The Litecoin network is very close to getting MWEB activated. Introducing Mimblewimble extension blocks is an exciting development that would not be possible without the help from all major LTC mining pools. The upgrade is scheduled to go into effect tomorrow at 8:30 PM PT.
What Is MWEB Again?
It is safe to say that MWEB is the most significant upgrade to the Litecoin network. It is even bigger than Segregated Witness, although that network update will remain crucial for many years to come. In addition, MWEB addresses the age-old question of “is 1 LTC equal to any other 1 LTC on the network?”. To most people, it is, even though it really is not.
The inherent transparent nature of blockchain systems like Bitcoin makes it easy to track the history of every coin generated on the network. However, many feel a newly minted LTC has a different value than an LTC created in the Genesis block. Furthermore, several network coins may be “tainted” by illicit activity, either purposefully or by getting caught up in someone else’s nasty business.
Equality is very tricky where fungible tokens are concerned and warrant looking at new solutions. Blockchain analysis companies ensure once-tainted assets remain that way forever, regardless of ownership changes or the user’s future intent. One can solve that problem through Mimblewimble, as it masks transaction amounts. No one knows how much you are spending from your address, introducing a basic privacy layer.
Furthermore, Litcoin will introduce Mimblewimble through extension blocks. It enables a higher throughput for the Litecoin network, bringing down transaction fees even further. That is primarily a bonus, as most enthusiasts want the basic privacy layer first and foremost. It is an optional solution that anyone can use, but no one HAS TO. Users who want privacy can opt-in, and the rest can go about business as usual.
All Major Pools Are On Board
Litecoin is one of the many Proof-of-work blockchains in the cryptocurrency ecosystem, Any significant change or upgrade needs to be supported by the majority of miners, or it will never activate. In this case, that support has to be signaled through mining pools, who can oppose the idea or go along with it. Thankfully, the MWEB activation is a far less messy ordeal than one might fear.
Per the spreadsheet, all major mining pools are on board with MWEB. BTC.com is the only pool still in the testing phase, but they have conducted Litecoin testnet mining for this implementation. Signaling should occur soon, although 93% of the network’s mining power is signaling and ready for activation. It is good to see such outspoken support for a network that can benefit most LTC users.
MWEB Activation Soon
A recent tweet By Charlie lee confirms Litecoin will get its MWEB upgrade soon. The activation is scheduled for May 19, 2022, at 8:30 PM Pacific Time. That time schedule may change slightly depending on network conditions, although it should be close to that time. There will likely be a live stream to celebrate this new milestone for Litecoin, with more details to be announced soon.
MWEB is currently estimated to activate on 5/19 8:30pm PT (5/20 3:30am UTC). We're thinking of doing a livestream event to celebrate activation. Stay tuned for more details soon.
In the meantime, help us reach out to pools and miners. There are still some that have not upgraded!
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) May 16, 2022
Despite the overwhelming support for Mimblewimble extension blocks, there are still miners and pools who have yet to upgrade their clients. That is to be expected, even though the MWEB activation has been a topic of debate for several months now. It will be interesting to see if those remaining few hold out much longer, although it wouldn’t be worth doing so.
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