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Litecoin is among the top 25 crypto assets in terms of market capitalization. Since establishment the cryptocurrency has witnessed major utility and adoption. Recently, miners on the crypto network have begun the process of signaling for the MimbleWimble (MWEB) upgrade. 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.
75% Litecoin miners should signal for the MWEB upgrade
According 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. Notably, at the time of writing, 20 mining pools have signaled for the Litecoin upgrade.
Notably, the number of miners is still only 0.25% of the global network. According to data from MimbleWimble, the visual que of the progress on the upgrade of the Litecoin Network is near 1%. However, it is revealed that the upgrade will be implemented Automatically in a year if Threshold of miners is Not Met.
According to the brains behind the LTC network, signaling for the MWEB upgrade will continue till the 75%miner threshold is met. If the conditions are met within a year, the upgrade is automatically implemented on the network. In contrast, the community would witness the activation of the network before February 2023.
LTC will have confidential transaction
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 LTC transaction will have the additional option of using MimbleWimble to conceal information related to their transactions.
Indeed, the upgrade comes when the cryptocurrency users are already concerned about their privacy. Individuals in the crypto ecosystem are growingly concerned about their privacy on the blockchain.
A good example is the recent crackdown by authorities on private donors of the truckers convoy in Canada. Notably, those who donated to the convoy found themselves at loggerheads with authorities who have frozen their bank accounts. Moreover, the authorities also tried to freeze their cryptocurrency wallets on exchanges.
