It is estimated that about 90% of all U.S dollar bills in circulation contain traces of drugs and have been used for criminal activity, yet the money is still passed around. I don’t know where your five-dollar bill has been, but we all know where your Bitcoin has been. I have one Bitcoin, you have one Bitcoin, we can swap, and it would make no difference.īut hold on… Due to Bitcoin’s easily traceable transaction history, a freshly mined Bitcoin is not the same as a Bitcoin that is ten years old as it has ten years’ worth of transaction history tied to it. Many of us believed Bitcoin to be the same. I can have a five-dollar bill, you can have a five-dollar bill, and we can swap five-dollar bills and it would make no difference. Now, why does the Litecoin Foundation consider BTC as having low fungibility?įungibility means that certain items should be mutually interchangeable. Notice that Bitcoin and Litecoin both get a big fat “F” for fungibility. Thanks to the Mimblewimble protocol, Litecoin network users can opt-in and choose to make confidential transactions, (if the wallet/exchange has integrated support) as well as the protocol provides additional benefits to the Litecoin network which will be covered in a bit. After a period of research into Mimblewimble, a Litecoin Improvement Proposal (LIP) was pushed forward in 2019, and through the LIP, it was decided that implementing the Mimblewimble Extension Blocks was the best way forward for the Litecoin network. Mimblewimble’s integration into Litecoin came about by way of the Mimblewimble Extension Block, aka MWEB.
You can find more about Litecoin in our dedicated Litecoin Review, it is a cryptocurrency that is worth checking out if you are unfamiliar with it. For me, Bitcoin is digital gold no doubt, and Litecoin is more akin to the dollars I keep in my bank account. Litecoin is often credited as being “digital silver” while Bitcoin is “digital gold,” but I can’t say I completely agree with this narrative. Transactions on Litecoin are significantly cheaper and faster than Bitcoin, and I don’t know about you, but I feel like Bitcoin is too precious for me to be spending on silly purchases, making Litecoin ideal. It is a fork of the Bitcoin blockchain created in 2011 by former Google engineer Charlie Lee. Litecoin is one of the serious old school players in the crypto game.
Mweb litecoin how to#
Here we cover what Mimblewimble is, how to mine it, some of the projects that are using the protocol as well as Litecoin, and include a brief reminder of what Litecoin is in case you are stumbling across this gem of a crypto for the first time or need a refresher.ĭisclaimer: I hold Litecoin and Bitcoin as part of my personal crypto portfolio. A powerful anti-interrogation tool, indeed. This funny word may sound familiar for fans of Harry Potter, as this is a well-known magic spell in the non-muggle world that tongue ties people, preventing them from talking about things that are meant to be kept secret.
Mweb litecoin upgrade#
The Mimblewimble protocol gathered a lot of attention when it was picked up by Litecoin developers and contributed to the most recent, and arguably the most significant upgrade to the Litecoin network to date. Mimblewimble is an important development in blockchain’s history, both as a strong standalone protocol and as a possible integration for other protocols. Mimblewimble is a protocol that has strong privacy, security, and scalability features that has a unique way of storing and structuring transactions on a blockchain.
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