With the growing regulatory restrictions on privacy-focused crypto projects, Litecoin is all set to take the situation as a challenge as it enhances privacy standards in its ecosystem. After two years of wait, Litecoin, the popular crypto-token, has announced the launch of its revolutionary Mimblewimble upgrade strictly focused on supporting higher privacy for investors. With this latest development, Litecoin (LTC) cluster will move a step further in the crypto space by offering dedicated privacy-infused transactions and trading experiences.
According to the report, Mimblewimble integration into Litecoin’s decentralized channel was through the Mimblewimble Extension Block or MWEB. The upgrade allows investors to opt-in to confidential transactions in a streamlined way without any issue. Thus, the people looking for a privacy-oriented crypto trading experience can switch to Litecoin and use it for their required purposes. The privacy-directed decentralized protocol, Mimblewimble, gets its name from a tongue-twister that became popular when used in the Harry Potter series.
The solution comes packed with a confidentiality feature that helps customers to hide transaction-related data. It also provides a module for other blockchain channels to improve the usability standards of their native crypto coins. The upgraded technology lays emphasis on fungibility and scalability too as they are the two most common limitations of the crypto field. The Litecoin Foundation affirmed that the MWEB integration will present LTC as sound money that is less susceptible to depreciation and impact from monetary policies. The LTC ranks 21 in the crypto market in terms of market capitalization and has $7.5 billion worth.
The chief developer of the MWEB upgrade, David Burkett, who was sponsored by the Litecoin Foundation, stated that the new system will enhance Litecoin’s viability as a fungible asset. This will help the LTC owners to use the currency for a plethora of services including routine transactions, payment of employee salaries, real estate purchases, etc.
The Mimblewimble integration first came into the limelight in October 2019 while the first testnet was launched in October 2020 due to low user participation. The testnet was unveiled at the time when the European regulators were taking strict actions against privacy coins. The projects that support anonymity and obscure digital ledger transactions have been strictly monitored by authorities from across the globe. Various crypto exchanges stopped supporting privacy coins like Monero (XMR), Zcash (ZEC), and Dash (DASH) in 2021 due to regulatory stress.