecoin Foundation believes that MWEB integration will be a huge advantage for LTC. Although Litecoin is one of the oldest crypto assets on the market, it could not show the desired success.