We're thrilled to announce a major milestone: the initial phase of integrating Litecoin MWEB into BasicSwap DEX. With this latest update, users now have the ability to send MWEB transactions to MWEB deposit addresses on BasicSwap and effortlessly convert coins between standard and MWEB balances.
This integration marks the first step in our commitment to fully integrate Litecoin MWEB atomic swaps into BasicSwap DEX. We are closely following Litecoin's upcoming major update — which is required for a full integration of MWEB swaps — and plan to incorporate full MWEB swaps as soon as feasible.
Our goal is to support innovation in the cryptocurrency space, especially in regards to privacy, data protection, and pro-freedom initiatives, and we are confident that adding Litecoin's MWEB capabilities to our DEX will go a long way in making this important privacy contribution from the Litecoin community more accessible to a wider audience.
Table of Contents
- How to Use Litecoin's MWEB on BasicSwap DEX
- Providing Liquidity to Litecoin Pairs
- (Contest) Win a Physical Litecoin (Worth ~$1,000)
- Dr. Kap to Speak at the Litecoin Summit 2024
- About Litecoin's MWEB
How to Use Litecoin's MWEB on BasicSwap DEX
To begin using Litecoin MWEB on BasicSwap, you need to either install the DEX on your computer or update it to the latest version. Detailed instructions for installation and updating can be found at the Particl Academy.
Note: If you're using Windows, you can use our all-in-one .exe installer here which fully automates the process: https://github.com/gerlofvanek/basicswap-installation-GUI/releases (latest installer version)
Once installed, navigate to the Wallets page on the DEX where you'll see all the coins you've enabled. To manage your Litecoin wallet, click on the 'Manage Wallet' button at the top right corner of the Litecoin tile. There, you'll find both your standard and MWEB Litecoin deposit addresses. You can send your coins to these addresses as needed.
To switch coins between standard and MWEB balances, simply make a withdrawal from one address type to the other. This will create an internal transaction, effectively converting your balance between the two states.
For example, to transfer coins from your standard deposit address to your MWEB address, simply copy and paste your MWEB address into the LTC address field, enter the number of LTC you want to transfer, and click on the Withdraw LTC button.
Providing Liquidity to Litecoin Pairs
While full MWEB swaps aren't yet an option on BasicSwap, you still have the ability to swap Litecoin using either the Secret Hash method or the more privacy-centric Adaptor Signature protocol for atomic swaps. This means you can trade Litecoin for any of the other cryptocurrencies available on the DEX, including Monero, Bitcoin, Particl, and many more.
To make it easier for you to provide liquidity on the DEX, we've introduced a companion automated market making script. This tool runs in tandem with the DEX, automatically republishing your offers on the order book once they expire and adjusting their prices to align with the current market rate.
Additionally, you have the option to configure the script to list your offers with a premium over the market rate. This feature provides an opportunity for passive income as others pick up and trade with your offers.
Setup BasicSwap on a VPS
The first thing we recommend if you intend on providing liquidity via the companion script is to get a reliable 24/7 BasicSwap instance that requires no manual input from you once setup.
You can easily do this by installing the DEX on a cloud/VPS server. This is extremely useful because, once deployed, it won't require you to keep your computer on at all time and won't cost you storage space or CPU power on your personal computer.
While there is a cost associated with hosting a VPS, our second video, which shows how to run the automated market making script on BasicSwap, may help in offsetting the costs by setting a premium over the market rate and have other people pick up your swap offers.
Automated Market Making Script
The second video tutorial shows you how to deploy BasicSwap's companion automated market making script on the cloud instance we've just set up. This allows you to provide liquidity on the order book in a completely automated manner, ensuring that your offers are republished when they expire.
What's more, it also allows you to peg your rates to the current market prices and add a markup on top of that market rate, netting you potential passive income whenever others pick up your offers.
Combined with your cloud instance of BasicSwap, this makes running an automated BasicSwap node and providing liquidity to Litecoin pairs entirely effortless once the initial setup is complete. Simply ensure your server is online, deploy the market making script, and earn some sweet passive income as people enjoy your liquidity for their swapping needs.
Win a Physical Lealana Litecoin (Worth ~$1,000)
To celebrate the launch of Litecoin MWEB on BasicSwap DEX — the world's safest, cheapest and most anonymous decentralized exchange — we're giving away five (5) 2013 Lealana 1 Litecoin “First Run” bullions, valued at approximately $1,000 each.
To participate, simply (1) place a bid on the contest listing on Particl's decentralized marketplace dApp (listing title: Particl x Litecoin MWEB Contest), (2) like and retweet the contest tweet, and (3) tag three of your friends in the tweet's comments section. The link to the tweet will be shared tomorrow in a blog post exclusively dedicated to the contest on Particl News.
We will be picking a lucky winner at random every two Sundays over 10 weeks, for 5 rounds total.
Mark your calendars for these draw dates (all at 2PM EST):
- February 18, 2024
- March 03, 2024
- March 17, 2024
- March 31, 2024
- April 14, 2024
IMPORTANT
- While there is no need to include your real address when placing your order on the Particl Marketplace contest listing (you can enter a dummy address), you must include your Twitter handle as your name so that we can verify that you've liked and retweeted the contest tweet. Orders without a Twitter handle will not be counted as valid.
- We'll contact the winner for shipping details through the official BasicSwapDEX Twitter account. Do not give your address to any other (scam) account that may try to reach out to you.
- There will be only one win per person. Winners are excluded from subsequent draws.
- While a small amount of PART is currently required to place an offer on this listing, the introduction of Litecoin as a payment option is on the horizon as a BasicSwap DEX integration into Particl Marketplace is planned in the future.
About Particl's Decentralized Marketplace
Particl Marketplace is an anonymous, commission-free online eCommerce platform similar to eBay, but entirely decentralized.
Built from the ground up with privacy in mind, it operates without any knowledge of your personal information, instead leveraging a two-party escrow system and Particl's native privacy coin, PART, to keep transaction details confidential and trades secure.
If you're just learning about Particl Marketplace or haven't installed it before, these links may be useful to you:
- How to download and install Particl Marketplace
- How to buy and sell stuff on Particl Marketplace
- Learn more about Particl Marketplace
Note: To participate in the contest, you must place an order request for the contest listing. To easily find it, use the search function and look for a listing titled "Particl x Litecoin MWEB Contest".
A small amount of PART (1 PART) is required for you to place an order request. That amount will be refunded, in full, to you at the end of each round.
To acquire PART, you can use an exchange like MEXC or the quicker WizardSwap, a user-friendly exchange developed by one of our beloved community members that allows direct LTC to PART swaps.
About the 2013 Lealana 1 Litecoin “First Run” Bullions
- Limited first mint: Only 2,000 created.
- Each coin contains one (1) Litecoin cryptocurrency
- The private key is hidden under a peelable layer for privacy.
- Comes with a protective coin capsule.
- First bits obscured in the images above for added security.
- A collector's gem, estimated value at just under ~$1,000 (see here).
Dr. Kap to Speak at the Litecoin Summit 2024
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We're thrilled to share that Particl and BasicSwap advisor Dr. Kap will be presenting on stage at the Litecoin Summit 2024 in Nashville this summer. His talk will focus on the significant privacy and freedom benefits associated with using MWEB-powered Litecoin swaps on BasicSwap DEX, and why this new Litecoin release is so significant in light of the current crypto and world events.
If you're in or around Nashville during the summit, we highly recommend attending as it's shaping up to be one of the standout conferences of the year. For more information and to see the impressive list of speakers, click here.
About Litecoin's MWEB on BasicSwap DEX
Litecoin's MWEB protocol is a significant optional enhancement aimed at improving privacy and scalability, two critical aspects in the world of cryptocurrencies. Derived from the name 'MimbleWimble' originating from the Harry Potter series, this protocol was initially proposed by an anonymous user named Tom Elvis Jedusor in a Bitcoin research chatroom, signaling its roots in the broader crypto community.
Technically, MWEB is distinct because it fundamentally alters how transactions are constructed in Litecoin's blockchain. Unlike traditional blockchain models, where individual transactions are visible, MWEB combines multiple transactions into a single large transaction. This is achieved by using confidential transactions, which allow the sending and receiving of amounts to be encrypted. The encryption is done using blinding factors, ensuring that only the transaction parties can decrypt the amounts. Moreover, MWEB employs a novel approach called "CoinJoin," which merges multiple payment inputs and outputs to obscure the link between individual transactions, greatly enhancing privacy.
The benefits of MWEB in Litecoin are substantial. Firstly, it significantly enhances privacy by concealing the amount of Litecoin being transacted and by obscuring the connection between sender and receiver. This feature is a stark contrast to the transparent nature of traditional blockchains like Bitcoin, where transaction details are publicly visible. Secondly, the protocol improves scalability. By condensing multiple transactions into one and using cryptographic techniques to verify transactions without having to store excessive data on the blockchain, MWEB reduces the amount of data stored on the network. This leads to faster transaction speeds and lower costs, making Litecoin more efficient and practical for everyday transactions.
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