Can Litecoin Reenergize Users With New MimbleWimble Upgrade? (Opinion)

Litecoin’s new privacy-focused MimbleWimble update has been launched. These changes are available to all nodes and wallets in the network. It will bring new energy to the flagging PoW currency.

The MimbleWimble (MWEB update) was approved by a majority of nodes earlier this month. This updated implementation will allow for transactions with new MWEB privacy options. This upgrade was completed at Litecoin block elevation of 2 million.

LTC: Lower fees, more privacy, throughput, and scaleability

David Burkett, lead developer of MimbleWimble, made an urgent announcement to Litecoin operators in the wake of its release:

“Anyone who is interested in the MWEB, especially those who have installed one of the older release candidates, should upgrade the official v0.21.2 version before MWEB activates. You will need to resync your blockchain from scratch if you wait after MWEB activation.

The most anticipated update to cryptocurrency MimbleWimbleLitecoin has been the MimbleWimble Litecoin. MWEB introduces privacy features for LTC users and also provides key performance improvements to the blockchain.

MWEB enables confidential transactions on the Litecoin Blockchain. It also removes transaction data from blocks by compression.

This reduces block size and allows for faster transaction speeds. This allows new nodes to join Litecoin’s proof-of work consensus network at lower initial computing costs.

It is not easy to reduce the cost of joining the network as a Node.

For example, security proponents would argue that it reduces the security of blockchain to 51% attacks. However, MimbleWimble, along with other scalability supporters, would argue that it increases usability, reduces costs, and decreases centralization.

MimbleWimble to Save Falling Litecoin Price?

More good news for crypto this month is the locked-in and propagating LTC update. Gucci made it clear in May that it would accept Litecoin as a payment option. Antpool and LTC Labs partnered last month to explore crypto-anonymity, Dapps and other technologies.

After a year of falling LTC prices on cryptocurrency exchanges, will the MimbleWimble upgrade suffice to boost Litecoin’s fortunes? This is unlikely in the short-term. The upgrade news has not had a significant impact on crypto exchange markets. LTC slipped further with BTC, ETH and ETH as a bear market headwind.

But, Litecoin’s developers and network will continue to work hard to ensure that the cryptocurrency is relevant, innovative, and continues to provide value for users in the long-term. LTC’s inability to be adopted more widely in crypto is due to the fact that many crypto investors and enthusiasts would prefer BTC.

Litecoin has the right idea when it comes to crypto-anonymity, blockchain DeFi research, and development. This older cryptocurrency is not content to rest on its laurels and promote itself as “silver to bitcoin’s gold” with its marketing slogan. Instead, it plans to become a specialist in blockchain ecosystems by offering unique value propositions for its underlying tech.

Read More

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami