Final up to date:
- Litcoin has lengthy been thought-about Bitcoin’s little brother.
- FUD has been rife since Charlie Lee bought his LTC holdings.
- Final 12 months, information broke that Litecoin didn’t have builders.
- MimbleWimble was formally proposed in early 2019 with a Testnet model anticipated in Q3 this 12 months.
- Implementation of MimbleWimble on the Litecoin community may be the Hail Mary move wanted to spice up confidence within the mission and coin.
Within the warmth of the 2017 Crypto Market bull-run, many merchants have been fast to liken Litecoin (LTC) to being Bitcoin’s little brother. One of many causes behind this was the truth that LTC value motion mirrored BTC by way of positive aspects. As Bitcoin peaked at $20,000 that 12 months, LTC would additionally expertise its All-Time-Excessive worth of $420 across the similar time. Moreover, Litecoin’s founder, Charlie Lee, has all the time maintained that Litecoin was created to enrich Bitcoin.
Earlier FUD About Litecoin
Nonetheless, over time, the Litecoin mission has confronted plenty of FUD (Concern, Uncertainty, and Doubt) because of the following occasions:
- Charlie Lee selling all his holdings instantly after LTC’s all-time excessive worth in December of 2017.
- Information in August final 12 months indicating there was no improvement for 9 months on the Litecoin mission. (Charlie Lee would reply to this through this twitter thread.)
- LTC failing to exceed its ATH worth earlier than final 12 months’s halving. (Maybe this was a warning signal to Bitcoin.)
MimbleWimble is the Hail Mary Wanted for LTC
Nonetheless, LTC has weathered the aforementioned FUD and plans to implement confidential transactions on the Litecoin community by way of MimbleWimble by the top of the 12 months. The concept of including confidential transactions for Litecoin was first made public by Charlie Lee by way of the next tweet final 12 months.
Fungibility is the one property of sound cash that’s lacking from Bitcoin & Litecoin. Now that the scaling debate is behind us, the subsequent battleground will probably be on fungibility and privateness.
I’m now centered on making Litecoin extra fungible by including Confidential Transactions. 🚀
— Charlie Lee [LTC⚡] (@SatoshiLite) January 28, 2019
Confidential transactions obfuscate the quantities being transacted over the community however not the place the cash are being despatched. In a progress replace on LitecoinTalk, a key developer hinted at Confidential transactions being out there through a Testnet as early as the top of the Summer time of this 12 months. He said:
Finish of Summer time: MW Testnet Launch – This may embody all block & tx validation guidelines, primary p2p messaging, transaction pool, syncing, and the flexibility to mine blocks. This may NOT embody a usable GUI pockets for informal customers to try it out. Transactions will doubtless have to be created manually at first, or through a cli or automated software.
When MimbleWimble is lastly applied on the Litecoin community, confidential transactions will probably be an additional purpose for frequent customers of cryptocurrencies to make use of LTC for his or her day after day transactions. Advantages of Confidential transactions embody and should not restricted to:
- Privateness that comes with transaction quantity not being seen on the blockchain.
- Added safety for customers of LTC.
Though Confidential transactions don’t present 100% privateness, they may drive up demand for the LTC and presumably its worth within the markets. Litecoin will as soon as once more be nice within the crypto-verse.
(Function picture courtesy of João Victor Xavier on Unsplash.)