Once someone has their paycheck and wants to spend it, the recipient can choose to see the sender’s balance. Posing ethical and privacy issues for the employee and company.
For example, if a company were to pay five employees in cryptocurrency, and one of the recipients decides to check the outflow of coins from the origin address (the company’s), their colleagues’ earnings - and holdings, savings - would be clearly visible.
This poses a significant problem for a currency, particularly when confidentiality is required. Presently - on the vast majority of blockchains - amounts sent between wallets (users) are publicly displayed, allowing anyone to see how much is being sent, received and held making the users’ ‘privacy’ impossible to protect. This project is a true testimony to the resiliency and continued growth of the Litecoin community" What MWEB Means to Litecoin and the Digital Currency Space
Mweb litecoin code#
It also involved key contributors like Andrew Yang who helped with the original Litecoin Improvement Proposal, Hector Chu's essential code reviews, and the countless others who audited, advised, and ran testnet nodes. The optional confidentiality MWEB provides gives the user notable and needed protections for small everyday items, to salaries, or even buying a home", says Burkett.Charlie Lee, the Creator of Litecoin, added: "The planning, development and now activation of MWEB has been a true community effort, beginning with multiple years of donations from Litecoin supporters all over the world, and culminating with the dedication and attention to detail of David Burkett who led the project. "MWEB is a crucial next step in Litecoin's evolution.
Mweb litecoin upgrade#
For Litecoin, the threshold is defined as 6,048 blocks or 75% of the blocks in the window.ĭavid Burkett, MWEB’s lead developer (sponsored by the Litecoin Foundation), believes the upgrade will position Litecoin as one of the most sound currencies in the world.
At the end of each window, nodes tally up all of the blocks that signal for a feature, and if the total meets the defined threshold, MWEB will “lock in” for activation in the following window. Miners will be using a small part of the 'version' field to signal for MWEB activation.Įvery 8,064 blocks, a new “window” is started. As explained by Burkett, each block has a 'version' field, which miners can use to “vote” for soft forks. Once the threshold is met, the activation date will be locked in and as a result, MWEB will go live. Once miners receive the completed code, they may begin signaling for MWEB activation right away. With MWEB now being available, it is time for the Litecoin community to begin the signalling process. This release comes after Quarkslab, a respected security and code auditing company, completed a review/audit of the MWEB code, commenting, “The protocol provides valuable new security enhancements about the privacy of transactions on the blockchain”, in addition to months of further review and testing by Litecoin developers. MWEB will be included as part of the Litecoin Core 0.21.2 release candidate, which also includes the security and privacy enhancing Taproot upgrade. David Burkett, the lead developer behind Litecoin’s Mimblewimble Extension Block ( MWEB) upgrade, has confirmed that MWEB has now been officially released as a 'RC', following an intense multi-year process of development, testing, reviewing and auditing, along with the help of dozens of key contributors.
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