The Litecoin Foundation has officially partnered with the software development company Beam in order to work together for the implementation of the new protocol that would improve scalability and privacy, according to the crypto news reports coming from Beam’s Medium blog post.
The new protocol named ‘’Mimblewimble’’ which is inspired from the popular Harry Potter novels and is basically a made-up curse word is being tested for the scalability solutions. The blog post states:
“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.”
The Litecoin Foundation also posted on their blog post where it says that ‘’Mimblewimble’’ is a part of the ‘’Confidential Transactions’’ that will allow transactions to be verifiable but also ‘’obfuscated’’ in order to achieve enhanced privacy and to prevent double spending.
The news about the partnership had affected the price of Litecoin which made it increase up to 30 percent, overtaking EOS and Bitcoin Cash. If we take a look at the performance these past days, the altcoin traded somewhere around $30 and $34 for the bigger part of January.
Charlie Lee, the creator of Litecoin, tweeted that the ‘’fungibility’’ is the only property missing from Bitcoin and Litecoin so that will be the new battleground for the altcoin. He revealed that the foundation will be focused on implementing Confidential Transactions.
Altcoins were designed so they can provide privacy and will always focus on maximizing it. One of the most privacy-oriented coins out there is Monero, Dash and Zcash.
Top Cryptocurrencies See Green, Ending Week With A Positive Action
Major American Wholesaler H&M To Start Accepting BTC,ETH and LTC
“After more than 20 years in the business, we consider ourselves experts in specialty lighting, Accepting cryptocurrency payments allows us to share that expertise with even more clients by removing many of the barriers that made it difficult to sell internationally before. What sold us was the settlement system, which allows us to convert crypto payments to a USD equivalent right away.”According to the company’s press release, all of the advantages of cryptocurrencies are highlighted including faster settlement times and lower transaction fees but also freedom from chargeback because of the immutable nature of cryptocurrencies. What is interesting is the fact that the company will also use Bitcoin Diamond (BCD) despite not being widely adopted.
Crypto Payments Platform CoinGate Begins Its Lighting Network Trial With Litecoin (LTC)
"VPNs are to be honest one of the most frequently used services by crypto-enthusiasts (what we see by our data). However, due to quite low price, it is usually a no-win to pay for it with Bitcoin or Litecoin; and that’s exactly what Lightning should solve. That’s what we are trying to showcase – paying even for low-priced products should be possible, convenient, and cheap using cryptocurrency."The first merchant to use the LN on Litecoin will be Surfshark which is a VPN provider. According to Mishura, hopefully all of the 4,500 of their merchants will be interested in integrating LN in order to reduce the friction on both sides. Meanwhile, CoinGate enables businesses to accept all major cryptocurrencies and many altcoins. The fee at the exchange is 1% and clients can choose from BTC to dollars or Euros as their designated payout.
United States: Presidential Candidate Tulsi Gabbard Bought Crypto At Peak
“There are a lot of challenges that are facing the American people…that I want to help solve.”Gabbard also added that her main concern is to make sure that the US does not continue to intervene in ongoing conflicts in the Middle East. Aside from this, her other priorities include climate change, healthcare and criminal justice reform. According to some reports, Gabbard bought $1,001 to $15,000 of Ethereum and Litecoin in the bull market, when the Bitcoin price soared to a record high of $19,500. It is unclear how much crypto the presidential candidate currently holds though. However, this is still positive news for the crypto market in the United States. According to analysts, a presidential candidate with a strong will for crypto is a good sign to wider adoption. Gabbard is not the only one with such interest, however. The congressmen Darren Soto (Democrat-Florida) and Ted Budd (Republican-North Carolina) in December last year also said that the country must "nurture the profound potential of crypto" in order to stimulate the economy.
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