For now and forever, it will take 10 minutes to mint one BTC – thus sustaining the scarcity factor. Good thing is BitPay allows shopping with Bitcoin, Litecoin, Ethereum and a range of 10 other cryptocurrencies.īitcoin Improvisation on Use Case: Bitcoin narratives keep changing however, it continues to be the classic blockchain with its unaltered and robust vision of being the peer-to-peer cryptocurrency with the PoW consensus model. Trending Litecoin Network partnership to accelerate adoption is with BitPay. The entire focus of MWEB has been to ensure privacy by confidential transactions using MimbleWimble and Extension blocks for the senders and receivers because in the current trend in most blockchain networks it is possible to trace the transactions and the numbers. Thus, provides for the advantage of having private address balances and this eventually increases Litecoin’s transaction throughput. MWEB makes it possible for users to send “confidential” Litecoin transactions, in a way that the amount being sent will only be visible between the sender and receiver. MWEB is looked at as an extension from the Litecoin’s main chain, or a parallel highway, which can be used to send coins to the extension block and back to the main chain. Thus, improving confidentiality between the senders and receivers in the transaction. The focus of improvement proposal is to improve on fungibility. MWEB (Mimble Wimble Extension Blocks), primarily was introduced in November 2019 in the LIP (Litecoin Improvement Proposal). The signalling process for MWEB went smoothly, thus making it clear that the community is predominantly in favor of its addition to Litecoin.
MWEB was officially locked-in for activation at block height 2257920. The 75% miner signalling threshold was achieved on May 02, 2022.
A lot of dialogue took place with several Litecoin Miners to achieve consensus.
Litecoin mweb update update#
Litecoin counts on the MWEB update to shine a light to further its development and LTC adoption to the next level.
Litecoin mweb update upgrade#
MWEB upgrade has officially activated on the Litecoin network as a soft-fork. It is known for zero downtime to date from the time of its launch. The network makes use of the PoW consensus model. To ensure the security of your funds, please do not deposit LTC through the MWEB function.Litecoin Improvisation on Use Case: Litecoin is a decentralized digital currency that enables instant, near-zero cost payments to anyone in the world. “The MWEB function allows users to send confidential LTC transactions without revealing any transaction information meaning that we’re unable to verify the sender’s address. With this function, Litecoin users can send funds from their wallets to any address without including their own details, thus making transactions opaque. The Litecoin WimbleWimble Extension Block is an upgrade launched by the Litecoin Foundation with the aim of improving users’ privacy and scalability. Since the initiative was launched, five Cryptocurrency exchange-based in South Korea, including Korbit, Coinone, Upbit, Bithumb, and Gopax, have noted that they may delist the coin from their trading platforms after the LTC’s MEWB update. Meanwhile, Binance is not the only exchange that has expressed concern about the new Litecoin feature. While hackers have been lucky in stealing unsuspecting victims’ funds, the issue these malefactors have faced has always been withdrawing the funds.īinance fears that the feature launched by the Litecoin Foundation will be widely adopted by criminals looking for ways to withdraw their stolen funds. In recent times, there have been numerous incidents of crypto heists, running into millions of dollars. The exchange has decided not to accept LTC transactions using the MWEB function due to the surging rate of criminal activities in the cryptocurrency space. Previously, the Korean exchange said that it would stop LTC trading because of MWEB’s anonymous function. Previously, the Korean exchange said that it would stop LTC trading because of MWEB’s anonymous function.”īreaking: Binance announced that it will not support the deposit and withdrawal of Litecoin through the MimbleWimble Extension Blocks (MWEB) function.
“Binance announced that it will not support the deposit and withdrawal of Litecoin through the MimbleWimble Extension Blocks (MWEB) function. The development was also shared on Twitter by the popular cryptocurrency media outlet Wu Blockchain. “To ensure the security of your funds, please do not deposit LTC through the MWEB function,” Binance said in a statement. Binance added that users may lose their funds if they use the MWEB function to transfer Litecoin from an external wallet to the exchange.
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