What is Litecoin MimbleWimble Extension Block?

Owned by Egya (Unlicensed)
Last updated: Jun 16, 2022

The MimbleWimble extension block is a chain on the Litecoin newtwork that is intended to run as a parallel blockchain to Litecoin’s primary chain (mainnet). It is activated as an opt-in feature that enables users transact on either of these blockchains. Mimblewimble uses a form of elliptical-curve cryptography that requires smaller keys than other cryptography types. The MWEB chain is intended to provide better fungibility and privacy than Litecoin’s fundamental chain by allowing for transactions to be selectively disclosed by proving knowledge of the blinding factor with valuable security enhancements within the network’s MW chain. MW chain features include -  

  • Fungibility –refers to the ability of a currency to be exchanged for another unit without losing its value. Due to the lack of address registration on the MW blockchain, the origin of the coins will not be known as a result they cannot be negatively labelled. 

  • Data Compression – MimbleWimble also allows for data compression, reducing the overall blockchain size. 

  • Scalability – Due to the little space that transactions require within the blocks of the MW blockchain, the protocol architecture is much more scalable. 

  • Partial Privacy – MWEB removes some of the Bitcoin scripts and obfuscates some of the transaction details enabling more privacy for users. By not mandating to register the public addresses of the issuer or receiver on MW blockchain, it is unlikely to trace the origin and destination of operations and funds. 

IMPORTANT NOTICE

MidChains does not support the MimbleWimble Extension Block upgrade. All deposits and withdrawals of Litecoin (LTC) that utilize the MimbleWimble Extension Blocks (MWEB) will not be supported. MimbleWimble Extension Block (MWEB) chain is an opt-in feature on the Litecoin network, providing its users with an option of sending confidential LTC transactions without revealing any transaction history on the MimbleWimble Extension Block chain. LTC deposits made through the MWEB chain to MidChains will not be returned as we are unable to verify the sender's and recipient’s addresses, resulting in the direct loss of funds. To ensure optimum security of your funds, please avoid depositing LTC through the MWEB chain into your MidChains wallet.

 

Litecoin MWEB Stats (14-06-2022) 

MWEB Balance: 1,487.89986834 LTC ($76.7k) 

MWEB Transactions: 1728 

Average Size: 99 bytes 

Total MWEB Transaction: 1,781

LTC Avg Txn/day: 100K implying that only 0.1% of transactions have been made on the MWEB chain.