Litecoin, the crypto ranked 15th on CMC, has had a volatile year so far. In fact, it fell by over 66% in three months following its last ATH.
While its recent performances have led to many traders abandoning the asset, devs continue to work towards remaking the network.
The MimbleWimble Upgrade
Litecoin’s MimbleWimble Extension Blocks (MWEB) upgrade, which has been under development for almost two years, reportedly saw some major code changes recently. In an announcement yesterday, MW developer David Burkett outlined the upgrades implemented to the code, several of which were only partially complete.
The most important of these is the addition of extension blocks to the LTC network through the relatively new MimbleWimble protocol. The protocol had gone live on the network’s testnet in September last year and LIP 2 & 3 are aimed at enhancing the network’s fungibility and scalability.
However, it is noteworthy that this is an opt-in upgrade. The extension blocks can be considered a parallel blockchain running alongside LTC’s main chain and users can transact through either of these.
The MWEB advantage
Through the implementation of MWEB, the network is expected to see increased fungibility, something that is lacking in other blockchains such as Bitcoin. It will protect user information such as the amounts sent/received, change addresses, and the entire transaction history from being broadcasted to the whole network.
Additionally, the protocol change also has the potential to minimize the amount of data stored…