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1 June 2023
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Litecoin rises by 26% after announcement of new privacy protocol

Litecoin (LTC) has taken over the fourth place of EOS (EOS) in the ranking of largest cryptocurrencies. After the announcement that Litecoin is going to implement the so-called MimbleWimble protocol on part of the Litecoin blockchain, the price made a big leap.

By means of so-called extension blocks, the MimbleWimble protocol will be implemented in collaboration with Beam on the Litecoin blockchain. This makes it possible to execute transactions without the need for sensitive information.

The MimbleWimble protocol does not require information that can lead back to the recipient or sender of a payment to verify a transaction. Moreover, the protocol is a lot more efficient compared to protocols that have the same goal, such as Zcash.

MimbleWimble, originally a magic spell from the Harry Potter series, comes from an anonymous developer. The protocol was shared in a chat room in 2016 and was originally intended for the Bitcoin blockchain. Since the Litecoin blockchain is similar to the Bitcoin blockchain, the protocol can therefore easily be implemented.

In a blog post, the Litecoin team explains that the collaboration with Beam makes it possible to conduct confidential transactions:

We have started investigating the possible addition of privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC to a Mimblewimble variant of LTC and vice versa. After such a conversion it will be possible to trade with Mimblewimble LTC in complete confidentiality.

Due to the positive news, the value of LTC increased by no less than 14% within a number of hours. Whether Litecoin can hold on to this momentum is not certain. However, analysts would expect on the basis of technical analysis that Litecoin could eventually recover to a value of $ 50. Now it has rised 26%, where do you think it will stop?Pri

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