Litecoin had a 36% spike in a single day after the core development team lead by Adrian Gallagher has initiated talks with Guy Corem and the Beam team about MW (MimbleWimble), extension blocks and potentially integrating the tech into Litecoin.
Adrian stated: “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. It is our joint intention to publish any and all the work done as part of the project under a permissive open source license to let the community benefit from it.”
In order to understand the Mimblewimble Protocol, we need to understand first what a Confidential Transaction is sinceMimblewimble transactions are a derivation of that.
Conceived by former Bitcoin developer, Adam Back, confidential transactions allow senders to encrypt the amount of bitcoins they want to send by using what are known as, blinding factors.
Mimblewimble transactions function in a similar way but also leveraging another piece of cryptographic innovation known as CoinJoin.
Proposed by Gregory Maxwell, CoinJoin is a mechanism by which payments from multiple spenders are combined to form a single transaction, thus making it difficult for an outside party to determine which payment was intended for which recipient.
It looks Litecoin’s supporters are very happy about the possible implementation of WM privacy protocol. The price as we said, skyrocketed 36% in a single day, which shows to the Litecoin team the big interest from its community.
In the chart below we can see the giant gains had today:
Litecoin volume has also reached a huge $1.5 Billion USD in the same day, which we haven’t seen since February 2018.
For who is looking at support levels, we have individuated a possible one around the $40 USD as you can see in the image below:
Overall we think that this implementation if ever happens, could bring Litecoin as being the #1 privacy coin surpassing giants in the space like Monero, Dash and Zcash.
What do you think about the possible implementation of the MimbleWimble Protocol in Litecoin? Let us know below in the comment section and remember that this is not financial advice but our personal opinion about the projects and their development.
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