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Litecoin Foundation Pitches Opt-in MimbleWimble Via Extension Blocks

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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.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Ethereum News

Ethereum And Litecoin Prices Are Closing In On Golden Cross

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Ethereum and Litecoin prices are getting in on the golden cross and there’s an uptrend in crypto markets over the last few weeks which was led by bigger cap altcoins so in our Litecoin price news today, we take a closer look at the price movement. Ethereum and Litecoin are up 85% and 75% respectively since the start of the year. Nonetheless, a lot of the rise can be attributed to the uptrend in Bitcoin and this is where the gains are comparatively lower. These two altcoins are now closing in on the golden cross between the 50 and 200-period EMA or the exponential moving average on a daily scale but the confluence before the golden cross often leads to the fake-out just close to the contact point. TraderSZ commented about the swing trade ideas and leading derivatives as well:
‘’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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Litecoin News

Litecoin Is Back In Bullish Territory Breaking Above $70

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Litecoin is back
It seems that Litecoin is back in bullish territory and it has even surpassed Tether in terms of market cap following a 24-hour surge of 6.5% as we are about to read more in the Litecoin price news. Litecoin is back in bullish territory trading above the crucial $70 level of resistance which has suppressed the priced action since January 30th. If the next daily candle closes well above this price resistance, Litecoin will eventually test the $78 price level before targeting the psychological level of $100. After slumping to a really low level of $35 back in December 2019, Litecoin has increased by more than 100 percent with a huge part of the crypto market experiencing a vital reversal. Litecoin even surged more than 20 percent in the past week alone as the traders attempted to hedge their bets on the smaller market cap altcoins rather than Bitcoin. The Bitcoin halving that will happen in May, should result in a positive rally in the price of cryptocurrencies including the likes of Litecoin and Etheruem since the two previous halving in 2012 and 2016 preceded a series of staggering bull markets that saw the Bitcoin eclipse with a new all-time high on two occasions. If the number one cryptocurrency can manage to form a new all-time high in 2020, most of the altcoins including Litecoin and Ethereum will eventually follow as profits will be diversified into a higher risk altcoin investment. However, Litecoin still has to form a new high above $142 which was the top during the 2019 June rally. A breakout above the $140 would open the metaphorical floodgates with litecoin entering a new phase of price discovery that will take the cryptocurrency trading at $185. It's interesting that only a few days ago, Litecoin’s price dropped by more than 0.40 percent despite the altcoin managing to keep its pace with the rest of the market until it became extremely volatile. Litecoin’s founder Charlie Lee confirmed that the project was now focused on improvements regarding privacy and that the development team is working with the MimbleWimble protocol, specifically the developers behind Grim that will also be working on adding the privacy protocol  as an extension block:
 “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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Altcoin News

Jeff Bezos Imitates Charlie Lee, Sells $1.7B In Amazon Stocks

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Despite the fact that we are not seeing an amazon cryptocurrency, Jeff Bezos sold about $1.7 billion worth of Amazon stocks in just a few days and their share price reached a new all-time high and to many, his decision was similar to the one of Litecoin’s founder, Charlie Lee. In our crypto news today, we find out more about this story. In 2017 in December, many investors on the crypto market had troubles but for some, it was a great period. for example, Bitcoin hit a record high of $20,000 and all of the other coins rallied beyond any level that a user could imagine. In the meantime, there was the story of Charlie Lee who decided to sell all of the Litecoin holdings in the same year. The litecoin project has been in a huge crisis since then regarding the trust of its founder, as many said that he has no skin in the game anymore. It now looks like Jeff Bezos imitates Charlie Lee pulling the same decision as he did. The online retail giant has been quietly selling $1.7 billion worth of his stocks in Amazon according to the documents that were filed with the Securities and Exchange Commission. He finished the sale in two days and sold the top, believing that Amazon cannot climb any higher. January was the month when Amazon’s stock jumped from $1,828 to $2,008 and is currently trading for $2,049. The similarity in moves of the Jeff Bezos sell off to the one of Charlie Lee didn’t go unnoticed in the crypto sphere as well. Mati Greenspan wrote on Twitter that Bezos is the Charlie Lee of tech stocks and the sell-off means that the top is in. Charlie Lee was seen as the top HODL persona in the community but he went from HODL to SODL in 2017 and won him a lot of ridicule in the community. The Litecoin Foundation has struggled to remain solvent since then. As per the DC Forecasts reports, the donations to the foundation were just $1,000 in the first quarter of 2019 and a founder selling off their holdings is usually a bad sign but this could not be true for Amazon. Regarding the plans of an Amazon cryptocurrency, there’s still no information but the stocks of the company won't crash because of the sell-off.
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Litecoin News

Litecoin FAQ: How LTC Works, Price, Pros & Cons

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Today's post in the Litecoin news is written with an educational angle and shows the basic Litecoin FAQ that potential investors may have before investing in this cryptocurrency. As you probably know, Litecoin (LTC) is ranking on the 7th position with a price of $69 and is ready to breach through the $70 mark and post new bullish gains. The entire network behind the cryptocurrency was created in 2011 as a fork of Bitcoin. Since then, it has grown from a price of zero to a multi-billion dollar project. Our Litecoin FAQ below explains what the cryptocurrency is, how it works and what makes it different than Bitcoin.

Litecoin FAQ For Beginners

Who 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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