The core developer in charge of Litecoin upgrade, David Burkett, had earlier stated that the MimbleWimble code would be completed on March 15th. This code is designed to help improve Litecoin’s network in terms of scalability and privacy. However, yesterday, it was announced that the code can now be reviewed by other developers.
For months the Litecoin community has been anticipating the release of the MimbleWimble extension block (MWEB) which will improve the network’s performance.
— Litecoin Foundation (@LTCFoundation) March 16, 2021
According to Burkett, the code can now be formally reviewed by other developers adding that the auditing would depend on the review process which can take about a few weeks to some months. Works are already ongoing to release a more friendly and interactive testnet in the coming weeks.
The finished code will be integrated into the network’s main codebase and left for approval by miners. The developer added that the activation of the code depends solely on the LTC community.
Mimblewimble Code Targeted at Litecoin’s Fungibility Issues
The upgrade is targeted at helping Litecoin’s fungibility and privacy issues. Fungibility is the ability of certain assets to be exchangeable. For instance, since 1 USD can be exchanged for another $1, it means the USD cash is fungible.
Although it may appear that 1LTC is equal to another 1LTC, however, this is not true in reality. This is due to the traceability and transparency of blockchain. For instance, a particular LTC linked to a criminal transaction is “tarnished” and not equal to a newly minted LTC, which is “untarnished”.
In comparison to traditional assets like Gold and Fiat monies, Litecoin has performed poorly in terms of fungibility. Therefore, the MimbleWimble was proposed by Litecoin to solve the fungibility issue of the network using the “blinding factors” that conceal addresses.