Litecoin miners say yes to transaction privacy with MimbleWimble

Litecoin pools.

Most of the Litecoin (LTC) miners agree to give space to privacy, through the activation of the MimbleWimble protocol. Much of the Litecoin mining pools support the implementation of this update, so its arrival seems imminent.

According to the graph live shared by the creator of Litecoin, Charlie Lee, the main pools that mine this altcoin they are practically ready to allow the arrival of the privacy protocol. However, the update must be approved by 75% of the nodes, something that has not happened yet. So far only 71% of mining nodes have signaled their approval.

In detail, ViaBTC, F2Pool, Poolin, Binance Pool and Antpool were the groups that signaled in favor of the MWEB update, scheduled for after March 2022, according to the roadmap of the project. These concentrate 95% of the hashrate of that network, along with LitecoinPool.

ViaBTC, for example, was one of the last groups to announce its signage in favor of the upgrade. They reported it early on Thursday, April 14, via Twitter, where highlighted who had voted in favor of the MWEB.

For its part, LitecoinPool has already mined on the testnet (testnet), which could mean that it is feasible that they finally signal in favor of privacy in Litecoin. It is important, because that pool, by itself, covers 24% of the total hashrate of the network. This group has not yet expressed its full approval.

Litecoin pools.
Major Litecoin mining pools signaled in favor of the new MWEB upgrade. Source: Charlie Lee.

A signaling is a process by which the miners of some cryptocurrency “vote” for, or against, a certain proposal. In this case, it is the incorporation of the MimbleWimble privacy protocol.

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Litecoin miners say yes to transaction privacy with MimbleWimble

When an update proposal relies on miners upgrading their clients to the latest version where a breaking change is included, they must let it be known whether or not they agree to implement the update before it is executed.

The purpose is that the decision of these operators is known beforehand, avoiding risks of unforeseen hard forks, which can generate incompatibility between nodes, slowing down the block validation process o creating additional transaction history and incompatible with the original blockchainfor example.

Almost there for another opportunity to implement MimbleWimble on Litecoin

as it was detailed by the Litecoin Foundation a few months ago, every 8,064 blocks a new “window” opens, where the protocol may come into operation.

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Litecoin miners say yes to transaction privacy with MimbleWimble

If when closing a window, the nodes count enough signals in favor to implement the update, the protocol will be activated as soon as the new window is opened.

In this sense, since the first window was opened, at block height 2,217,600at least four stages have passed in which the protocol could finally be activated.

Right now, and according to blockchain, time is running between the fourth and fifth windows. In fact, there are just over 4,000 blocks to be mined before a new opportunity opens, something that will happen at block height 2,249,856.

This could be equivalent to 5 days from the closing of this note, taking into account that, in Litecoin, blocks are generated every 2 minutes.

From what we have seen, it seems plausible that in this window to open the implementation of the MimbleWimble privacy protocol will finally materialize, which is an anonymous protocol, whose strength lies in confidential transactions, preventing the amounts of the operations from being known.

generation of blocks in litecoin
In Litecoin, blocks are generated every 2 minutes. So far more than 2 million blocks have been mined. Source: Blockchair.

More fungibility and scalability in LTC

The new Litecoin MWEB update, as defined by the Foundation, is the “biggest” ever seen, as it will provide fungibility for all users and more scalability for the network’s native currency, LTC.

Due to the size of the change, it has been in progress for 2 years, but the end is in sight. This timeline provides our best estimates for when the final steps will take place.

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