Litecoin (LTC), one of the market’s oldest cryptocurrencies, has already launched its long-awaited network upgrade known as Mimblewimble via extension blocks, or MWEB.
This is the most significant upgrade to the Litecoin network since Segregated Witness (SegWit) was activated some years ago. As a result of this latest development, virtual currency has grown to become the market’s biggest privacy-focused digital money.
The bitcoin market seems to have forgotten about an established participant in the field. We’re talking about Litecoin, which has grown in popularity over the previous several years. Due to the rapid development and spread of other blockchain networks such as Solana (SOL), Terra (LUNA), Avalanche (AVAX), and Dogecoin (DOGE), Litecoin lost its place among the market’s top twenty digital currencies.
Despite this, Litecoin developers have been working tirelessly over the past several years to integrate Mimblewimble into the Litecoin network through extension blocks, therefore adding fungibility to LTC transactions. According to a recent tweet from the Litecoin Foundation, MWEB is the greatest improvement to the Litecoin network to date, promising to increase Litecoin’s scalability and guarantee fungibility for everybody.
Additionally, the Litecoin Foundation said that the MWEB update is an opt-in feature that makes Litecoin the most fungible cryptocurrency available. This might help Litecoin become one of the market’s most widely utilised digital payment tools.
David Burkett is the key developer of Litecoin’s implementation of Mimblewimble Extension Block. He has worked on enhancing Litecoin’s blockchain for many years. Along with hundreds of other contributors, he worked on development, testing, reviewing, and auditing. It’s also worth noting that the latest version includes Taproot.
David Burkett said the following about the most current update: “MWEB is a critical next stage in the development of Litecoin. The optional secrecy provided by MWEB offers significant and necessary security for tiny daily purchases, wages, and even property purchases.”
Meanwhile, Charlie Lee, Litecoin’s creator, said that its implementation was a real community effort made possible by contributions from Litecoin supporters worldwide. Andrew Yang, who assisted with the Litecoin Improvement Proposal, and Hector Chu, who performed comprehensive code checks, were both supporters and contributors.
Litecoin is the 22nd biggest cryptocurrency in the world, according to CoinGecko, with a market valuation of $8.58 billion. At the moment, each LTC currency is available for purchase for $123.
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