Litecoin jumps into 4th place after 10% pump, following MimbleWimble news

08 Feb, 2019 | Updated: 08 Feb, 2019
by Will Heasman
Breaking News
Litecoin jumps into 4th place after 10% pump, following MimbleWimble news

Litecoin is displaying some impressive gains up more than 10%, following the potential implementation of privacy and scalability solution, MimbleWimble.

Yesterday a blog post relayed that the Litecoin Foundation were investigating the technology following talks with the privacy-focused project, and MimbleWimble incorporator, Beam:

“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.”

MimbleWimble is a blockchain based privacy protocol with a focus on scalability. The benefit of the protocol is that it doesn’t relay any traceable information within a given transaction, while simultaneously verifying both the sender and receiver’s private keys.

Privacy coins such as Zcash, already implement similar technology via zk-Snarks, offering zero-knowledge proof, which as the name suggests, proves pertinent information without revealing it.

However, coins utilizing Minblewimble, such as Beam, are far more compact, with Beams blockchain just a mere 30% the size of Bitcoins.

Many took to Twitter in excitement of the announcement and what it could mean for the future of LTC:

However, as one user stated, this is still a potential implementation, with talks just beginning.  

Following the news, LTC is now in 4th place within the top cryptocurrencies by market cap, currently up 10.49% on the 24 hour charts.

This hasn’t gone unnoticed by crypto twitter:

 Read more: Litecoin founder Charlie Lee looking to implement confidential transactions to LTC

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