Litecoin receives important update

English May 23, 2022

The Litecoin community recently announced the activation of the Mimblewimble Extension Blocks (MWEB) update. Litecoin's network consensus threshold has reached the 75% required for activation after a long period of conversation with network miners.

The MimbleWimble protocol, which brings important Litecoin privacy improvements, allows users to hide transaction data, enhancing its confidentiality.

The protocol's ultimate goal is to increase Litecoin's viability as a fungible currency so that it can be used for day-to-day transactions, reducing transfer fees and adding privacy and increasing scalability to the network.

“In terms of fungibility and privacy, I believe MWEB gets you 90% there. For most people, this is good enough.” said Charlie Lee, founder of Litecoin.

If all goes well, it is quite possible that Bitcoin users will end up also receiving the upcoming Litecoin update, something that would not be unprecedented. In April 2017, the Litecoin network implemented Segregated Witness (SegWit), a few months later Bitcoin followed up with SegWit activation. So over the years, Litecoin has established itself as an important testnet for Bitcoin.

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Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.