Thread by @robertfcoleman

Litecoin has made history with the activation of #MWEB. Here’s a thread on why *I* believe it’s a pivotal/critical advancement (not just for $LTC) and how it will positively impact every day people. (As always keep in mind I am non-technical) 🧵1/14

What: #MWEB (MimbleWimble Extension Blocks) is the largest upgrade to the Litecoin network ever. In short, MWEB allows #Litecoin transactions to be sent with additional ‘privacy’, i.e: allowing users to transact amounts ‘confidentially’ 2/14

Importantly, MWEB is opt-in. Users can still use the ‘public’ Litecoin if they wish. That said, as comprehension, adoption and more user-friendly infrastructures appear, it’s my belief that Litecoin+MWEB's ‘cash-like’ properties will be of huge benefit to everyday people 3/13

Why MWEB’s important: I don’t go around telling people how much cash I have in my pocket or how much I pay employees. This is critical, as the ‘confidential’ nature of money - how much we have, send/receive - provides greater personal safety. Litecoin+MWEB solves for this 4/14

‘Fungibility’ and ‘sound money’ have been used to describe attributes #MWEB brings to $LTC. Here’s a great blog from @lite_hause that explains ‘sound money’ better than I can: litecoin.net/news/the-battl… via @LTCFoundation 5/14

Aren’t privacy coins likely to be delisted? Litecoin + MWEB ≠ a ‘privacy coin’. @LTCFoundation engaged exchanges from the outset. Overwhelming support was received! In fact, @binance officially signalled for #MWEB via @cz_binance on 14/04/22:

https://twitter.com/cz_binance/status/1514567168381394944

6/14

Q: Why did MWEB take so long? A: @DavidBurkett38, @SatoshiLite and many more spent 2+ years developing, testing, troubleshooting. Unlike so many failed upgrades in the space, this methodical process allowed for an uneventful and seamless launch! No hiccups = a good thing! 7/14

When it comes to upgrades of this magnitude, patience is critical. A gentle reminder that - even with complex, audacious and technical upgrades like MWEB - the Litecoin network has still had zero downtime in 10 years! 🥳 8/14

Q: Who decided MWEB should go ahead? A: Being decentralized, any major upgrade to Litecoin must achieve consensus. To proceed, 75% of miners needed to signal their support for MWEB - this was achieved on 2nd May ’22. See here: litecoinsignals.quest (via @alexrockwell) 🚀 9/14

As with any innovation in its infancy, MWEB has room for improvement! Greater adoption by wallets and better user-experience = less friction, more adoption. The @Litewallet_App team are working hard on this already as are many others! As always, community-support = success! 10/14

Want to use MWEB? In order to make MWEB transactions, be sure to upgrade your Litecoin Core to v0.21.2. Instructions here: github.com/litecoin-proje…. If you have any questions, please reach out to @losh1212 or @LTCFoundation 11/14

Massive thanks to MWEB’s lead dev @DavidBurkett38, @SatoshiLite, @LTCFoundation + all testers for their hard work. I believe by adding more 'cash-like' properties, MWEB unlocks greater utility and use cases. A step closer to making Litecoin the world’s most sound currency 12/14

Read more on #MWEB via this great blog from @lite_hause (litecoin.net/news/mweb-has-…). To offer support, or ask technical questions, head to the dev Telegram (t.me/MWEB_Testnet) or join the discussion on @litecoin_talk: litecointalk.io/t/mweb-progres…. 13/14

Lastly, this isn't the first time Litecoin has led innovation. In 2017, $LTC was the ‘test bed’ for SegWit (coindesk.com/markets/2017/0… via @CoinDesk), subsequently adopted by Bitcoin. So, who knows, we may soon see MWEB used by Litecoin’s big brother #Bitcoin 14/14

Thanks for reading. Too many to mention, but a massive thanks to @LTCFoundation’s devs, volunteers and the Litecoin Community. If you have any non-technical Qs, or if I’ve made any errors / misrepresented anything, please reply! I’m always open to feedback or discussion! 😊.

@Losh1212 @LTCFoundation Grrr, reach out to @loshan1212! *Need that 'edit' button!