Litecoin (LTC), one of the oldest cryptocurrencies, aims to increase its privacy capabilities with the MimbleWimble (MWEB) update, which has been under development for almost three years. The MimbleWimble update will focus on hiding cryptocurrency transactions on the network.
Engineer David Burkett, who is working on integrating the MimbleWimble update into the Litecoin (LTC) network, said on Twitter that three out of every four LTC miners have already signaled that they will support the activation of the new update.
"It looks like more than 75% of miners are now signaling for MWEB. If this continues, it should move to LOCKED_IN status at height 2,257,920, and then will be ACTIVE at height 2,265,984."
David Burkett confirmed this update of the Litecoin network to 2,265,984. He stated that he can activate until the block. Burkett's followers estimate that the update will go live in 35 days.
Burkett stated that he has been working on this update since November 2019. Considering that MWEB will be implemented in mid-May 2022, the total development time will be 31 months.
With the highly anticipated update, the transactional data of Litecoin users on the Blockchain will be hidden. Similar to privacy tokens such as Monero (XMR) and ZCash (ZEC), all transfer data on LTC will be private to third parties. LTC founder Charlie Lee announced in his statement that Antpool is the first cryptocurrency mining pool to announce that it will support the MimbleWimble (MWEB) update.
Litecoin also announced that Antpool and Litecoin Foundation collaborated to establish LTC Labs, a cryptocurrency and blockchain research lab. The new organization established will host new products in the LTC ecosystem.
Litecoin (LTC) price is trading at $107.75 at the time of writing. LTC price has decreased by -2.4% in the last 24 hours.