Meanwhile, the Financial Action Task Force’s (FATF) travel rule also made a debut in the country in March this year. As per the network, “MWEB will provide Litecoin users the option to not have to publicly display the amount you’re sending or how much Litecoin you hold in an MWEB address.” The fungibility-improving technology aims to enhance confidentiality between the senders and receivers in a transaction. MWEB was originally introduced in November 2019 as part of the Litecoin Improvement Proposal. Further adding a cautionary note that, “For deposits made using the Mimblewimble function, please note that Upbit may not be able to return the wallet address as it is not possible to verify the sender’s wallet address.” The soft fork enhances anonymity Moreover, the authorities also tried to freeze their cryptocurrency wallets on exchanges.Meanwhile, Upbit stated, “We are striving to prevent money laundering and financing for offenses of public intimidation through digital assets that have technology that makes transmission records unidentifiable.” In addition, the exchange remarked that there have been no deposits made using the Mimblewimble function with Upbit. Notably, those who donated to the convoy found themselves at loggerheads with authorities who have frozen their bank accounts. Individuals in the crypto ecosystem are growingly concerned about their privacy on the blockchain.Ī good example is the recent crackdown by authorities on private donors of the truckers convoy in Canada.
#Mweb litecoin upgrade
Indeed, the upgrade comes when the cryptocurrency users are already concerned about their privacy. In contrast, the LTC transaction will have the additional option of using MimbleWimble to conceal information related to their transactions. It is unveiled that once the Litecoin network upgrade is successfully implemented, the MimbleWimble upgrade will introduce confidential transactions on the blockchain. In contrast, the community would witness the activation of the network before February 2023. If the conditions are met within a year, the upgrade is automatically implemented on the network. However, it is revealed that the upgrade will be implemented Automatically in a year if Threshold of miners is Not Met.Īccording to the brains behind the LTC network, signaling for the MWEB upgrade will continue till the 75%miner threshold is met. According to data from MimbleWimble, the visual que of the progress on the upgrade of the Litecoin Network is near 1%. Notably, the number of miners is still only 0.25% of the global network. Notably, at the time of writing, 20 mining pools have signaled for the Litecoin upgrade.
75% Litecoin miners should signal for the MWEB upgradeĪccording to experts, as with all upgrades on the blockchain network, 75% of the LTC miners are required to signal for the MWEB upgrade for it to be implemented.
Moreover, Charlie Lee, the co-founder of Litecoin has recently notified the digital asset’s community through Twitter of the development surrounding the upgrade and also pointed out that AntPool was the first mining Pool that has signaled for the MWEB upgrade. Recently, miners on the crypto network have begun the process of signaling for the MimbleWimble (MWEB) upgrade. Since establishment the cryptocurrency has witnessed major utility and adoption. Litecoin is among the top 25 crypto assets in terms of market capitalization.
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