Litecoin Reveals Rollout Date For MimbleWimble, Will LTC See Relief?
May 06 2022 - 2:06PM
NEWSBTC
Litecoin major update MimbleWimble (MWEB) has been approved by a
majority of the nodes and locked in for activation. This process
will be completed in the next two weeks, at the height of block 2
million, or May 19th, according to David Burkett, lead MWEB
developer. Related Reading | Bitcoin Collapses By Most In
Nearly A Month – Its Golden Days Are Over? Burkett confirmed that
users with the updated version (0.21.2) of the software will be
able to start transacting with MWEB capabilities. This version is
set to be released today after multiple years of development.
Burkett said: Anyone interested in using the MWEB, and especially
those who installed one of the earlier release candidates, should
upgrade to the official v0.21.2 before MWEB activates. If you wait
until after MWEB activation to upgrade, you’ll unfortunately be
required to resync the blockchain from scratch. The most highly
anticipated upgrade since its inception, MimbleWimble will provide
Litecoin users with better performance and privacy capabilities.
This could create more demand for the underlying cryptocurrency as
it currently trades in tandem with larger cryptocurrencies. The
lead developer clarified that the upgraded wallet has been “solid”.
However, there have been some changes as a result of fixed issues
found during the update’s testing phase. In a previous post,
Burkett explained in greater detail some of the issues fixed during
MWEB’s testing phase. These included fixing the wallet transaction
history, issues with the mining logic, and a change in the spend
code to prevent a bug with the subtract fee from amount
functionality. The developer successfully reported: (…) the
consensus logic has been solid for a while now, the wallet has
undergone drastic changes these past few months as we worked to
resolve issues found during testing. The major workflows all seem
to be working well now, and I expect most people to be able to use
MWEB without issue Can The Price Of Litecoin Benefit? At the time
of writing, Litecoin (LTC) trades at $96 with a 22% loss over the
past month and a 73% loss in one year. There seems to be no
reaction from market participants over the upcoming release of
MimbleWimble. Despite it being one of the most anticipated updates,
LTC’s price seems to be following Bitcoin and larger
cryptocurrencies in the short term. Data from material indicators
point to two important facts for the future of LTC. First, as seen
below, retail and small investors (yellow and green in the chart)
have been buying into the recent price action which supports the
thesis that MWEB is an expected update. Probably, these investors
expect appreciation in the long run as MimbleWimble could open the
door to new use cases for Litecoin. Other investors classes have
been selling into the price action until very recently. Investors
(in purple above) with asks orders of over $100,000 seem skeptical
about LTC’s price and have been dumping since April. Related
Reading | Bitcoin Tumbles Below $36K, Altcoins In Red Too
These investors have been slowing down on their selling pressure,
at least, for short timeframes. However, buyers could have a hard
time getting above $100 as there are almost $10 million in asks
orders around those levels.
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