Litecoin is about to become a cryptocurrency with a high level of privacy, a bit like Monero.
In fact, the introduction of the MimbleWimble Extension Block (MWEB) has been officially announced.
The Litecoin Foundation reveals that, after more than a year of development, Litecoin’s MWEB now is “code complete”. Formal review by other developers will now begin.
The code review process may take about a couple of weeks, after which it will be incorporated into the main Litecoin code and ready for node operators and miners. This means that there is still no certainty about the timing of the public launch, as it will actually be up to the Litecoin community to decide when to activate it.
MWEB is an update that will improve the fungibility and privacy of Litecoin.
MimbleWimble is a protocol that combines several technologies such as confidential transactions involving hidden amounts, and CoinJoin for mixing transactions.
With Extension Blocks, a kind of interconnected adjacent chain is created that runs alongside the main Litecoin chain, allowing for better fungibility and privacy.
To use MWEB it will therefore be necessary to have a wallet that integrates appropriate functionality to interact with the MWEB chain, and this functionality will remain absolutely optional.
Currently, the MWEB testnet has been running smoothly since September 2020, so it is possible that the release of these features for end-users could happen relatively quickly.
Litecoin on social channels
On a related note, last week Litecoin had the highest social media sentiment score for the third consecutive week, according to Sentifi data.
In other words, the Litecoin community seems to be buzzing lately, probably due to this news that could literally transform LTC’s role within the crypto industry.
It is worth noting that Litecoin allows for faster and cheaper onchain transactions compared to Bitcoin, although not as fast as later generation blockchains, especially those based on PoS.