The new MimbleWimble upgrade (MWEB), was launched on May 19th, after many years of planning and development. The upgrade was made, among other things, in order to improve transaction confidentiality on the Litecoin Network.

MimbleWimble activation brings changes to Litecoin

MimbleWimble’s (MWEB), much-anticipated upgrade, was launched at the block height of 2,257.920. It brings about significant changes to the Litecoin Network.

The MimbleWimble protocol is now available on the network. Users have the option to hide transaction data by using the confidentiality feature. For transactions made with the Mimblewimble Extension Block, you can toggle this function on/off.

Additional benefits include lower transaction fees. The throughput and scalability simultaneously have been increased by the upgrade.

This upgrade is also a platform for other blockchains to enhance the LTC token’s usability.

Upgrade Spurs Recovery for Litecoin

Although news of the upgrade did not have an immediate impact on the price of Litecoin (LTC)–owing to the crypto bloodbath instigated by the crash, the price of LTC has experienced significant recovery.

LITE’s May 19th trading price was $65.18, and the coin gained more than 10% since then to $72.70 as of the writing of this article. LITE’s gains have remained at 1.3% for the past 24 hours.

This is the 24 hour chart of Litecoin’s (LTC) price. Source: CoinMarketCap

The Flipside

• Although the upgrade improves transaction privacy, it is not guaranteed 100% privacy. Litecoin Founder Charlie Lee says people looking for such benefits “can live in a house with no windows.”

Why you should care

This upgrade is intended to improve the viability and usability of Litecoin, a fungible cryptocurrency that can be used in real-world transactions.

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