The upcoming privacy upgrade is likely to be a big bull factor for Litecoin. Brace yourself for it!
The Litecoin community has been waiting for a new privacy update known as Litecoin MimbleWimble (MW) for some time. David Burkett, the lead developer, tweeted the update on the project on January 2nd, 2021.
In his tweet, David mentioned a slew of improvements that were under progress then. It includes enhancements to the wallet interface and some stealth address improvements as well. But he did announce that the privacy update will be handed over to the Litecoin community on March 15 for review.
What is MimbleWimble?
MimbleWimble is a blockchain protocol, and it makes the blockchain network more private and enhances its scalability. Once implemented, it makes data processing easier and quicker. It also makes the data verification process faster.
The real impact of the MimbleWimble upgrade will be on the encryption of the incoming and outgoing transactions on a block. It makes the block look like one large transaction instead of a block that consists of a large number of smaller transactions.
Any outsider who looks at these transactions won’t be able to identify the parties involved in the transaction by viewing the transaction data.
Charlie Lee on MimbleWimble Privacy Upgrade
Arguing for the need for MimbleWimble upgrade, Charlie Lee, Litecoin’s founder, said that the upgrade is necessary if Litecoin has to become sound money, the ultimate use case Charlie has been aiming for since day 1. It is also obvious, from Litecoin’s short descriptive mission:
“Litecoin (LTC) is decentralized money, free from censorship and open to all. Send low-cost private, secure, borderless payments to anyone, anytime, anywhere.”
Litecoin is making its way to the top of this bull run, slowly but steadily. The Litecoin community has been eagerly waiting for the MimbleWimble upgrade for some time. Once implemented, it will grant privacy features of Litecoin and also make it more scalable.
As for the impact of the MimbleWimble upgrade, we may see an upsurge in the prices of Litecoin. The reason is that the MimbleWimble upgrade will result in Litecoin trending on social media. Every Litecoin enthusiast will keep an eye on this upgrade and its impact on its prices. The reason is that Litecoin has lost its position of being one of the top five cryptocurrencies by market cap, and this upgrade has the potential to alter the current rankings.
So, would this privacy upgrade meet the expectations of the Litecoin community? It is something that only time will tell. The Hashant team will keep an eye on the announcement and will update our readers.
What impact do you think that the MimbleWimble upgrade will have on Litecoin after implementation? Let us know below in the comments.