1/25/2024 0 Comments Litecoin mweb update![]() By being an opt-in feature, exchanges and wallets have the option of integrating it and would be highly recommended, but not obliged to do so. One has the choice of continuing to make standard transactions on the main chain or move over to MWEB to gain advantage of its added confidentiality features. Put simply, MWEB will provide Litecoin users the option to not have to publicly display the amount you’re sending or how much Litecoin you hold in an MWEB address. David was also able to add features that weren’t in the original MW proposal such as non-interactive MWEB transactions and Stealth Address’ in an effort to make the experience more user-friendly. On the other hand, Extension Blocks was a proposal set forth in 2017 by Bitcoin Developer Johnson Lau, becoming especially popular throughout the block size wars as a potential method for increasing the Bitcoin block size.ĭavid Burkett, a Mimblewimble expert and developer of Grin ++ (a MW implementation), took on the task of leading Litecoin’s MWEB development over the past few years and helping this idea come to fruition, being paid via community funding and Charlie Lee’s donation matching. Mimblewimble, which was named after the tongue-tying curse in Harry Potter, was a proposal set forth by “Tom Elvis Judesor“ in 2016, an anonymous Bitcoin contributor who figured out an efficient way of creating a more scalable version of Confidential Transactions with a few added features. Companies have their internal systems in place for preserving this information, and now, a solution has arrived to one of the most highly-transacted with and liquid cryptocurrencies.Īt the core, MWEB is composed of two main sets of technologies, Mimblewimble and Extension blocks. are kept discrete and away from the eyes of random onlookers. Most financial information such as paystubs, personal purchases, transfers, etc. In our modern world, privacy plays an active role in our daily lives and every time we transact at the store, only the payer, recipient and payment company/bank (the middle men who are removed from the equation in decentralized cryptocurrencies such as Litecoin), know how much money is being sent. One could realize how situations such as these could be problematic for an industry who’s goal is to create a more efficient means of payment. Or for that matter, if you held a significant amount of crypto, went to your local coffee shop and paid the cashier with it, they’d be able to see how much crypto you hold in that address. Not even the existing banking system holds this level of public exhibition, as it would be detrimental for business’ to display this information which is typically kept private for ethical concerns.īased on how the space works today, a crypto-friendly company wanting to pay its employees in crypto has to publicly broadcast how much it pays each employee, giving fellow employees the ability to see how much their co-workers earn. People around the globe whom you have no connection to can currently visualize how much money you’re transacting and how much money you hold in an address. ![]() This can be compared to the modern day scenario of walking around at a supermarket with your wallet open, displaying your holdings to anyone that decides to take a glance. In today’s crypto environment, most blockchains are openly analyzable, allowing one to see which address is sending to which and how much money is being sent. MWEB will provide users the option of sending “confidential” Litecoin transactions, in which the amount being sent is only known between the sender and receiver, as well as the benefit of having private address balances and increasing Litecoin’s transaction throughput. Essentially, MWEB can be seen as a literal extension from Litecoin’s main chain, or a parallel highway, via which you can send coins to the extension block and back to the main chain. MWEB (Mimblewimble Extension Blocks), which was first introduced in November 2019 as a Litecoin Improvement Proposal, is a fungibility-improving technology that enhances confidentiality between the senders and receivers in a transaction. The signaling process for MWEB went smoothly, indicating that the community is predominantly in favor of its addition to Litecoin. At last, the highly anticipated MWEB upgrade has officially activated on the Litecoin network as a soft-fork.Īfter several months of dialogue with different Litecoin miners in the pursuit to gain consensus, the 75% miner signaling threshold was met on May 2nd and MWEB officially locked-in for activation at block height 2257920.
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