Litecoin’s MWEB Upgrade Has Finally Been Released

In a blockchain network, there are usually upgrades from time to time to improve the network, such as privacy functions.

The Bitcoin network was upgraded with the Taproot update last year, and now it is time for the Litecoin network.

The Litecoin Foundation just announced that Litecoin’s Mimblewimble Extension Block (MWEB) upgrade is now available. Litecoin’s miners need first to receive the code and begin signaling in order to activate the MWEB upgrade.

David Burkett, MWEB’s lead developer said: 

“MWEB is a crucial next step in Litecoin’s evolution. The optional confidentiality MWEB provides gives the user notable and needed protections for small everyday items, to salaries, or even buying a home”

What Does MWEB Mean for the Litecoin Network?

Sometimes people or companies like some of their own information to be private, and this is where the Mimblewimble Extension Block (MWEB) upgrade comes in.

The upgrade is optional and will improve the user’s fungibility and privacy in the network.

The network users that decide to activate the upgrade will be able to have complete privacy in the following information: the amount of crypto sent, sender, and recipient’s address.

David Burkett believes that the new upgrade will position Litecoin as one of the most sound currencies in the world.

Could the Update Impact LTC Price?

Litecoin is the 22nd biggest cryptocurrency by market capitalization with $7.68 billion and trading at $110.47 and is up almost 5% in the last 24 hours, but it is still down 73.2% from its all-time high of $412.76 in May 2021.

In the past 24 hours, the whole crypto market is up 5.40%, according to CoinMarketCap. Litecoin’s price reaction coincides with the news of the MWEB upgrade and the crypto-positive sentiment.

LTC price started a descending channel since mid-November 2021, from the local top at $280 and finding support in the last days at $100, as you see below:

It is certain that the LTC price rose when the upgrade was released, but time will tell if its fundamentals or the positive crypto sentiment drove it up.