![]() Litecoin’s price reaction coincides with the news of the MWEB upgrade and the crypto-positive sentiment. In the past 24 hours, the whole crypto market is up 5.40%, according to CoinMarketCap. Litecoin is the 22nd biggest cryptocurrency by market capitalization with $7.68 billion and trading at $110.47 and is up almost 5% in the last 24 hours, but it is still down 73.2% from its all-time high of $412.76 in May 2021. The network users that decide to activate the upgrade will be able to have complete privacy in the following information: the amount of crypto sent, sender, and recipient’s address.ĭavid Burkett believes that the new upgrade will position Litecoin as one of the most sound currencies in the world. The upgrade is optional and will improve the user’s fungibility and privacy in the network. Sometimes people or companies like some of their own information to be private, and this is where the Mimblewimble Extension Block (MWEB) upgrade comes in. ![]() ![]() The price of Litecoin (LTC) reacts positively to the announcement. The upgrade, which was completed at the Litecoin block height of two million, promised that privacy will be guaranteed as users complete transactions on the Litecoin Network. The optional confidentiality MWEB provides gives the user notable and needed protections for small everyday items, to salaries, or even buying a home” What Does MWEB Mean for the Litecoin Network? With MWEB, addresses and amounts are all encrypted, so in the case that you need to prove to an arbiter that you made a payment, a more complex proof is needed. On 19 May, Litecoin finally launched its new MimbleWimble (MWEB) upgrade after years of development. Users have already shown their support for MWEB.“MWEB is a crucial next step in Litecoin’s evolution. In what is supposed to be a fix on existing privacy flaws, MWEB promotes confidentiality.įollowing the launch of MWEB, Litecoin transactions are only known by users carrying out the transaction, that is, information concerning the transaction is kept secret on the general blockchain, known only to the users executing the transaction. The present blockchain environment is built on wide transparency which acts as an infringement on the privacy of transactions and the main objective of MWEB is to bridge that gap. The project which was then termed, Litecoin Improvement Proposal, sought to integrate a high level of confidentiality into transactions. Last month, Litecoin announced the official launch of their soft fork upgrade, MWEB, whose journey began way back in the last quarter of 2019. A new MWEB upgrade is optional for exchanges with Binance and South Korean Platforms opting out. The South Korean exchanges that have already delisted Litecoin are Coinone, Upbit, Gopax, Bithumb, and Korbit.īased on market cap, Litecoin is ranked as the 20th largest cryptocurrency but with MWEB, it ranks as the most easily accessible and confidential coin globally. ![]() The privacy upgrade, which was first introduced as a Litecoin improvement proposal in 2019. Update bips.md to account for changes since the last release (don't forget to bump the version number on the first line). Update release candidate version in configure.ac (CLIENTVERSIONRC). The country’s crypto legislation maintains strict policies which are geared toward protecting investors within the country.Īs of last month, Litecoin had already been delisted by top crypto exchanges in the country after the MWEB function earned it a dark coin attribute. The MWEB upgrade is Litecoins biggest upgrade to date. Update translations (ping wumpus on IRC) see translationprocess.md. Similarly, Litecoin’s MWEB hasn’t been appreciated by South Korea which happens to be one of Asia’s leading crypto markets. Transactions executed using MWEB cannot be verified as users have their address information hidden. Users have been warned of the dangers of trading Litecoin through the MWEB function, and stand the risk of incurring losses if found guilty of a violation. Litecoin could still be traded without the MWEB function. In a press release by Binance, the exchange platform has distanced itself from all forms of trading activities involving Litecoin, following their integration of the Mimble Wimble Extension Blocks (MWEB), which allows users to hide their identities. Now, as the network inches closer to the launch of MimbleWimble, Charlie Lee, the creator of LTC has been giving out timely updates. From revamping itself into a privacy-centric network to collaborating with Dogecoin DOGE, LTC has been making immense headlines. South Korean Platforms Reacts Radically By Delisting Litecoin Over MWEB Litecoin LTC made a huge comeback with its imminent MimbleWimble MWEB update. MWEB’s incognito approach doesn’t conform with Binance’s security policies. Binance, the world’s leading cryptocurrency exchange platform, in a publication on their official blog, has announced their nonsupport of Litecoin’s MWEB on deposits and withdrawals.
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