Litecoin network strengthened privacy after upgrade
The new protocol uses CoinJoin, a mixing mechanism, and increases the protection of transaction information
21.05.2022 - 07:10
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What’s new? On May 20, the MimbleWimble Extension Block (MWEB) upgrade was launched on the Litecoin mainnet. The new protocol uses CoinJoin, a mixing mechanism, and increases the level of transaction privacy. According to chief developer David Burkett, MWEB will expand the possibilities of using Litecoin as a means of payment.
What is Litecoin? It is a fork of the Bitcoin network, launched in October 2011. The protocol is used for small everyday transactions. Transfers on the network are made with almost zero fees. The network has the native token of the same name with the ticker symbol LTC, which is a “lightweight” version of bitcoin.
What is known about MWEB? Mimblewimble is a protocol with a Proof-of-Work consensus algorithm that allows transaction data to be hidden. The protocol is also highly scalable. MWEB was created in July 2016 by a group of anonymous developers.
What happened before? In March 2022, the developers launched the MWEB upgrade on the testnet. Burkett wrote that during the tests, the project was looking for various flaws in the protocol.
According to research by Brand Analytics, Litecoin ranks third in popularity among Russian crypto users. Experts analyzed a sample of 2,4 billion social media posts, with Litecoin appearing in them 424 000 times.
Many large companies have already started accepting Litecoin as a means of payment. These include Gucci, a designer clothing brand, Taylor Travel Management Group, a Dutch travel agency, and Michele Franzese Moda, an Italian retailer.
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