The Litecoin Foundation recently published two new draft Litecoin Improvement Proposals which are now featured in the crypto news – and are best described as improvements that work towards establishing privacy features for the network.
On October 22, the Foundation shared links to the details of the draft proposals on GitHub with LIP-0002 EB and LIP-0003 MW being in the focus. As the Foundation said in the recent Litecoin news now, both of the proposals are targeted at mitigating the privacy risks which are linked with a transparent ledger. The transaction history, on the other hand, can be publicly traced, the Litecoin Foundation said.
The authors of this proposal include Andrew Yang, David Burkett and Charlie Lee. All of them argue that this transparency hinders Litecoin and its “functional fungibility in a government-regulated merchant world.” The Litecoin Foundation also disclosed the following in the proposals:
“Personal identifiable information collected from IP address, exchanges, or merchants can be leaked then tied to your addresses. Also services, such as chain analysis, provide risk-scores based on whether or not any addresses that they have blacklisted appear in its transactional history. This results in some businesses treating these coins as ‘tainted’ and then sending them back to the owner, or worse yet, shutting down their account.”
In order to solve this problem, the main goal for the Litecoin Foundation is to work on the integration of the scalability and privacy-focused MimbleWimble protocol – which was named after a fictional tongue-tying curse from the popular Harry Potter novels.
In detail, MimbleWimble is a variant of the cryptographic protocol known as Confidential Transactions, allowing for transactions to be obfuscated yet verifiable so as to achieve privacy and the prevention of double spending.
As the Litecoin Foundation noted, the proposals envision implementing MimbleWimble as an opt-in new transaction format through the “extension blocks” (EBs). These EBs will run alongside the main canonical blocks, at the same intervals (2.5 minutes on average).
The documents also outline the functioning of the opt-in integration and the effects that it has for transaction privacy. They also show how the proposals tackle the interaction between coins in the EBs and the canonical blockchain.
Ethereum And Litecoin Prices Are Closing In On Golden Cross
‘’Watching 205 for support. Will see how price behaves there if we get there to load more into ethusd. would be okay with pullback to 195 at most. Clean smash below last month high then im gna have to step back from longs, lowers my probability of idea #ethusd.’’The 50-period moving average at 4-hour charts at $210 will serve as an important area of support in case of further downfall. Another prominent crypto trader TraderXO suggested that the local highs will drive Ethereum back to levels 0.019 to 0.020 BTC levels of monthly open. The higher prospects of higher rises in the altcoins distribute some of the bigger gains and investment from the largest cryptocurrency. The gains are larger and the fall is disastrous as well and the continuation of the bulls in Bitcoin could even see the price of Bitcoin for a while. Similarly, on Litecoin charts we can see the 50 and 200-EMA are reaching across and the trend in Litecoin is currently bullish with the break above the head and shoulders pattern on the lower time-frames keeping the $92 price level still in play. The correction is back to retest the $60 levels is probable if the correction in the crypto markets starts. The uptrend in price with respect to the major cryptocurrency will seek support above the 0.006 BTC area for the bullish invalidation.
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“We’re working with the Grim++ developers to add an implementation of Mimblewimble. It adds an extension block to the Litecoin main-chain. You can transact between chains to use enhanced privacy.”
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Litecoin FAQ: How LTC Works, Price, Pros & Cons
Litecoin FAQ For BeginnersWho created Litecoin? Litecoin was created by an former employee at Google, the engineer Charlie Lee. In 2011, Lee had a goal of creating a more efficient version of Bitcoin and described LTC as "the silver to Bitcoin's gold." To create the cryptocurrency, he forked Bitcoin and modified its DNA to release his new creation. What novelties does LTC bring to the market? The Litecoin FAQ today show that LTC is constantly featured in the cryptocurrency news because of the two key innovations that it presents: the reduced block times and increased total supply (compared to BTC) and the script mining algorithm. Does Litecoin have problems? For many, the benefits that Litecoin enjoyed back in 2011 don't apply today. With the passing of time, both of the script's advantages have disappeared. Receiving payments in Litecoin is energy-efficient for one, and the design of the script mining is no longer realistically possible when mining LTC. What to consider before buying LTC? If you want to buy LTC, you should know that the cryptocurrency has a volatile price and should maybe read a bit about it before purchasing. The fast block time and script mining still remain as the network's strongest assets. Where to get LTC? The last question in our Litecoin FAQ presents the best exchanges to buy LTC from. These include Kraken, Coinmama, BitMEX, CexIO and Binance US (if you are living in the United States). We hope that this guide on the common questions surrounding Litecoin (LTC) helps you in the future!
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