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.
Litecoin Price Analysis Shows A Fresh Upward Movement Above $75
The LTC Creator Says His Goal Of Litecoin Is To Make Sound Money
“I think the goal for Litecoin and also, for me, for Bitcoin is to create sound money. When I first found out about Bitcoin, I saw it as a better form of money than … human civilization has ever seen. If Bitcoin is a better form of gold, for example, it doesn’t have to be used daily. People [store but] don’t spend gold, right? And you can actually build on top of that.”When he was asked what is stopping cryptocurrencies from becoming widely adopted, the LTC creator explained that the lack of security while protecting the coins is one of the biggest obstacles when it comes to mass adoption. Continuing the interview, Charlie Lee pointed out:
“Hindering adoption today is the lack of trust in terms of securing your Bitcoins. A lot of people aren’t tech savvy enough to protect and store their own coins, and they rely on third parties like exchanges. And then the exchanges get hacked.”The coming altcoin news show that the interview dug deep into the future of cryptocurrencies but the future of money as well. It was also mainly focused on whether the cryptocurrencies will be able to replace central bank and fiat currencies. At the end of the interview, the LTC creator focused on Litecoin’s improvement and fungibility. In other words, fungibility means the property of money that implies that every asset’s unit has the exact same value as any other asset that has the same unit or it is from the same kind. He also mentioned that his company is looking to improve and increase merchant adoption as well.
LTC Price Can’t Keep The Pace Any Longer: Crypto Analyst
“We have seen a downward wedge forming over the last week or so. We look for potential breakdown of that $75 near-term support.”While the analysis from Donovan suggests that traders might want to take advantage of the short-term profits, the litecoin price breakdown does not mean that the altcoin will be weak in the long-term. It only shows that the LTC price will be up for a healthy retracement since its value surged by more than 350 percent after the bear market low at $22. Donovan continued:
“LTC has rallied from the lows of last December from ~$22 roughly 350%. A short-term retracement would not at all be unlikely NOR would it be a bad sign for the token. Healthy pullbacks can and should occur in an asset that rallies this hard, this fast.”However, as some of the best cryptocurrency news sites show, not all analysts are convinced that the litecoin support level will reach a breakdown point. The Rhythm Trader posted on Twitter explaining a more bullish scenario. He stated that if the volume is rushed to defending the support level, the LTC price could reach a triple-digit territory:
“If $LTC shows a little volume here, this could get really interesting with a break of $100 quick if this support holds.”
Litecoin (LTC) Hash Rate Hits A New All-Time High On April 8
“Another potential explanation for the recent rise, besides price, may be more efficient mining hardware being issued /used. If this were the case we are not expressly aware of it.”The price of LTC is also going up. While new cryptocurrencies consistently emerge and are featured on the best cryptocurrency news sites, if they are not backed by active development, investors may lose confidence. A 2017 study by JP Vergne who is a professor at Ivey Business School proved this, stating:
“Besides, a new cryptocurrency may look more appealing than its older competitors at the time of introduction, but if it is not backed by a solid team of developers who continually improve its underlying software, over time it will be unable to maintain its initial technological advantage.”Right now, we can only hope that the price growth of Litecoin (LTC) is as consistent and featured in our altcoin news section.
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