The MimbleWimble upgrade recently rolled out on the Litecoin network. The MimbleWimble protocol is a privacy feature for the Litecoin network proposed two years ago but it was only implemented recently.
Litecoin social engagement rises by 21%
The MimbleWimble upgrade on Litecoin came with some added features for network users. MimbleWimble is a decentralized protocol that focuses on privacy, and it allows users to hide transaction data by boosting confidentiality.
MimbleWimble has provided immense benefits for the Litecoin network. It has laid a foundation where other blockchains can enhance the usage of their native tokens. The upgrade hides three crucial details in transactions. These include the sender address, the receiver address, and the amount of cryptocurrencies being sent.
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The upgrade does not automatically provide confidentiality to all Litecoin users. Users can opt-in when they want to access confidential transactions. The objective is to boost the use of LTC as a payment currency that can be used to promote real-world transactions. The other benefits of the upgrade are lowered fees, increased throughput and scalability.
The implementation of this upgrade has triggered major gains in the social engagements for the Litecoin network. Social engagement is calculated by the discussions surrounding a given topic and how active these discussions are on social media platforms.
Litecoin’s social engagement levels have surged by 21%, and they have reached the highest level in three months. While the price of LTC has declined following the recession across the market, the recent activity could signal gains to come in the future.
Litecoin was launched in 2011, and it is one of the early competitors of Bitcoin. The goal of the network was to solve issues faced by the Bitcoin network. LTC is now one of the most accepted cryptocurrencies for payments globally.
Litecoin has also been seen as a testing network for the Bitcoin network. For instance, the SegWit upgrade was rolled out on Litecoin first before being brought to the Bitcoin network. There has also been speculation that MimbleWimble would also roll out on Bitcoin.
South Korea exchanges warn against MimbleWimble
Some of the largest exchanges based in South Korea have warned their users against the rollout of the MimbleWimble upgrade. These exchanges have said that the privacy features could conceal transaction details needed to achieve compliance. South Korean exchanges must comply with anti-money laundering (AML) and counter-terrorism laws.
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