On Tuesday, May 3rd, the creator of Litecoin announced via Twitter that the signaling for the MWEB upgrade had been completed. The upgrade will enable Litecoin users to send and receive LTC tokens anonymously.
The MWEB upgrade is accompanied by the taproot upgrade. Both upgrades will give Litecoin users the option to hide their wallet addresses and transaction amount when sending Litecoin via the network.
Activation of the MWEB upgrade on the Litecoin network started at a block height of 2,217,600, while the taproot upgrade started at a block height of 2,161,152. To enable MWEB signals, Litecoin miners will need to install the Litecoin core 0.21.2 and add the MWEB rule when calling “getblocktemplate.”
The creator of Litecoin, popularly called Charlie Lee on Twitter, informed his followers that the MWEB signaling had to be done with the cooperation of Litecoin miners. Charlie contacted the coordinators of the six largest LTC mining pools.
Binance had an LTC pool size of 3%, Antpool 6%, Pooling 14%, while F2Pool, Litecoin pool, and ViaBTC pool had 17%, 23%, and 30%, respectively. Cumulatively, these pools accounted for over 93% of the entire hashrate for Litecoin.
Litecoin is currently among the few crypto blockchains with a high reliability. It has also been operational, without hitches, in more than a decade since launch.
Additionally, Litecoin is well-known for its very low transaction fees compared to BTC, ETH, and other layer-one networks. The vintage crypto asset is traded on many crypto platforms already and was among the first to be listed on the then stringent Coinbase. With the introduction of privacy features, LTC will more likely gain as the network finds more adoption.
Litecoin fans on Twitter have expressed their excitement following the network’s upgrade. Litecoin is currently valued at $101. The crypto markets have experienced strong bearishness in the last few weeks, but LTC has managed a 1.5% increase in the last 24 hours.