Litecoin Sees Gains As MimbleWimble Kicks In, What It Means For LTC’s Price
January 31 2022 - 5:00PM
NEWSBTC
Litecoin follows the general sentiment in the crypto market and
trades in the green during today’s session. As of press time, LTC
is exchanging hands at $110,21 with a 1.7% profit in 24-hours.
Related Reading | Charlie Lee Sums Up Litecoin’s 10 Years History.
Part Five: Conflict Of Interest The increase in the price of
Litecoin has been driven by relief in larger cryptocurrencies, such
as Bitcoin and Ethereum. The latter has been showing bullish
momentum in lower timeframes and could see more profits in the
coming weeks. Selling pressure triggered by macro factors has been
and will remain mitigated during February. As NewsBTC reported
earlier, this month has been historically bullish for Litecoin and
the crypto market. No doubt, the recent announcement of LTC’s
MimbleWimble upgrade as a Release Candidate or beta could have a
long-term bullish impact on Litecoin. The upgrade has undergone a
multi-year development and stands as one of the most hyped rollouts
for this cryptocurrency amongst its community. The Litecoin
Foundation and MimbleWimble’s lead developer David Burkett made the
announcement via social media platform Twitter. Burkett published
the first LTC addresses using the MWEB extension, seen below.
ltcmweb1qq2aejfd7svtnqk0uq0cfkd9mr9sszypmx2phdu5qwfhlujazv2nxjqstgy3r5gkxesu5vv2v0tmlwdwhat3se36pwzwtlqm8ypxq3d2fggc8d7nq
— David Burkett (@DavidBurkett38) January 30, 2022 The developer
started working on this upgrade in 2019, and as the Foundation
revealed, MimbleWimble will be part of this cryptocurrency’s Core
0.21.2 release candidate with an additional improvement to its
privacy and security. The upgrade is expected to be activated on
mainnet in the coming months. As Guy Corem, co-founder at DAGLabs
said, MimbleWimble will be approved by the Litecoin community if
the upgrade sees 6,048 nodes signaling for its implementation
starting at block heigh 2,217,600. The upgrade needs to be approved
by 75% of the LTC nodes before this window closes. The Foundation
said the following on the upgrade as it revealed a report published
by Quarkslab about its capabilities: The protocol provides valuable
new security enhancements about the privacy of transactions on the
blockchain, in addition to months of further review and testing by
Litecoin developers. LTC MWEB activation rules:> Every 8064
block window starting at block height 2,217,600 it checks if at
least 6048 signaled for bit 4. If yes, it activates in the next
window. After 2,427,264, if it still hasn't met 75%, it activates
anyway. — Guy Corem (@vcorem) January 30, 2022 What Is Next For
Litecoin (LTC)? The Litecoin Foundation clarified that the
community and miners can begin signaling for MimbleWimble right
after receiving the upgrade’s code. Once the aforementioned
threshold is reached, the activation date for the implementation of
this proposal will be locked in. The Foundation also revealed that
the signaling process will be based on BIP8, a mechanism to
introduced soft forks on the mainnet with a flag day activation
that will be set after a determined period of time. Related Reading
| Charlie Lee Sums Up Litecoin’s 10 Years History. Part Two:
Exchanges + Betrayal Miners will be able to vote by using a field
called “version” on each Litecoin block to be included in the
blockchain. Burkett said the following on the upgrade: MWEB is a
crucial next step in Litecoin’s evolution. The optional
confidentiality MWEB provides gives the user notable and needed
protections for small everyday items, to salaries, or even buying a
home.
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