One of the world’s oldest cryptocurrencies Litecoin (LTC), MimbleWimble (MWEB) aims to increase its privacy capabilities with the update.
Update on the network cryptocurrency will focus on hiding their transactions. MimbleWimble has been in development for about 3 years.
75% of Litecoin Miners Ready to Support MimbleWimble Update
David Burkett, an engineer working on integrating the MimbleWimble update into the LTC network, said on Twitter that three out of every four LTC miners have already signaled that they will support the activation of the new update.
With the latest development, the Litecoin network has released this update to 2.265.984. It is thought that it can activate until the block. Burkett’s followers estimate that the update will go live in 35 days.
Burkett stated that he has been working on this update since November 2019. Considering that MWEB will be implemented in mid-May 2022, the total development time will be 31 months.
It looks like more than 75% of miners are now signaling for MWEB. If this continues, it should move to LOCKED_IN status at height 2,257,920, and then will be ACTIVE at height 2,265,984.
— David Burkett (@DavidBurkett38) April 14, 2022
LTC Is Considered To Become A Privacy Token With The Update
With the highly anticipated update, the transactional data of Litecoin users on the Blockchain will be hidden. Monero (XMR) and ZCash (ZEC) Similarly to privacy tokens, all transfer data on LTC will be closed to third parties.
LTC founder Charlie Lee announced in his statement that Antpool is the first cryptocurrency mining pool to announce that it will support the MimbleWimble (MWEB) update.
In addition, LTC announced that Antpool and the Litecoin Foundation have collaborated to establish LTC Labs, a cryptocurrency and blockchain research lab. The new organization established will host new products in the LTC ecosystem.
*Not investment advice.