MimbleWimble: the privacy upgrade to Litecoin

[hugeblack]

The MimbleWimble upgrade was deployed on the LTC network in block 2,257,920 where introduced optional confidential transactions on the LTC network through Extension blocks Confidential transactions through MimbleWimble obfuscate the amount transferred except for the parties involved in the transaction.

The extension blocks create a side-chain alongside Litecoin regular blocks. They also allow MimbleWimble transactions to be an ‘opt-in’ feature. Litecoin users can decide whether to have their transactions public or private. Both private and public transactions exist simultaneously on Litecoin but are maintained separately.

• MimbleWimble stealth addresses, starting with the prefix ltcmeb1
• These addresses conceal the recipient of each transaction by utilizing single-use addresses that are not visible on the blockchain without the corresponding viewing key.
• Supporting wallets is litecoinCore

Source -----> https://medium.com/omniaprotocol/the-impact-of-litecoins-mimblewimble-privacy-upgrade-d47fe05e12d7




This thread will be to talk about MimbleWimble Privacy Upgrade, all the news related to it and future updates


Useful Links:
https://litecointalk.io/t/mweb-progress-update-thread-2/53072/9
https://litecointalk.io/t/mweb-progress-update-thread/26678/2
https://www.reddit.com/r/litecoin/comments/vr382a/mimblewimble_progress_update_thread_june/

[MrSpasybo]

The MimbleWimble upgrade was deployed on the LTC network in block 2,257,920 where introduced optional confidential transactions on the LTC network through Extension blocks Confidential transactions through MimbleWimble obfuscate the amount transferred except for the parties involved in the transaction.

I used to be a big fan of Litecoin because it was once considered the testnet for any upgrades to Bitcoin, and of course I had high hopes for the positive impact of MW on LTC price but everything has been disappointing. I'm even worried that the anonymity feature that MW provides for Litecoin could put LTC at risk of being accused of being a privacy coin and being delisted from CEXs in the future.

Technological development is necessary, but it is hardly a guarantee of token price appreciation in the market. I think Litecoin needs more to make a comeback: communication efforts, partnerships, widespread adoption, or a unique and useful feature that can only be implemented on the Litecoin blockchain!

[hugeblack]

I used to be a big fan of Litecoin because it was once considered the testnet for any upgrades to Bitcoin, and of course I had high hopes for the positive impact of MW on LTC price but everything has been disappointing. I'm even worried that the anonymity feature that MW provides for Litecoin could put LTC at risk of being accused of being a privacy coin and being delisted from CEXs in the future.

I don't think it will be a problem, as the update is optional, and even after you use the MimbleWimble feature, you create Extension Blocks. It is true that the transactions inside these blocks will be hidden from everyone, but the participants in the process will still see all the transactions.


Estimates indicate that the percentage of litecoin users who used this update is less than 1%, which means that privacy is not a priority for many.
An example of this is -->  https://blockchair.com/litecoin/block/2715193

[pakhitheboss]

I don't think it will be a problem, as the update is optional, and even after you use the MimbleWimble feature, you create Extension Blocks. It is true that the transactions inside these blocks will be hidden from everyone, but the participants in the process will still see all the transactions.

I agree with your point, but who will explain the same to the government? They are the ones who are after any coins that allow privacy features, regardless of optional, like Litecoin. As of now, Litecoin is not as famous as Monero but as the whip of delisting of privacy coins increases I am certain that many users will start using Litecoin then the situation will not be same for Litecoin.

Estimates indicate that the percentage of litecoin users who used this update is less than 1%, which means that privacy is not a priority for many.
An example of this is -->  https://blockchair.com/litecoin/block/2715193

As this is a new upgrade the estimate will be lower, gradually it will change and it will surpass the projection. The team did this upgrade only to onboard more users and to increase the market cap of Litecoin. Earlier it was used only to do transactions because of less transaction fees but as of 2024 their are other altcoins which are far cheaper and faster than Litecoin.

[hugeblack]

I agree with your point, but who will explain the same to the government? They are the ones who are after any coins that allow privacy features, regardless of optional, like Litecoin. As of now, Litecoin is not as famous as Monero but as the whip of delisting of privacy coins increases I am certain that many users will start using Litecoin then the situation will not be same for Litecoin.

Governments can impose KYC on all your cryptocurrencies and require a clean history of your past transactions, so you will be forced to avoid using privacy-enhancing services.
If we come to the truth, among all cryptocurrencies users, a small
 care about privacy, and this appears in the performance of the Monero compared to some altcoins. Therefore, if governments had a positive view of cryptocurrencies, they would try to reduce their bad use instead of focusing on it.

[MrSpasybo]

I don't think it will be a problem, as the update is optional, and even after you use the MimbleWimble feature, you create Extension Blocks. It is true that the transactions inside these blocks will be hidden from everyone, but the participants in the process will still see all the transactions.

Estimates indicate that the percentage of litecoin users who used this update is less than 1%, which means that privacy is not a priority for many.
An example of this is -->  https://blockchair.com/litecoin/block/2715193

From this perspective, we can consider MW an update that is not too significant or successful for the development of Litecoin while bringing potential risks in the future. I am still concerned about this because it could make Litecoin a target for attack when governments want to create FUD in the market.

I am personally only focused on profits, which means I will usually only trade LTC on CEXs instead of using the Litecoin blockchain directly. I would be more optimistic if LTCUSD breaks out of the current accumulation zone soon ^^

[Manna]

The MimbleWimble upgrade was deployed on the LTC network in block 2,257,920 where introduced optional confidential transactions on the LTC network through Extension blocks Confidential transactions through MimbleWimble obfuscate the amount transferred except for the parties involved in the transaction.

The extension blocks create a side-chain alongside Litecoin regular blocks. They also allow MimbleWimble transactions to be an ‘opt-in’ feature. Litecoin users can decide whether to have their transactions public or private. Both private and public transactions exist simultaneously on Litecoin but are maintained separately.

• MimbleWimble stealth addresses, starting with the prefix ltcmeb1
• These addresses conceal the recipient of each transaction by utilizing single-use addresses that are not visible on the blockchain without the corresponding viewing key.
• Supporting wallets is litecoinCore

Source -----> https://medium.com/omniaprotocol/the-impact-of-litecoins-mimblewimble-privacy-upgrade-d47fe05e12d7




This thread will be to talk about MimbleWimble Privacy Upgrade, all the news related to it and future updates


Useful Links:
https://litecointalk.io/t/mweb-progress-update-thread-2/53072/9
https://litecointalk.io/t/mweb-progress-update-thread/26678/2
https://www.reddit.com/r/litecoin/comments/vr382a/mimblewimble_progress_update_thread_june/

The MimbleWimble upgrade was incorporated into the LTC network at block 2,257,920.  This upgrade introduced confidential transactions using Extension Blocks on the Litecoin (LTC) network.  The MimbleWimble protocol anonymizes the transaction amount, obscuring transaction details to others outside of the parties involved in the transaction.

[KryptoBull]

The MimbleWimble upgrade was deployed on the LTC network in block 2,257,920 where introduced optional confidential transactions on the LTC network through Extension blocks Confidential transactions through MimbleWimble obfuscate the amount transferred except for the parties involved in the transaction.

The extension blocks create a side-chain alongside Litecoin regular blocks. They also allow MimbleWimble transactions to be an ‘opt-in’ feature. Litecoin users can decide whether to have their transactions public or private. Both private and public transactions exist simultaneously on Litecoin but are maintained separately.

I haven't seen any positive impact from Litecoin's MimbleWimble implementation. I don't use Litecoin for transactions and I'm not holding LTC to profit from this uptrend. MimbleWimble could even be seen as a tool that increases anonymity and exposes Litecoin to more risks of prosecution and accusations of money laundering in the future.

It's good that BTC hasn't adopted this upgrade. BTC remains transparent and everyone can reference the transaction history. LTC should focus on marketing and promotion to attract users and investors during this season instead of conducting pointless upgrades for the LTC price.

[hugeblack]

I haven't seen any positive impact from Litecoin's MimbleWimble implementation. I don't use Litecoin for transactions and I'm not holding LTC to profit from this uptrend. MimbleWimble could even be seen as a tool that increases anonymity and exposes Litecoin to more risks of prosecution and accusations of money laundering in the future.

If regulators want to accuse you of money laundering they will do so until they are sure that all transactions can be monitored and are subject to KYC AML standards so whether or not you support the privacy upgrade will not affect their decisions as long as they cannot stop you.


the price of litecoin is undervalued, there may be hundreds of altcoins that attract liquidity from litecoin but it is definitely undervalued.