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

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Poll

How do you feel about adding Confidential Transactions to Litecoin?

(7 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage