What is MimbleWimble via Extension Blocks (MWEB)? Litecoin Announces MWEB Will Finish Sparkles Code In 1 Week
After a while of research, the Litecoin Improvement Proposal – Litecoin Improvement Proposal (LIP) – was established in 2019. Through this LIP, it was decided that the best way to go towards increasing changeability. This is through a new technological advancement, called MWEB (MimbleWimble via Extension Blocks). And at the moment, it is estimated that in about 1 week, MWEB will complete the Sparkles code.
✨In 1 week MWEB (MimbleWimble via Extension Blocks), will be code complete ✨
Don’t know what this means? Read up on the latest update to Litecoin on our blog: https://t.co/kG8PeQUNQ
— litecoin (@litecoin) March 9, 2021
What is MimbleWimble via Extension Blocks (MWEB)?
Mimblewimble (MW) is a blockchain design that uses a completely new method of structuring and storing transactions. It is a form of implementing a Proof of Work (PoW) blockchain in a new way to enable increased privacy and better network scalability.
This is a protocol created by anonymous character Tom Elvis Judesor. The concept was developed and conceptualized by veteran Bitcoiners like Gregory Maxwell, Adam Back and Andrew Poelstra.
On the other hand, the “EB” in “MWEB” stands for Extension Blocks, which is a proposal put forward by Bitcoin developer Johnson Lau in 2013. Extension blocks can be viewed as a “contiguous chain” that connects concatenated, running next to the main chain of Litecoin. Traffic on both highways circulates at the correct speed, and if someone wants to, they can continue to transact on the Litecoin main chain without having to switch to the MWEB side. Conversely, if someone wants to, they can side with MWEB. MWEB is an optional version and therefore its use is completely dependent on user needs.
Why use MWEB?
Due to its built-in features, by using the MW chain, users get the benefits of interchangeability and improved privacy.
Which brings us to the question, why do we need MWEB? Why did Litecoin cross this hurdle and deviate from Bitcoin to accomplish this task? Simply put, the purpose of MWEB is to achieve greater interchangeability and improve privacy as a basic human right.
If a company wants to pay employees in cryptocurrency, it is essential that the transaction amounts are private – otherwise “employee A” will be able to analyze the amount “employee A” B” is being received. The secretary from division 1 can very easily see that she is paid less than the secretary of department 2. One can quickly realize that a scenario like this can turn out to be troublesome. from an ethical and legal point of view.
Today, there are also many third-party organizations that track transactions on the blockchain. For example, a popular Twitter account named Whale_Alert publishes the amount of cryptocurrency being transferred from one wallet to another. They are literally warning us about high net worth individuals moving their money and how much money they are moving. The point is, this may not be in the interests of the whales, especially if one of those wallets is associated with a name or a company. There are many people watching the transactions going on on each network at all times, and unfortunately, they all have different motives.
For one reason or another, privacy enhancement has been a very sensitive topic. And only cash payments can guarantee people’s privacy. In 2018, the Federal Reserve did a study and concluded that about 26% of all transactions in the US are paid in cash. That’s right, in the digital era we live in, a quarter of all transactions are done in paper currency. According to research, cash is also the second most used means of payment.
In our current data-driven world, cash continues to be one of the most private forms of payment and, with the additional features of MWEB, Litecoin will become a cash-like cryptocurrency best in the top 10 due to the addition of anonymous features.
Where are we going?
Currently, the MWEB testnet has been running for about 3 months and is quite smooth. They also recently released a new update, which included a visual representation of what a Litecoin MWEB pegged wallet might look like.
It is estimated that the MWEB will be completed sometime between Q1 – Q2 of 2021. In a recent series of progress updates, developer David Burkett said that MWEB will complete the Sparkles code by March 15. This means that the ode will be ready for final review and official testing. Once this process is complete, miners will then have to announce their support for the update.
As Litecoin continues to make progress in its never-ending battle to increase interchangeability and privacy, it will also take a giant leap to become one of the best, most comprehensive forms of money in the world. exist.
According to AZCoin News
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