The official Litecoin Twitter account states that the MimbleWimble code via block extension (MWEB) will be completed shortly. The 2019 proposed MimbleWimble update will bring greater privacy and fungibility to the Litecoin blockchain.
After 1 week, the MWEB (MimbleWimble via Expansion Units) code will be complete Don’t know what that means? Read about the latest Litecoin update on our blog:
Recently, lead protocol developer David Burkett briefed the community on the progress with MimbleWimble and a wallet that will allow users to take advantage of privacy features. In the latest post, Burkett ruled out the possibility of an update delay and confirmed that the mainnet release is scheduled for 2021.
The Litecoin Foundation describes MimbleWimble via a blockchain extension as follows:
It will provide the ability to hide transaction amounts and improve scalability through its ability to compress transactions. MWEB has the ability to scale better than Litecoin and Bitcoin, and has the added benefit of increasing block size on the mainnet. This increases the throughput of Litecoin transactions.
Litecoin developer Loshan talked about other benefits of MWEB yesterday, believing Bitcoin users would benefit from the upgrade. After activating the update, users will be able to transfer funds from the base Litecoin tier to the second tier, the MimbleWimble network. There, transactions will be completely private. Loshan is confident this will improve fungibility and financial privacy:
Unlike Bitcoin, where all addresses and amounts are visible to everyone, MWEB + CoinJoin transactions are private.
Bitcoin holders can use this feature with the atomic swap feature to exchange BTC for LTC “in a decentralized manner and without a trusted third party”. Funds can go through MWEB and then returned to BTC, but transactions are fully protected by the protocol.
This is one of the many ways that Litecoin complements Bitcoin. Their technical similarity allows them to interact with each other, at the same time, several experimental technologies can be tested on Litecoin, added Loshan.
Users and exchanges will also be able to opt out of using the MWEB as it is not required. Thus, the Litecoin community intends to increase privacy without disrupting relations with cryptocurrency exchanges, as confidential coins have been targeted by regulators in the past.
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