Litecoin has lastly introduced the activation of Mimblewimble Extension Blocks (MWEB) greater than two years after it was first launched.
On Might 2nd, Litecoin achieved the 75% community consensus threshold required for activation after months of dialogue with totally different miners of the community. Following this, MWEB formally locked in for activation at block peak 2257920.
Mimblewimble’s Integration Into Litecoin
A privacy-focused decentralized protocol that will get its identify from a tongue-tying spell made well-known within the Harry Potter guide sequence, MimbleWimble enables customers to hide transaction information with its confidentiality function whereas offering a basis for different blockchains to enhance the usability of their token.
With Mimblewimble Extension Block, customers of the community can opt-in to confidential transactions. The tip aim is to boost the viability of Litecoin as a fungible foreign money that can be utilized for real-world transactions by reducing charges and including privateness, throughput, and scalability. David Burkett, a Mimblewimble professional, and developer of Grin ++, was tasked with main the event of the MimbleWimble protocol for Litecoin.
Litecoin founder Charlie Lee commented:
“When it comes to fungibility and privateness, I imagine MWEB will get you 90% there. For most individuals, that’s ok. It’s the distinction between residing in a glass home vs residing in a home with home windows. For individuals who want 100% privateness, they will dwell in a home with no home windows.”
MWEB Implementation on Bitcoin?
Litecoin had acted as a testnet for Bitcoin, particularly within the case of the Segregated Witness (SegWit), one thing that was observed by Lee as nicely. The improve was activated on Litecoin in April 2017. A couple of months later, Bitcoin adopted with its activation of SegWit.
As for MWEB, Vlad Costea, founding father of Bitcoin Takeover, said that he’s in favor of bringing it into the world’s largest cryptocurrency. The OG cypherpunk Adam Again was, nonetheless, not impressed by MWEB. Whereas responding to a tweet that speculated many Bitcoiners imagine that Bitcoin could quickly activate the protocol, Again said that he doesn’t suppose MWEB enhances a lot privateness.
“IMO Mimble Wimble just isn’t a lot of a privateness enchancment because the transaction historical past will probably be recorded even when later elided, and the scaling beneficial properties solely begin to win at giant dimension as transactions are greater. additionally, receiver on-line is inconvenient. Confidential Transactions I like ofc.”
Apparently, the design of the MW protocol helps and extends the thought of Confidential Transactions (CT), which was proposed by the Blockstream CEO practically a decade in the past. It was later applied by Greg Maxwell and Pieter Wuille. Now, It stays to be seen if a BIP centered on MWEB will probably be out anytime quickly.