Major update MimbleWimble for Litecoin (MWEB), has been approvedby the majority of nodes, and are locked in for activation. The process of activating the nodes will take place in two weeks at block 2,000,000, May 19.ThDavid Burkett is the lead developer of MWEB.
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Burkett said that users who have the most recent version (0.221.2) will now be able transact using MWEB capabilities. The new version of the software will be made available immediately after many years’ development. Burkett said:
If you are interested in the MWEB and have installed any of the older release candidates, it is a good idea to upgrade to the official v0.21.2 version before MWEB activates. If you wait until after MWEB activation to upgrade, you’ll unfortunately be required to resync the blockchain from scratch.
MimbleWimble, the most anticipated update since its conception, will offer Litecoin users better privacy and performance. The underlying cryptocurrency could see more demand as it is currently traded in conjunction with larger ones.
The lead developer clarified that the upgraded wallet has been “solid”. However, there have been some changes as a result of fixed issues found during the update’s testing phase.
In a previous post, Burkett explained in greater detail some of the issues fixed during MWEB’s testing phase. They included fixing the wallet transaction record, issues with mining logic, as well as a change to the spend code that prevented a bug in subtract fee from amount.
Successfully reported the developer:
(…) the consensus logic has been solid for a while now, the wallet has undergone drastic changes these past few months as we worked to resolve issues found during testing. Major workflows appear to be in good shape now and I believe most people will be able to use MWEB easily.
What is the Price of Litecoin?
Litecoin trades at $96 as of the writing. This represents a loss of 22% over the last month, and a loss 73% in one year. The upcoming MimbleWimble launch seems to get no response from the market.
Despite it being one of the most anticipated updates, LTC’s price seems to be following Bitcoin and larger cryptocurrencies in the short term. The future of LTC is predicted by data from two material indicators.
As you can see below, small and retail investors (yellow in the chart) are buying into recent price movement which backs the theory that MWEB will be updated. These investors are likely to expect an increase in price over the long-term as MimbleWimble may open up new uses for Litecoin.
Other investors have also been buying into the price movement up to very recent times. Investors (in purple above) with asks orders of over $100,000 seem skeptical about LTC’s price and have been dumping since April.
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For a short period of time, these investors are slowing down their selling pressure. Buyers could struggle to get above $100, as almost $10,000,000 worth of asks orders are around these levels.