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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 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.”
Litecoin Foundation and Beam Cooperation Announcement https://t.co/H6SwsiruwV #SovereigntyByDesign #Mimblewimble #Litecoin @SatoshiLite pic.twitter.com/oMfYeOl6TY
— @Beamprivacy (@beamprivacy) February 7, 2019
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 simmilar 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:
Nice partnership. We are excited to learn more and see if this can be implemented.
— Litecoin Master ⚡️ (@xtdisnkfe) February 7, 2019
I am becoming more bullish on LTC again. I am going to start accumulating some more LTC. The volume has increased and price is trying to go higher.
— Daniel Fraser (@Daniel_Fraser1) February 7, 2019
One of many reasons a multicoin/multiblockchain environment is better than monoculture maximalism: "Litecoin Collaborates With Beam Privacy For Mimblewimble Implementation" https://t.co/210JLojg4P
— Erik Voorhees (@ErikVoorhees) February 7, 2019
However, as one user stated, this is still a potential implementation, with talks just beginning.
If anyone even took two seconds to read this article it says;
— PositiveGreed (@Hazelpups) February 7, 2019
"The Litecoin Foundation has approached Beam about POSSIBLE cooperation to implement Mimblewimble via Extension Blocks on Litecoin"
This can take years or even more likely, not at all.
It's less than a teaser.
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:
I have never seen #litecoin at the 4th place... cool... pic.twitter.com/S0MB62bazY
— Ruben (@RubenRibeiroLTC) February 8, 2019
#litecoin 24 hour volume!
— johnkimofficial.com ⚡️Chief LTC Evangelist (@johnkim77) February 8, 2019
$872 million.😎 $1billion in coming?
Cheers 🍻 #litecoinfam #IgnitetheFireLTC pic.twitter.com/NncHVNqo7t
We could see 5-10x by July
— Litecoin Master ⚡️ (@xtdisnkfe) February 8, 2019
Look what it did in 2015 pic.twitter.com/AddDOy4dmf
Read more: Litecoin founder Charlie Lee looking to implement confidential transactions to LTC