Community Trust ScoreVerified
The window for Litecoin miners to begin signalling for MWEB has already begun. This is reportedly, Litecoin’s biggest upgrade of all times. It is important to note that Litecoin has been running flawlessly ever since it was created in 2011.
So, how does the miner signaling work? “Well approximately every 2-weeks (8,064 blocks to be exact) a signaling window is opened to allow for litecoin miners to vote for the upgrade.
During this time if 75% of the mined blocks have a signal for the upgrade then the litecoin upgrade will take place. If less than 75% of miners signal, then the next window will open and the miners can vote again. This will go on until either 75% vote during one of the windows or until 1 year from the first signaling window.”
They have made it possible to be able to track the progress on the Litecoin Dashboard.
If after 1 year, the Litecoin upgrade will automatically upgrade. Therefore, with high certainty the Litecoin upgrade is expected to take place on between now and February of 2023.
This new upgrade has been in the making for several years. It is finally expected to be adding up the last missing characteristics of a great money which is “fungibility” to Litecoin.
Also, it includes confidential transactions, where the amounts transacted between parties are not recorded on the public blockchain. This is considered to be good as it maintains privacy and the receiver will not know how much money the sender is having in his wallet or in the wallet of anyone else on the internet.
Before the MWEB, the amount of LTC in your wallet was visible to anyone on the internet. It was like everyone knowing how much is there in your bank account. This information is open to the Public and it is bad for an individual’s privacy and security.
This also can be said for companies, sovereign wealth funds, and also governments, etc. Thus, it is a privacy and security issue if the amount which is kept in the wallets is not easily known to everyone and anyone.
After the upgrade, the Litecoin transactions which opt-in to the privacy feature will not be recorded on the public blockchain. This new feature will however be optional and not mandatory. It would be made available when making transactions.
It is like Venmo’s feature which turns on public transactions where everyone on the internet are able to see the amounts or when using the privacy feature the information isn’t open to everyone on the internet.
