Litecoin creator Charlie Lee is having further discussions with the Litecoin team and community to increase its privacy through MimbleWimble. On the price front, Litecoin is in the green in both BTC and USD market.
Increased Privacy for Litecoin
Last week, we reported that Litecoin creator, Charlie Lee shared the plan of fungibility and Confidential Transactions for the 6th largest cryptocurrency. Apart from these features, MimbleWimble is also the protocol, Litecoin team is having the discussion on. Previously, on the prospect of MimbleWimble, Lee had said this, “Too hard to do MW. It changes the blockchain too much and has to be a hard fork.”
Now, Lee and the Litecoin team is working on Mimblewimble as he shared on Twitter,
“Litecoin dev team spent hours discussing how to add Confidential Transactions. The way to do a soft fork CT is very similar to doing extension blocks and extension blk may be simpler and can do a lot more. We are now also exploring doing bulletproof MimbleWimble w/ extension blks.”
There’s nothing concrete yet as Lee said it is no announcement rather just sharing with the community and to get their views on these prospects.
MimbleWimble is different from Bitcoin in the way that it allows Confidential Transactions. It also leverages CoinJoin which is a mechanism that combines payments from multiple spenders into a single transaction, making it difficult for an outside party to determine which payment was for which recipient. Currently, it can be integrated into the Bitcoin network as a sidechain.
MimbleWimble offers a strong scaling solution by using confidential transactions and CoinJoin while increased privacy for Bitcoin protocol.
At the time of writing, Litecoin has been trading at $33.90 with 24-hours gains of 0.31 percent. In the BTC market as well, it is in the green by 0.77 percent. While having a market cap of over $2 billion, it is managing the daily trading volume of $750 million.
According to the crypto trader, Moon Overlord, Litecoin is targeting around $50 in the coming month, if not weeks.
Moreover, with Litecoin halving about 184 days away that will reduce the coin reward from 25 to 12.5 coins, bullish expectations for this digital asset seems to be moving higher.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.