Litecoin MWeb blockchain upgrade incoming.

Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Mathematics secures the network and empowers individuals to control their own finances. Also featuring faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin. It is an open source, global payment network that is fully decentralized without any central authorities

The update on the Litecoin blockchain network will be activated on block 2257920 and is made to send confidential transactions on chain and gives the ability to not show the amount of money being sent. Mimblewimble ( MWeb) extension blocks is where the transactions will occur for people using this part of the blockchain, then back to the main Litecoin chain keeping anonymity,

Other good parts to the upgrade will include lower fees, better scalability, more user - friendly , and faster transaction times making even easier to use on everyday purchases. MWEB makes it possible by removing unnecessary transaction data inside each blocks by compressing the information.

There are two sides having most cryptocurrency and blockchain enthusiasts welcome the update from the performance improvements and decentralized privacy upgrade. Though the centralized and regulated cryptocurrency exchanges in countries like South Korea may initiate the delisting process due to potential legal issues similar to the cryptocurrency Monero. They also point out the idea that these privacy coins can be used for money laundering purposes if used by malicious actors around the world since the exchanges wont be able to confirm the payment amounts being sent. Interested to see how the whole process will work out when it comes to people mainly calling Litecoin as the “silver” to bitcoin being “gold”.