Litecoin’s founder, Charlie Lee, notified the crypto community via Twitter of the development surrounding the upgrade and also pointed out that AntPool was the first mining pool to signal for the MWEB upgrade. Mr. Lee’s tweet can be found below.
75% of Miners Need to Signal for the MWEB Upgrade on Litecoin
As with all upgrades on the Litecoin network, 75% of the miners need to signal for the MWEB upgrade for it to be implemented. At the time of writing, 20 mining pools have signaled for the Litecoin upgrade. This number represents 0.25% of the miners on the network. The screenshot below provides a visual cue of the progress of the MimbleWimble upgrade on the Litecoin network.
MWEB to Be Implemented Automatically in 1 Year if Threshold of Miners is Not Met
According to the team at Litecoin, signaling for the MWEB upgrade will continue till the 75% miner threshold is met.
However, if this does now happen within one year, the upgrade is automatically implemented on the Litecoin network. Consequently, the MimbeWimble upgrade will be activated on the Litecoin network between now and February of 2023.
MimbleWimble to Introduce Confidential Transactions on the Litecoin Network
Once successfully implemented, the MimbleWimble upgrade will introduce confidential transactions on the Litecoin network. This means that users of Litecoin will have the additional option of using MimbleWimble to conceal information related to their transactions.
MWEB Comes at a Time When Crypto Users are Concerned About Privacy
The process of activating MimbleWimble on the Litecoin network comes at a time when crypto-users are growingly concerned about their privacy on the blockchain. A good example is the recent crackdown by authorities on private donors of the trucker convoy in Canada. Those who have donated funds to the convoy have found themselves at loggerheads with authorities who have frozen their bank accounts and attempted to freeze their crypto wallets on exchanges.