Many technologies and other mechanisms can boost your privacy and security in the blockchain network. As the adoption rate of cryptocurrencies keeps increasing with each passing year, it has become vital for budding traders and investors to become aware of these methods to protect themselves. The MWEB is one such innovative feature that was adopted by Litecoin in 2022. In this article, we will look into the MWEB technology, how it functions, and how you enable it on your LTC wallet.
MWEB & Its Key Features
MWEB, or Mimble Wimble Extension Blocks, is one of the significant upgrades introduced to Litecoin in May 2022. The main function of this upgrade is to increase the network’s scalability and privacy. The MWEB contains the MimbleWimble protocol, which was first proposed for Bitcoin to increase transaction confidentiality and fungibility. The key features of the MWEB technology include the following.
1. Privacy
MWEB allows users to conduct transactions through a secure and private blockchain. During and after the transaction, the sender and receiver shall remain anonymous. In other words, if you conduct a transaction using MWEB, others cannot see how much Litecoin you hold or any details surrounding the transaction.
2. Fungibility
Almost all the transactions that take place in the MWEB are identical as no external person can view the transaction details. This feature enhances the fungibility of Litecoin.
3. Pegging In & Out
The users can “peg in” their coins from the main Litecoin blockchain to the MWEB to conduct private transactions and later “peg out” the coin back to the original blockchain. This is especially useful as users can easily switch from public to private transactions.
4. Scalability
During the MWEB transactions, the data is highly compressed. This greatly helps in reducing the overall block size and boosting the efficiency of the transactions.
5. Compatibility
The MWEB upgrade was introduced as a soft fork to the Litecoin blockchain. Therefore, it is also compatible with older versions of Litecoin clients. It means that even the users who haven’t upgraded their version can still use the network without any issues.
How To Set Up & Use MWEB In Your Litecoin Wallet
MWEB is a great way for Litecoin wallet users to improve their privacy and security during a transaction. So, it is important to know how you can set up and use this MWEB in your wallet. To make this easier for you, we have created a step-by-step guide on it.
1. Downloading Litecoin Core
Go to the official Litecoin website and download the latest version of the Litecoin Core. Installation may take a few hours depending on your system and network speed.
2. Syncing Litecoin Core
After its successful installation, open the application on your system. Then, allow the wallet to sync with the Litecoin network. This may take some time.
3. Generating SegWit Address
There is a tab called “Recieve” in Litecoin Core. Go there and generate a native SegWit address. After that, send a small amount of Litecoin to this wallet from your main account to fund it.
4. Enabling MWEB
Go to “Settings” and click on “Preferences”. In the “Wallet” tab, look for “Enable coin control feature” and enable it. Then restart the application.
5. Generating MWEB Address
Go to the “Recieve” tab and enable the “Generate MWEB address”. After that click on the “Create new receiving address”.
6. Peg In Your Litecoins
Go to the “Send” tab and then click on the “Inputs” button to peg your Litecoins into the MWEB. Select the corresponding Unspent Transaction Output (UTXO) and then paste your MWEB address in the “Pay To” field. After that, you have to specify the amount and then confirm the transaction.
7. Sending & Receiving MWEB Transactions
To send coins go to the “Send” tab and enter the recipient’s MWEB address. For receiving, share your MWEB address with the sender and wait for the transaction. You also need to check if you have enabled “MWEB Scanning” in the settings. If you haven’t done so, enable it.
8. Pegging Out
To convert your MWEB coins to a regular wallet, use the “Peg Out” feature. This will allow you to easily transfer your MWEB Litecoins to standard wallets.
Final Remarks
Setting up and using a MWEB Litecoin wallet can greatly improve your privacy and transactions. Not only that, but they are also easy to use once you properly understand the mechanism behind them. By following the above steps carefully and referring the related sections can help you understand it. However, there is a probability that you may find it difficult at first. But after two or more successful transactions, you will get the hang of it. For more information regarding Litecoin and its associated features, stay tuned.
