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Cryptocurrency Litecoin (LTC), enabled by Mimblewimble secret protocol

Cryptocurrency Litecoin (LTC), enabled by Mimblewimble secret protocol

On May 20, Litecoin (LTC) officially announced the implementation of the MimbleWimble protocol for its network. The upgrade comes after more than two years of development and activation test network in October 2020. MimbleWimble offers privacy options for the Litecoin cryptocurrency, allowing users to enhance the anonymity of their transactions.

Introducing Mimblewimble Update

MimbleWimble: what?

Litecoin was initially developing its private transactions project for almost a year before the Mimblewimble expansion block was officially announced in December 2019. After hard work from the developers, led David Burkett75% of LTC miners expressed support for MimbleWimble in April 2022. A month later, Litecoin plans to implement the protocol to its network on May 19 before officially launching on May 20.

Why such a craze for Mimblewimble? Simply to improve the cryptocurrency level Peer to Peer Litecoin (LTC). If the speed of transactions is already one of its key assets, Litecoin also wants to foster anonymity, which the network can gain thanks to Mimblewimble.

It is a decentralized, privacy – oriented system. It uses a revolutionary method to structure and store transactions on the blockchain. The system opens up new worlds of possibilities for scalability, fungus and anonymity. As it should be, anonymous user Mimblewimble, known under the pseudonym Tom Elvis Jedusor, developed a French counterpart ” The flight of death “.

For a more observable and private Litecoin (LTC)

The protocol allows cryptocurrency-related information to remain completely anonymous. The complete anonymity of Mimblewimble transactions is different from the Bitcoin pseudonym. With bitcoin and other cryptocurrencies, the sender’s address, the amount of cryptocurrency transferred and the recipient’s address remain accessible. Mimblewimble does not disclose any of this information.

In concrete terms, Litecoin (LTC) user transaction data is hidden. In addition, the integration of Mimblewimbl enhances the feasibility of Litecoin as an exchangeable currency. LTC can then be used for normal transactions, salary payment and even real estate purchases.

The Mimblewimble protocol is offered as a privacy option. In other words, users can interact with MWEB or choose to transact with the transparent version of Litecoin blockchain.

Conclusion

The cryptosphere is currently experiencing waves of change. More and more blockchains are releasing significant upgrades. As the number of blockchain users increases, networks would expect to need to gain more market share but also improve the user experience. Some networks do much of the green technology. Others praise the scalability or even accessibility of the (cheap) service. The Litecoin network, for its part, relies on the confidentiality of transactions. Many feel that this new protocol is sure to reinvigorate cryptocurrency.

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Emile Stantina

Interested in investment and financial markets after a business school in Chambéry, the passion for cryptocurrencies was evident. The blockchain is definitely the universal tool of tomorrow.

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