Litecoin is working fast on “adding privacy and fungibility” as it collaborates with Beam, a Mimblewimble implementation.
Litecoin’s Plan of Action
Recently, we reported that Litecoin creator Charlie Lee and the team are exploring Mimblewimble implementation after announcing the plans of fungibility and confidential transactions on Litecoin.
In the latest announcement, Litecoin Foundation has approached Beam, a Mimblewimble implementation that focuses on privacy, scalability, and optin auditability for “possible cooperation to implement Mimblewimble via Extension Blocks on Litecoin.
“One of Beam’s goals is to advance privacy in cryptocurrency space and promote Mimblewimble protocol, and we are glad to provide Litecoin Foundation with our help and expertise.”
Last month, Lee had shared the “next battleground” that he has planned for Litecoin in terms of privacy and fungibility. And just a few days back, he had shared that they are in talks with beam about Mimblewimble.
“Team has been chatting with the vcorem and beamprivacy team about MimbleWimble on Litecoin with Extension Blks. Pleasantly surprised that Beam has already implemented switch-commitments w/ ElGamal. It’s a safety switch to protect against quantum computing breaking CT soundness.”
According to the announcement, both the teams have already started exploring and all the work that would be done as part of this project would be “under a permissive open source license to let the community benefit from it.”
“We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.”
On the price front, the sixth largest cryptocurrency by market cap of $2 billion is currently trading at $33.55 with 24-hours gains of 2.62 percent according to the data provided by Coinmarketcap. LTC price is in the green by over 2 percent in the BTC market as well.
Litecoin Price Chart, Source: Coinmarketcap
Litecoin is also close to overtaking Bitcoin Cash on 5th position with a difference of just about $4 million in market cap, at the time of writing.
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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.